IMF gives TT thumbs up

The sign of the International Monetary Fund is seen at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA, on 18 May, 2011.  EPA/JIM LO SCALZO. PHOTO COURTESY THE FINANCIAL TIMES.
The sign of the International Monetary Fund is seen at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA, on 18 May, 2011. EPA/JIM LO SCALZO. PHOTO COURTESY THE FINANCIAL TIMES.

The Finance Ministry says it’s important to take note of the International Monetary Fund’s (IMF) endorsement of its actions to address current economic woes.

The thumps up from the IMF, which comes after the recently concluded 2017 IMF Article IV Consultation, was stated in the IMF’s country report of November 21.

Among the actions praised by the IMF was “notwithstanding the current economic climate being experienced by TT...the country’s current monetary policy is appropriate.”

It also said cost-savings in health, education and social services will arise from government’s efforts to reform the energy tax regime, reduce fuel subsidies, and boost non-energy revenues and engage the World Bank to conduct a Public Expenditure Review.

The ministry added, the IMF said the 2017 - 2018 budget constituted a significant step along the needed fiscal adjustment path.

“The executive directors of the IMF commended steps taken in fiscal year 2016 - 2017 and in the fiscal year 2017 - 2018 budget proposal towards fiscal adjustment. These steps included the introduction of property, excise and gaming taxes, royalties on natural gas production and elimination of fuel subsidies.”

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