Imbert: IMF praises TT's covid19 economic management

FINANCE Minister Colm Imbert said the International Monetary Fund (IMF) has praised Government for the way it navigated the economy through the covid19 pandemic.

In a statement issued by his ministry, Imbert said the IMF has concluded the 2023 Article IV consultation with TT, "praising the country’s progress in recovering from the covid pandemic and achieving fiscal discipline."

He added that the IMF's executive board has "endorsed the staff appraisal following consultations in Port of Spain held with the Ministry of Finance, the Central Bank of Trinidad and Tobago, the Tobago House of Assembly, as well as several other government agencies, financial institutions and private organisations."

Imbert said the IMF praised the “decisive policy response of the authorities” during the pandemic.

He added that this highlights that TT's "economic activity is recovering supported by higher global energy prices and the rebound of the non-energy sector.”

Imbert reiterated that the IMF's Article IV report "also noted that public debt has declined and the external position has improved."

He said the IMF recommended that Government continue "prudently managing the energy revenue windfall, avoiding procyclical spending, and rebuilding fiscal buffers, while providing targeted support to the most vulnerable."

Imbert added, “Today, our country is one of the few in the world to record both a primary budget surplus in 2022."

He said because of the strategies employed by Government during the pandemic, TT continued to be viewed during the trying times of the pandemic as "a safe harbour for investors." At a news conference on Friday, World Health Organization (WHO) director general Dr Tedros Adhanom Ghebreyesus said he was advised to declare an end to covid19 as public health emergency of international concern on Thursday.