Jan 2015 Financial News

IMF team coming to T&T next week

Jan 17, 2015

The International Monetary Fund (IMF) will be conducting its annual staff visit to Trinidad and Tobago from January 19-26. The IMF team will be headed by Elie Canetti, adviser, Western Hemisphere Department.

This staff visit by the IMF to Trinidad and Tobago was arranged for January 2015 following discussions between IMF staff and the Trinidad and Tobago delegation to the 2014 Annual Meetings of the IMF and the World Bank in Washington DC over the period October 9-12, 2014, the Ministry of Finance said in a statement yesterday.

“The staff visit forms part of its regular meetings with the Ministry of Finance and the Economy and the Central Bank of Trinidad and Tobago, which have been an annual feature since Trinidad and Tobago became a member of the IMF in 1963.

On a regular basis—usually once each year—the IMF holds detailed discussions with member countries regarding economic and socio-economic developments. These discussions also allow the institution to obtain a firsthand view of the country’s fiscal position,” the ministry said.

Minister Howai advised that he will focus this year’s discussions around the impact on the national budget of the recent declines in energy prices and the measures being taken to address the shortfalls in revenue.

During the staff visit the IMF will also hold discussions with representatives from Ministries, the Central Bank, Government departments and agencies and private sector organisations. Discussions will focus on the performance of key sectors of the economy and the outlook for these sectors over the next two to three years.

Finance Minister Larry Howai said  in the statement yesterday he was “pleased with the timing of this visit as it offers an opportunity to obtain in-depth information from a major multi-lateral institution on the likely trajectory of oil and gas prices and best practices in managing the effect on the country’s overall fiscal situation”.

Trinidad and Tobago has an A rating from Standard and Poor’s with a stable outlook and extensive financial buffers, including foreign exchange reserves of US$11.3 billion and a Heritage and Stabilisation Fund which currently stands at US$5.5 billion, the ministry’s statement added.

Source:
Trinidad Express
Saturday January 17, 2015

http://www.trinidadexpress.com/business/IMF-team-coming-to-TT-next-week-288884381.html