| A delegation from the International Monetary Fund (IMF) is currently in Guyana conducting its ArticleFinance Minister,Andre Branch Dolphins Jersey, Winston JordanIV Consultation. Kaieteur News confirmed this with Finance Minister, Winston Jordan who is currently in Belize. He said that the consultation is well underway.Under Article IV of the IMF’s Articles of Agreement, the IMF usually holds bilateral discussions with members every year. During those consultations, the mission reviews the overall economic developments in the country, as well as its policy measures aimed at maintaining of economic stability, ensuring a sustainable external balance and further liberalizing foreign trade.Upon the completion of the IMF mission consultations, the IMF Executive Board discusses the staff report and issues an assessment of the country’s economic situation and the adequacy of its economic policy measures,Throwback Jerseys, based on a comprehensive analysis of the overall economic situation and a wider fiscal policy strategy of the member country.The International Monetary Fund is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade,Cheap Sports Jerseys, promote high employment and sustainable economic growth, and reduce poverty around the world.The last IMF Article IV consultation held in Guyana was in 2013. The IMF Executive Board said that during the last decade, Guyana’s strong macroeconomic performance has contributed to a reduction in public debt levels and sustained poverty reduction.It said that the economy has experienced seven years of uninterrupted growth averaging about 4 percent annually.It noted that the key pillars of the macroeconomic resurgence have been sustained reforms, in particular the implementation of VAT, favourable commodity prices, significant inflows of Foreign Direct Investment (FDI) and debt relief under the Heavily Indebted Poor Countries Initiative (HIPC) and Multilateral Debt Relief Initiative (MDRI) initiatives.The Executive Board welcomed Guyana’s strong growth over the past several years, underpinned by favorable commodity prices and robust foreign direct investment.While the medium-term economic outlook remains positive, Directors encouraged the authorities to persevere in their commitment to sound policies and reforms to strengthen policy buffers, promote more inclusive growth, and further reduce poverty.The directors underscored the importance of prudent fiscal consolidation anchored in a medium-term policy framework that safeguards debt sustainability, bolsters fiscal and external buffers,Wholesale Authentic Jerseys, and addresses unmet development needs.It said that priority should continue to be given to implementing reforms to boost the efficiency of public enterprises and replacing universal subsidies with better-targeted social assistance.Directors considered that a modestly tighter stance of monetary policy and continued exchange rate flexibility would help safeguard international reserves,Cheap Jerseys From China, contain inflationary pressures, and reduce the current account deficit.Although risks appear generally limited, Directors recommended continued vigilance over the financial sector. In light of rapid credit growth in recent years and high loan concentration, they advised frequent on-site inspections for larger banks and a better integrated supervision of financial business groups.The Directors commended the authorities for the progress so far in poverty reduction. However, they considered that further efforts are needed to ensure a more even distribution of the benefits from economic growth.In this regard, they emphasized that efforts to lower the cost of energy, address skill mismatches, and improve the business environment represent important policy initiatives.The IMF Executives said that steps to increase productivity in traditional sectors, such as agriculture and mining,Deion Jones Falcons Jersey, should also be part of a strategy to foster more inclusive growth.The Directors also encouraged further improvements in data provision and dissemination. |
