Consultation with Trinidad and Tobago, Minister Colm Imbert, in an attempt to relay the IMF’s findings, has stated that the IMF has reported that the recent
sharp decline in the global energy prices is posing major challenges for the Trinidad and Tobago economy.
He however said the PNM led government has been commended for their efforts in fiscal consolidation and has been encouraged to implement further policy
actions, including structural reforms to preserve macro-economic stability, diversify the economy and enhance medium growth prospects.
Minister Imbert explained that the IMF Directors agreed with the medium-term plan of the Government which focuses on broadening the revenue base through
comprehensive VAT reform, improving tax administration and conserving expenditure, while improving targeted social protection.
He said the IMF Directors encouraged the authorities to put in place a comprehensive fiscal framework to guide their multi-year adjustment and also supported
the current pause in monetary policy tightening given the challenges to economic growth in Trinidad and Tobago.