"I would like to thank Her Excellency Prime Minister
"During my visit, I was impressed by the authorities' determination to transform
"The authorities have made substantial progress in strengthening macroeconomic conditions supported by the IMF's Extended Credit Facility (ECF) arrangement, approved in
"To safeguard these achievements and ensure sustained high and inclusive growth going forward, the authorities recognize that continued efforts are needed on several fronts. Tax collections need to be stepped up to create more space for priority social and development spending. Further bringing down the cost of inefficient and regressive energy subsidies will also create room to boost spending on well-targeted social safety nets to protect the poor, allowing the country to build on its impressive gains on social welfare indicators over the past two decades. The authorities highlighted their intention to continue to strengthen public debt management, focusing external borrowing on projects with high social returns. They also concurred with the importance of strengthening the financial position of the state-owned commercial banks through enhanced supervision and corporate governance, complemented with gradual recapitalization as required. The authorities are also taking important steps to improve the business climate as well as labor and safety conditions for workers.
"The IMF will continue to work closely with the government of
TNS 30BautistaJude 140703-4786535 30BautistaJude
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