Trinidad and Tobago has been given a passing grade by the International Monetary Fund (IMF) for some of its fiscal measures, according to the Ministry of Finance.
The ministry stated in a press release on Friday, that positive actions taken by the Government following the recently concluded 2017 IMF Article IV Consultation have been endorsed by the IMF in their Country Report dated November 21, 2017.
The release said: "Notwithstanding the current economic climate being experienced by Trinidad and Tobago, the IMF has stated that the country’s current monetary policy is appropriate.
According to the release, the Government has taken steps to adjust fiscal imbalances, through efforts to reform the energy tax regime, reduce fuel subsidies, and boost non-energy revenues and engage the World Bank to conduct a Public Expenditure Review. This will identify cost-savings in health, education, and social services.
"The Central Bank of Trinidad and Tobago (CBTT), has stopped its tightening cycle at the end of 2015, given the severity of the economic downturn, and has since held interest rates constant. The US dollar was allowed to depreciate by about 7 percent in the second half of 2016, but has been held steady since," the release said.