News Brief: IMF's Aninat Congratulates President Macapagal-Arroyo of the Philippines

January 23, 2001

IMF Deputy Managing Director Eduardo Aninat said in Washington, D.C. today:

"The IMF has followed developments in recent days in the Philippines closely. IMF Managing Director Mr. Horst Köhler has sent a letter congratulating the new President, Ms. Gloria Macapagal-Arroyo, and the Filipino people on the peaceful transition, which offers much hope for the future.

"The IMF will closely collaborate with the economic authorities, particularly Finance Secretary Alberto Romulo and Central Bank President Rafael Buenaventura, through the existing post-program monitoring arrangement and the regular and ongoing economic policy dialogue. The Fund notes with satisfaction the positive market reaction to the first policy announcements by the new authorities, which are very encouraging. We continue to look forward to a sustained recovery of confidence that will allow the Philippine economy to grow rapidly and thus help in a determined effort to reduce poverty," Mr. Aninat said.


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