{
  "title": "IMF Staff Concludes 2017 Article IV Mission to Trinidad And Tobago",
  "publication": "IMF News, August 4, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/08/04/pr17320-imf-staff-concludes-2017-article-iv-mission-to-trinidad-and-tobago",
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  "summary": "Press Release No. 17/320",
  "publishDate": "2017-08-04",
  "sections": [
    {
      "heading": "Mission details and context",
      "content": "- Press Release No. 17/320\n- Date: August 4, 2017\n- IMF staff team led by Mr. Elie Canetti visited Trinidad and Tobago during July 20 - August 2, 2017 to conduct the annual Article IV consultation.\n- Press officer: Andrew Kanyegirire; Phone: +1 202 623-7100; Email: MEDIA@IMF.org\n- End-of-Mission press release: preliminary findings of the mission; views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board."
    },
    {
      "heading": "Macroeconomic assessment and outlook",
      "content": "- Main drivers of recent challenges:\n  - \"sharp declines in global energy prices since 2014\"\n  - \"a fall in natural gas and oil production in recent years\"\n  - \"prolonged economic stagnation, capital allowances, and challenges with tax administration\" leading to weak revenue collections\n- Recent performance:\n  - \"preliminary data shows that the economy contracted in the first half of the year on weak energy production and spillovers to the non-energy sector\"\n  - \"the economy may be starting to turn a corner as a result of a projected recovery in gas output, though growth may still be flat or somewhat negative for the year as a whole\"\n- Medium-term outlook:\n  - \"The economic improvement that is now beginning is projected to continue into the medium-term\"\n  - Drivers of recovery: \"pipeline of projects that will improve the supply of natural gas to the downstream energy sector\"; \"Oil output is growing due to state-owned Petrotrin’s recent exploration efforts and refinery upgrade\"\n  - Non-energy sector: expected to rebound from energy-related spillovers and from implementation of the Public-Sector Investment Program"
    },
    {
      "heading": "Fiscal position and recommendations",
      "content": "- Current fiscal challenges:\n  - \"still significant fiscal deficits and rising public debt levels\" due to weak revenues\n  - One-off, non-debt creating financing options (e.g., asset sales) \"will diminish over time\"\n- IMF staff recommendations:\n  - \"undertake a medium-term, modestly front-loaded fiscal adjustment to rebalance the public finances and put debt on a sustainable path\"\n  - Contain current expenditure as part of additional measures needed for sustainable fiscal adjustment\n  - Increase capital investment \"to set the stage for a lasting recovery in economic growth and for economic diversification\"\n  - The team \"welcomed ongoing fiscal policy adjustments, including the government’s efforts to reform the energy tax regime and to boost domestic revenues\"\n  - Warning: \"Delaying fiscal adjustments would only make it harder to arrest rising debt levels and restore confidence down the road\"\n  - The authorities and the team \"held fruitful discussions on a number of adjustment measures to achieve the necessary fiscal consolidation\""
    },
    {
      "heading": "External sector and foreign exchange market",
      "content": "- Reserves and inflows:\n  - \"Although Trinidad and Tobago still holds healthy levels of international reserves, there has been a sharp drop in foreign exchange inflows as energy prices and volumes have both fallen\"\n- Market imbalance and policy guidance:\n  - \"This, combined with still high demand for foreign exchange, has created a notable imbalance in the foreign exchange market that has had a number of adverse consequences\"\n  - IMF team view: \"reducing and eventually eliminating the imbalance in the foreign exchange market is of paramount importance\"\n  - Suggested policy mix to address imbalance includes:\n    - fiscal adjustment\n    - structural reforms to enhance foreign exchange earnings capacity\n    - \"operating the foreign exchange market with a greater degree of flexibility\""
    },
    {
      "heading": "Structural reforms and institutional recommendations",
      "content": "- Required wide-ranging reforms to enhance government functioning and support growth/diversification:\n  - \"carrying through with envisaged procurement reforms\"\n  - \"continuing to ease the costs of doing business\"\n  - \"modernizing financial supervision\"\n  - \"continuing to push through reforms that will enhance, and speed-up the production of, the country’s economic statistics\"\n\nIMF staff statement issued in Port of Spain at the end of the July 20 - August 2, 2017 mission.\n\n---\n\n\n References\n\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/08/04/pr17320-imf-staff-concludes-2017-article-iv-mission-to-trinidad-and-tobago"
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    "Published: August 4, 2017",
    "Press Release No. 17/320",
    "Date: August 4, 2017",
    "IMF staff team led by Mr. Elie Canetti visited Trinidad and Tobago during July 20 - August 2, 2017 to conduct the annual Article IV consultation.",
    "Press officer: Andrew Kanyegirire; Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "End-of-Mission press release: preliminary findings of the mission; views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.",
    "Main drivers of recent challenges:",
    "Recent performance:",
    "Medium-term outlook:",
    "Current fiscal challenges:",
    "IMF staff recommendations:",
    "Reserves and inflows:",
    "Market imbalance and policy guidance:",
    "Required wide-ranging reforms to enhance government functioning and support growth/diversification:",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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