Press Release No. 04/199

Press Release: IMF Staff Statement on Visit to Dominica

September 22, 2004

The following statement was issued in Dominica by an International Monetary Fund (IMF) mission staff on September 17, 2004:

"An IMF staff team visited Roseau, Dominica, during September 14-17, 2004 to discuss with the authorities developments under their economic program and to lay the groundwork for a mission, planned for October, that will conduct the third review under the Poverty Reduction and Growth facility (PRGF) arrangement. This week's discussions focused on recent economic developments, fiscal policy, and the government's structural reform agenda.

"The mission welcomed the continuing strong implementation of the government's IMF-supported program, which has already begun to yield favorable results in the form of stronger economic growth and lower inflation. Preliminary data indicate that the fiscal program remains on track, and progress is being made in the area of tax reform.

"The mission looks forward to continued close dialogue with the authorities. The October mission will conduct discussions with a view to consideration by the IMF's Executive Board of the third review toward the end of the year. Completion of the review by the Board will make available the next disbursement to Dominica under the program of about SDR 0.6 million or US$0.9 million."