Trinidad and Tobago is being hailed for its progress in recovering from the COVID-pandemic and achieving fiscal discipline.
The nation’s public debt has declined and the external position has improved.
This commendation is coming from the International Monetary Fund which has concluded the 2023 Article IV consultation with Trinidad and Tobago.
The Executive Board of the IMF endorsed the staff appraisal following consultations in Port of Spain held with the Ministry of Finance, the Central Bank, the Tobago House of Assembly, as well as several other government agencies, financial institutions and private organizations.
The report also suggests that the country should take steps to promote economic diversification.
It also pointed out several strengths of Trinidad and Tobago most notable being: “international reserve coverage is expected to remain adequate at around 7.2 months of prospective total imports and is complemented by large public external buffers in the Heritage and Stabilization Fund of about 18.4 percent of GDP”.