IMF team arrives in Dominica

Tuesday, February 3, 2004

ROSEAU, Dominica: A team from the International Monetary Fund has arrived in Dominica to conduct a review of economic performance of the Dominica economy. An essential requirement of Dominica's engagement with the IMF is for periodic reviews of economic performance to ensure compliance with the Letter of Intent. 

The Government has committed itself to provide Fund staff with all the relevant information required to complete program reviews and measure performance criteria. 

The IMF team will review the performance of the economy over the first two quarters of the 2003/2004 fiscal year. For the period July - December 2003, Dominica was under a Stand-By Arrangement with the International Monetary Fund. 

A new Letter of Intent between the Government of Dominica and the Fund was agreed in December 2003 following a decision by the IMF's Executive Board to approve a three-year US$11.4 million credit for Dominica, under the Fund's Poverty Reduction and Growth Facility (PRGF). Reviews under the PRGF arrangement will be completed by mid-March 2004, mid-June 2004 and September 2004 during the first year of the arrangement. 

Earlier Monday the IMF team paid a courtesy call on the Prime Minister Roosevelt Skerrit. The IMF Division Chief, Alejandro Santos congratulated the new Prime Minister on his recent appointment. For his part, Prime Minister Skerrit pledged his Government's continued support for the ongoing programme of economic stabilization and adjustment.

While in Dominica the team will have discussions with members of cabinet and extensive consultations with members of staff of the Ministry of Finance and Planning.

The review mission is expected to last for ten (10) days. 

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