Despite the economic fall out as a result of the COVID – 19 pandemic, the International Monetary Fund has given this country commendations to the economic recovery effort.
In a statement issued following the IMF’s team two-week mission to Trinidad and Tobago, the IMF noted that, “The combined effects of COVID-19, energy production cuts, and price shocks pushed the economy further into recession. The authorities’ decisive policy response helped contain COVID-19’s spread, protect lives and livelihoods, and pave the way for a strong recovery. The immediate priorities are to accelerate vaccinations and support the economic recovery.”
They cautioned the Central Bank to remain vigilant of any financial vulnerabilities reminding that structural reforms remain vital to support growth.
Meanwhile, Minister of Finance Colm Imbert thanked the IMF for their review noting that this country values their endorsement and agrees that the immediate priority is to foster recovery.