IMF reports growth in Dominica's economy
Wednesday, March 22, 2006
ROSEAU, Dominica: The International Monetary Fund (IMF) has reported there was real GDP growth in the Dominican economy of 3.5 percent in 2005. This information is contained in a Statement made last week by an IMF Staff Mission.
An IMF mission headed by Mr. Patrick Njoroge, visited Dominica between March 7-17, 2006 to conduct discussions for the sixth review of the programme supported by the Poverty Reduction and Growth Facility (PRGF) arrangement.The review focused on recent economic performance, fiscal policy and the government’s structural reform agenda.
The IMF reported: “Macroeconomic performance in 2005 remained strong, despite some areas of modest weakness. Economic activity expanded robustly, with real GDP growing at about 3.5 percent to yield the second straight year of higher-than-average growth.“The IMF commended the government for its strong policy implementation. The Statement added: “All quantitative targets for December 2005 under the Programme were met. A strong fiscal performance has been sustained in FY2005/06: Revenue collection has been strong...”
The Staff Mission also commended the government for progress made in the implementation of structural reforms, including the implementation of the Value Added Tax (VAT), strengthening public expenditure management and the streamlining of the public sector.The Staff Mission also welcomed progress made by the government in strengthening social security, the financial sector, amending the Electricity Supply Act and the related legislation.
The Mission noted progress made in the finalisation of the Growth and Social Protection Strategy (GSPS), which will articulate the policies of government for the medium term. The IMF Mission concluded that growth in the economy should be more broad-based for its sustainability to be assured.
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