INTERNATIONAL Monetary Fund (IMF) said today the projected economic growth in this year is still within reach, but warned on downside risks. The IMF team lead by Mauricio Villafuerte, visited the country between October 18 and 28 to conduct 5th PSI review.
The team leader, Mr Villafuerte, said in
a statement after discussions that the projected growth of 7.0 per cent
in 2016 is still within reach.
“However, there are downside risks to
economic growth associated with the current tight stance of
macroeconomic policies and the slow pace of implementation of public
investment,” Mr Villafuerte said.
Though IMF said the target is 7.0 per
cent, the government said the growth projection is 7.2 per cent.
Nevertheless, IMF said, notable progress has been made in stepping up
revenue collections and, based on data for the first quarter.
“[Thus] , the ambitious program target
for the 2016/17 fiscal year is within reach. However, current spending
has been lower than programmed,” the Breton Wood institution said.
The mission welcomed the adoption of the
second Five-Year Development Plan. The mission noted that it was
essential to improve the dialogue with the private sector and accelerate
reforms to bolster the business environment
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