IMF gets update on energy sector

Energy Minister Kevin Ramnarine met on Monday with officials of the International Monetary Fund (IMF) as part of that agency’s 2013 Article IV Consultation. The IMF delegation included mission head Elie Canetti, advisor, Western Hemisphere Department (WHD); Kevin Finch, senior advisor to the executive director; Mario Mansilla, senior economist (WHD); Joel Okwuokei, economist (WHD); and Qiaoe Chen, economist (WHD).

The IMF officials were updated on recent developments in the energy sector, including the success of the 2012 deepwater bid round, changes in the fiscal incentives, downstream projects, LNG export markets and audited gas reserves. They were also interested in future projections for the energy sector, with emphasis on the upcoming deepwater and land-based bid rounds. 

The meeting was also attended by senior officials of the ministry, including permanent secretary Vishnu Dhanpaul, permanent secretary (ag) Selwyn Lashley and chief technical officer Richard Jeremie, as well as representatives of the Central Bank and the Ministry of Finance and the Economy. The IMF team will continue its consultation with other ministries and key private sector companies in the coming week.