A team from the Ministry of Finance and Central Bank will travel to Washington, DC to participate in the 2024 annual meetings of the International Monetary Fund (the IMF) and World Bank, a note from the Central Bank said.
It explained the IMF has two formal meetings with its members a year: spring (April) and annual IMF meetings (October).
At these meetings, the IMF gives an account of its stewardship to date, its plans for the future and shares its outlook on economic issues.
The Central Bank further explained the T&T team is able to ascertain these perspectives, interrogate fund staff on these matters and coordinate with other members to further the country’s interests, including at meetings of the Constituency Grouping in which this country belongs and other developing countries in the Group of 24.
The meetings also provide the opportunity to liaise with the many academics, businessmen, investors, bankers and civil society representatives from across the globe who congregate on these occasions.
The statement further explained the IMF has a number of lending programmes aimed at providing financing assistance to countries in need– including some specifically aimed at lower income countries, to promote resilience or precautionary arrangements.
The release of funds is tied to the country meeting certain targets and benchmarks, which form part of a discussion between fund staff and the authorities.
The Central Bank noted that at the present time, T&T does not have any lending arrangements with the fund, stating that in the past though, this country had two stand-by arrangements with the IMF, in 1989 and 1990. Other Caribbean countries have been recent beneficiaries of fund lending including Barbados and Suriname.
As it pertains to capacity development, the statement noted the fund provides an array of workshops, seminars, online and in-person training for government officials and particular groups of individuals such as journalists on key topics related to the various work streams of the fund.
Such topics include revenue management, balance of payments statistics, economic forecasting methodologies and public debt.
While some of the in-person training is done at the IMF’s headquarters, this is complemented by training from the technical assistance centres.
In the case of the T&T and the wider Caribbean, the Barbados-based Caribbean Regional Technical Assistance Centre (CARTAC) provides additional technical assistance which is funded not only by the IMF but also a wide range of donors from around the world.
In addition, members can request the fund examines and provides recommendations on specific topics.
In the case of T&T recent investigations have covered cybersecurity in financial institutions, and fintech regulation and legislation, the Central Bank said.
The IMF is one of the key global institutions aimed at promoting growth and development among its members.
It was conceived at the Bretton Woods conference in July 1944 and began operations in March 1947.
The IMF achieves its objectives through three strands of work – policy advice/surveillance, capacity development and lending.
T&T has been a member of the IMF since September 16, 1963 and there are currently 190 member countries and this
will expand to 191 on October 21, 2024 when Liechtenstein formally joins the IMF.
