Opposition Leader Bharrat Jagdeo on Thursday met with the International Monetary Fund (IMF) team that is currently in Guyana conducting its Article IV consultations with officials.
INews was told that some of the issues addressed during the ‘lengthy meeting’ included the private sector’s lack of confidence in the government; the current stagnated state of the economy among other economic concerns in relation to the 2016 Budget.
When a country joins the IMF, it agrees to subject its economic and financial policies to the scrutiny of the international body.
It also makes commitment to pursue policies that are conducive to orderly economic growth and reasonable price stability, to avoid manipulating exchange rates for unfair competitive advantage, and to provide the IMF with data about its economy.
The IMF’s regular monitoring of economies and associated provision of policy advice is intended to identify weaknesses that are causing or could lead to financial or economic instability. This process is known as surveillance.
Country surveillance is an ongoing process that culminates in regular (usually annual) comprehensive consultations with individual member countries, with discussions in between as needed.
The consultations are known as “Article IV consultations” because they are required by Article IV of the IMF’s Articles of Agreement.
During an Article IV consultation, an IMF team visits a country to assess economic and financial developments and discuss the country’s economic and financial policies with government and central bank officials.
IMF staff missions also often meet with parliamentarians and representatives of business, labour unions, and civil society.