RP expects to exit IMF pact this year<\/p>\n
Ditas Lopez, Dow Jones, Manila<\/p>\n
The Philippines expects to end its post-program monitoring
\narrangement with the International Monetary Fund (IMF) later this
\nyear, but Finance Secretary Jose Isidro Camacho said the exit
\nwon't mean abrupt changes to the country's economic program.<\/p>\n
Camacho told a teleconference arranged on Wednesday by JP
\nMorgan that the amount of the country's obligations against its
\ncontributions to the IMF will be at a balance in September, which
\nwould allow it to exit the Fund's post-program monitoring
\narrangement.<\/p>\n
The Philippines can't leave the IMF's post-loan arrangement
\nuntil its outstanding obligations fall below its quota, expressed
\nin special drawing rights, or SDRs, the unit of account of the
\nIMF.<\/p>\n
"We see ourselves graduating from the IMF by the end of this
\nyear or early next year," said Camacho. "However, I'd like to
\nassure that the policy direction won't change," he added.<\/p>\n
The Philippines' IMF quota is equivalent to 879.9 million
\nSDRs, each roughly equal to one U.S. dollar. The quota dictates a
\nmember country's voting power in the IMF. The quota is determined
\nby the relative size of the member's economy.<\/p>\n
The Philippines was the IMF's first case in Asia and has
\ntapped some 20 program loans. Manila exited its last economic
\nprogram with the Fund in early 2001 without tapping the last
\ntranche of the available standby facility due to its failure to
\ncomply with the fiscal conditions set out by the Fund.<\/p>\n
The Philippines entered its post-program monitoring
\narrangement with the IMF two years ago.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-expects-to-exit-imf-pact-this-year-1447893297",
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