IMF to review RP economy

IMF to review RP economy

MANILA (Reuters): An International Monetary Fund mission is
holding talks with the Philippines this week to check whether
Manila is meeting targets under a US$1.37 billion standby
arrangement with the IMF, officials said yesterday.

"The challenge is on us. They will track our compliance with
the targets," Finance Secretary Salvador Enriquez told reporters.
The talks with the IMF team are to be held from May 20 to 27.

More than three decades of IMF supervision of the Philippine
economy formally ended last March but the Fund agreed to lend
$1.37 billion to the country over the next two years if Manila
should need the cash.

Enriquez told reporters the IMF might see some slippages in
the performance of the Philippines' fiscal sector, especially its
cash budget position.