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.