IMF route
A LEADING ECONOMIST is cautioning that Government may have to seriously consider turning to the International Monetary Fund (IMF).
Professor Michael Howard said yesterday he believed the Freundel Stuart Administration should do so sooner rather than later to avoid widespread suffering.
He told the MIDWEEK NATION that the depressed state of the economy and the recent rapid decline in the country’s international reserves should signal to policymakers they may soon have to “seek IMF accommodation” as a cheaper source of funding and balance of payment support.
“The Government already has an austerity programme in place which can be accommodated under an IMF programme,” he said, referring to the fiscal adjustment package announced in the 2013/2014 Budget on August 13.