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RP to defer exit from IMF deal, says BSP chief.
(From Philippine Daily Inquirer)
Byline: Clarissa S. Batino
THE PHILIPPINES is not in a hurry to end its post-program monitoring arrangement with the International Monetary Fund especially now when political uncertainties cloud the country's economic prospects, according to Bangko Sentral ng Pilipinas Governor Rafael Buenaventura.
A seal of good housekeeping from an independent multilateral agency may be necessary given the tense political situation, says the BSP chief, who is also the country's negotiator with the IMF.
Buenaventura said the post-loan arrangement with the Fund could be concluded in the first quarter of 2004 following the completion of the exit procedures that required, among others, the reduction of outstanding obligations below 100 percent of the given quota.
The country's outstanding loans with the IMF are scheduled to drop below 100 percent of the quota in November but the central bank chief said the timetable would likely be be pushed back by a month or two.
"I was told that our obligations would not drop below 100 percent of the quota by November. Maybe we can start discussing the post monitoring by February. We are in no hurry to exit the IMF monitoring program given our current situation," said the BSP chief who, however, ruled out entering into a loan program with the IMF.
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