BRADES, Montserrat, July 12th, 2011 – Montserrat’s economy health is being reviewed this week by a team from the International Monetary Fund. In February of this year, the Hon Chief Minister Reuben T. Meade invited the IMF to assess the island’s economy as a necessary step to engage with donor countries for future financial support.

The Mission takes place from July 12 to 18 and will examine the developments in the areas of growth and inflation, Public Finances and Debt, the Monetary and Financial System, and the balance of payments.

The IMF team consists of the Mission Chief, Hunter Monroe, Mico Mrkaic, and Ms. Arina Viseth from the Fund’s Western Hemisphere Department) and Fang Yang from the Finance Department. Heads of various government and private entities including Customs and Revenue, the Chamber of Commerce and the Financial Services

Commission will meet with the team members.

The Fund consults annually with each Member Government in an attempt to assess each country’s economic health and to assist them in forestalling future economic and financial problems.  The consultations provide an independent analysis of the economy that will enable the Government to make the changes necessary or at the very least understand what is happening in the economy for which they are responsible.

 Montserrat is not a member of the IMF but as an Overseas Territory of the UK is able to access its services through the United Kingdom’s membership. The ability to access this service and the information provided from the assessments made will help the Government make better policy decisions and deliver more targeted programmes.

It will also help the Government make the case to donor countries for support, especially at this point where evidence based justification is essential. The IMF team is expected to brief the Chief Minister as well as speak to the press about their findings next Monday.

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