The International Monetary Fund says higher commodity prices and tighter global financing conditions are weighing on economic activity.
The country’s first international bond issuance was delayed in the context of elevated gross financing needs (19 percent of GDP at end-2021).
Inflation accelerated to 8½ percent in July following the surge in global food and energy prices.
The government responded by allowing fuel price pass-through but introducing targeted subsidies to the transport and fishing sectors to keep public transportation fares and seafood prices stable.
An International Monetary Fund (IMF) team, led by Mr. Varapat Chensavasdijai, visited St. John’s during September 20-October 3, 2022, to hold the 2022 Article IV consultation. At the conclusion of the mission, Mr. Chensavasdijai issued the following statement.
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