August 24, 2022

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IMF to hold Article IV Consultation with the Philippines in September

THE INTERNATIONAL Monetary Fund (IMF) will hold its Article IV Consultation with the Philippines in September, according to an official.

“The 2022 Article IV Consultation mission will take place in September 2022 and we have tentatively scheduled a press briefing for September 26th,” IMF Representative to the Philippines Ragnar Gudmundsson said in an e-mail.   

Mr. Gudmundsson said the Executive Board meeting is being planned for November or December this year.

Under Article IV of the IMF’s Articles of Agreement, the IMF holds annual bilateral discussions with its members. A team from the IMF will visit the country to assess economic and financial developments, and hold meetings with government and central bank officials.

The team will then present its findings for discussion to the IMF Executive Board, which represents all of IMF’s member countries. A summary of the IMF Board’s assessment is later given to the country’s government.   

“In this way, the views of the global community and the lessons of international experience are brought to bear on national policies,” the IMF said on its website.   

The IMF conducted its annual consultation with the Philippines from May to June in 2021. The last Article IV Executive Board Consultation was on July 23, 2021.   

Last year, IMF executive directors commended the Philippines’ policy response to the coronavirus disease 2019 (COVID-19) pandemic, which has helped to cushion the pandemic’s socioeconomic impact.

In July, the multilateral lender raised its gross domestic product forecast for the Philippines to 6.7% this year from 6.5% previously, but expects slower growth in 2023 amid global uncertainties. — Keisha B. Ta-asan