On behalf of our authorities, we would like to thank IMF staff for the reports and the candid discussions held in Trinidad and Tobago during the 2018 Article IV consultation.
Trinidad and Tobago has undertaken a major adjustment effort over the past few years. In the aftermath of the 2014–16 energy price shock, the authorities’ first task was to stabilize the economy. At the present juncture, economic activity is gaining momentum, the fiscal position is improving, and external buffers remain adequate. The authorities have also taken the opportunity to introduce several policies and reforms aimed at insulating the economy from future commodity price and other macroeconomic shocks. This has involved, inter alia, strengthening the fiscal framework, enhancing financial sector supervision, and reinvigorating the diversification agenda.