IMF: Philippines performing exceptionally well

DAVOS – The chief of the International Monetary Fund (IMF) has praised the Philippines for being an “exceptionally well-performing country” despite its challenges and has expressed willingness to help the country attain sustainable growth, Malacañang said yesterday.

President Marcos met with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum (WEF) in this Swiss city last Tuesday and discussed issues affecting the world economy.

Presidential Communications Secretary Cheloy Garafil said Georgieva had commended Marcos for his leadership as the country faced “more immune and more complex challenges.”

“We found the Philippines to be an exceptionally well-performing country... what you have done in the last year of turbulence to sustain growth… is quite commendable,” Garafil quoted Georgieva as saying.

Georgieva said the IMF is ready to help its member-countries, including the Philippines, achieve sustainable growth and push for economic policies that would benefit more Filipinos.

“We have been really interested to engage more deeply with our members to recognize the traditional challenges… they are still there,” the IMF chief said.

Marcos said there is a need to “go back to the basics” as the Philippines is still addressing a number of challenges.

He also reiterated his resolve to step up the government’s digitalization initiatives, saying they are important in making the bureaucracy more efficient and effective.

“I hold a lot of hope and confidence in the new technologies… if you are adept with new technologies, you are already at (the) forefront… so that’s basically how we are approaching the problem,” said Marcos.

The IMF is a special agency of the United Nations that provides financial assistance and debt service relief to member-countries. It has $28 billion in outstanding loans to 74 nations. The Philippines joined the agency on Dec. 27, 1945.

Marcos meets Blair

Marcos also met with former United Kingdom prime minister Tony Blair last Tuesday, his third in-person engagement with the former British leader.

Garafil quoted Blair as saying that it is the best time for Marcos to be at the WEF so he could showcase what has been happening in the Philippines while building its stature.

“So, to have somebody to come and articulate very clearly where the country is going, what it’s doing. I think it sends a good signal,” she quoted Blair as saying.

According to her, Blair said the Philippines “isn’t quite in good standing last year.”

Marcos emphasized the need for consistency when dealing with business as investors need to know the conditions on the ground so they can craft their plans.

Blair agreed, saying: “There should be some kind of stability, some kind of consistency whichever way you’re going. So in terms of policy from the political end, I think it’s important.”

They also talked about the Philippines’ development plan, which Marcos said was designed to promote economic development and to mitigate sufferings caused by the pandemic.