GOVERNMENT’S AUSTERITY MEASURES have stabilised the country’s foreign reserves.
So says economist and former university professor Michael Howard.
He made the point while reacting to the ministerial statement by Minister of Finance, Chris Sinckler in the House of Assembly today.
Sinckler said the foreign reserves stood at 14 weeks of import cover.
Howard said the austerity aspect of the fiscal programme could not be overlooked because it maintained confidence in the foreign exchange peg.
While he lauded Sinckler for not implementing aspects of the International Monetary Fund’s suggested tax reforms at this time, he said there needed to be clarity on the projections for the fiscal deficit. (ES)
