Opposition wants debate on IMF letter of intent

The Opposition has called for the Government to debate in Parliament, the Letter of Intent to the International Monetary Fund (IMF) following the staff-level agreement with the agency.

In a statement this afternoon the Opposition Spokesman on Finance, Planning, Growth and Economic Development, Audley Shaw, said in view of the Government’s stated commitment to transparency, it should make the draft Letter Of Intent public and be subject to a debate in Parliament.

“This is important as the letter of Intent will provide the details of all prior action requirements, structural reforms and fiscal targets that must be implemented by March and during the course of the four year agreement,” said Shaw.

He added that within the context of the proposed agreement, the Opposition is also concerned that the government is intent on implementing a "ruinous" tax package which will be compounded by cuts in tax waivers without a replacement policy.



Shaw said the tax package and the waiver cuts will severely damage the productive sector, put people out of work and likely plunge the economy into further sharp decline.

It is why Shaw wants an urgent review of the tax measures saying they could threaten the viability of the IMF agreement even before it is approved by the board of the Fund.

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