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19/08/2011: Ambassador Cuisia Discusses PHL Efforts toward Fiscal Consolidation with IMF Deputy Managing Director Shinohara

Ambassador Jose Cuisia, left, with IMF Deputy Managing Director Naoyuki Shinohara

19 AUGUST 2011, WASHINGTON DC – Philippine Ambassador to the United States Jose L. Cuisia, Jr. met yesterday with International Monetary Fund (IMF) Deputy Managing Director Naoyuki Shinohara and discussed, among other issues, the Philippine Government’s on-going efforts toward fiscal consolidation.

Ambassador Cuisia expressed appreciation for the successful IMF Staff Visit to the Philippines in July 2011 which concluded that “the near-term outlook for the Philippines is favorable” and that “the Philippine government’s steadfast moves to achieve fiscal consolidation are very appropriate in light of the maturing recovery and the need to create space for priority spending.”  He also conveyed the Philippine Government’s congratulations to the IMF’s new Managing Director, Christine Lagarde.

Deputy Managing Director Shinohara acknowledged that the “Philippine economy is doing well, the fiscal consolidation has clearly improved, and that the quality of growth is changing.”  The IMF projects the Philippines to grow by 6 percent this year, up from the revised forecast of 3.6 percent last April 2011.

Prior to his appointment to the IMF in March 2010, Mr. Shinohara had occupied various senior positions, including as Vice Minister of Finance in Japan and the country’s Executive Director at the Asian Development Bank.  END