IMF lauds Brunei economic recovery effort

Azlan Othman

Worldwide Financial Fund (IMF) Govt Administrators counseled the Sultanate’s authorities for adopting insurance policies to cushion the affect of the COVID-19 pandemic in addition to for the spectacular vaccination rollout.

The administrators noticed {that a} sturdy financial restoration is underway, with additional lifting of COVID-19 restrictions, investments in giant petrochemicals initiatives, and better oil and gasoline costs.

Noting the draw back dangers to the outlook, the administrators pressured the necessity to keep supportive insurance policies till a private-sector-led restoration is on a agency path.

This was highlighted when the IMF’s Govt Board concluded the 2022 Article IV session with Brunei Darussalam this week.

The administrators pressured the necessity for steady reform efforts to advertise financial transformation, foster resilience, and speed up inexperienced, digital, and inclusive progress.

The administrators underscored the necessity to keep targetted fiscal help for weak companies and households within the close to time period, whereas stepping up reforms to enhance fiscal sustainability and intergenerational fairness in the long term.

In the meantime, the administrators welcomed a number of initiatives to enhance the effectivity of public spending, streamline untargetted subsidy and social spending, rationalise public employment and mobilise income.

Additionally they famous that the total implementation of the medium-term fiscal framework would assist stabilise public funds.

Additionally they famous that financial liquidity operations ought to be aware of inflation dangers.

They welcomed the resilience of the banking sector and authorities’ latest efforts to strengthen the anti-money laundering (AML) and combatting the financing of terrorism (CFT) regulatory and supervisory framework in addition to improve stress testing for improved monetary sector stability.