Philippine Leader Gets Vote of Confidence from IMFPresident Gloria Arroyo on Friday expressed gratitude to the International Monetary Fund (IMF) for the renewed confidence it expressed on her administration's policies and strategies to pull the nation out of the economic miseries it suffered in recent years."I am very happy to note that business confidence now is very strong," Arroyo told IMF resident representative Sean Nolan and mission chief Markus Rodlaver who called on her at the presidential palace Friday morning. Nolan told Aroyo that she has had a wonderful transition in administration, adding "We see bright prospects for the Philippines." Nolan said they were encouraged by the administration's efforts, particularly in its deficit-reduction strategy and re-assessment of its spending priorities in the wake of a huge budget deficit. He also expressed confidence in the government's thrust to overcome its difficulties without having to resort to external resources to solve its current woes. In reply, Arroyo said "I am very happy to note that business confidence now is very strong," informing the IMF officials of efforts being taken by the administration to ensure a stable economic and political environment for local and foreign investors. Arroyo said the performance of the peso versus the dollar as well as the stock market have been very encouraging, adding that " I certainly hope this will be seen as a positive indicator that the Philippines is doing well." |
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