IMF delegation getting an overview of state of the Estonian economy

A delegation from the International Monetary Fund (IMF) is in Estonia on an official visit lasting nearly two weeks.
The visit is part of the IMF's annual economic policy consultation, and the delegation arrived on Tuesday, the Bank of Estonia (Eesti Pank) reports.
The state of the Estonia's economy and the economic policy steps taken in relation to that are on the table, at discussions between the IMF delegation and representatives of the government and of the private sector.
The IMF routinely discusses important economic policy issues with its member countries on an annual basis, with the consultation followed by an IMF expert assessment on Estonia's economic policy.
The Estonian economy has been in contraction now for two years in a row, while the current recession is proving longer and more persistent than earlier episodes.
Head of team Vincenzo Guzzo will announced the meeting's outcome t a press conference at the Bank of Estonia at 11.30 a.m. on Monday, April 15, joined by the Governor of Eesti Pank Madis Müller and Minister of Finance Mart Võrklaev (Reform).
Estonia's long-term competitiveness will be the main theme, while the delegation is interested in how inflation, wage rises and the recession have affected the competitiveness of Estonian firms.
The delegation also wants to hear about the current state of the economy, the planned changes to tax policy, and the fiscal position, and to discuss the cost structure and tax base of the Estonian state budget, and similarities and differences on these, with regard to comparable nations.
The IMF delegation will also hear a review from Estonian state institutions on factors that support the growth in the economy that will be needed for Estonia to achieve its digital and green transition goals.
Over the course of its visit the IMF delegation will also be kept abreast of the state of the financial sector and the outlook on that, on changes in anti-money laundering policy and management.
As in previous years, the discussion will cover the readiness of the Estonian financial supervisory institutions to take additional steps for the sake of financial stability, where needed.
The delegation is to meet members of the government and of the Riigikogu, and leaders and analysts from the bank of Estonia, from the Financial Supervisory Authority (Finantsinspektsioon) and from various ministries and official institutions.
Meetings are also planned with representatives of commercial banks, professional associations and private companies.
Founded in July 1944 with a view to post-war reconstruction at the Bretton Woods Conference and following ideas from leading economists of the day, such as John Maynard Keynes, the IMF is headquartered in Washington and is a major financial agency of the United Nations with 190 member states.
Its stated aim is: "Working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."
The IMF operates a quota system, with a pool in the hundreds of billions of US dollars and which contributing countries can borrow if they experience balance of payments problems.
Criticisms include the hold that it allows developed countries to have over less developed ones, and that its initial policies were too based in rigid theory, opinion and political infighting.
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Editor: Andrew Whyte