Page 16 - Min.TTC Feb 18, 2015

LOCAL A15
Wednesday 18 February

IMF Reports That

Aruba’s Economy

Has Promising

Potential

ORANJESTAD - The Prime with growth above 4.5
Minister of Aruba Mike percent largely reflected
Eman received the most in developments in the
recent report from the tourism sector. Growth is
IMF (International Mon- projected to rise to 2.25
etary Funds) on Friday, percent in 2015 as the
February 13, 2015. The tourism sector is expect-
results of the report are ed to continue to grow,
very positive for Aruba domestic demand is slat-
and detail the upward ed to recover together
growth of the economy with key public-private
for the island. partnership (PPP) proj-
A delegation of IMF staff ects e.g. Green Corridor
have been on the is- and Ring Road 3.
land having discussions In 2014, the fiscal defi-
with Aruba’s economic cit narrowed to 5.25%
stakeholders and per- as the authorities un-
forming a rigorous inves- dertook major structural
tigation into the most reforms to address the
recent financial situa- fiscal challenges. The
tions on economic de- most effective reforms
velopments and policies. applauded by the IMF
Based on information include changes in AOV,
available at the time of APFA and AZV. The AMF
these discussions, the IMF foresees a meaningful
reported that Aruba’s fiscal consolidation to
economy is recovering take hold this year. The
from a double-dip reces- proposed budget plan
sion caused by the glob- aims to reduce the 2015
al financial crisis and the deficit to 3.75 percent of
shutdown of the island’s the GDP.
oil refinery. The conclusion of the
The IMF advises that the report shows positive re-
authorities have under- sults and states “The au-
taken major reforms, thorities’ growth pillar an-
aiming for at surplus by chored around renew-
2018 and the adjustment able energy offers prom-
plan contains the neces- ising potential.” Given
sary measures needed Aruba’s abundance of
for Aruba to meet their natural resources, it is
targets. plausible for a long-term
The findings show a path for economic diver-
strong recovery in 2013 sification. q