The IMF Mission is visiting Estonia
From today until 23 May a delegation from the International Monetary Fund, the IMF, will be visiting Estonia to discuss the state of the country’s economy and the economic policy steps taken in relation to it with representatives of the government and private businesses. The visit is part of the IMF’s annual economic policy consultation.
The main topics of the meetings this year are the short and long-term consequences for the economy of high inflation. The IMF delegation is interested in how inflation affects different sectors, wage expectations and the competitiveness of Estonian companies, and how fiscal policy and inflation are interrelated. The delegation also wants to hear about the planned changes to tax policy and how higher interest rates have affected borrowers from the market, including the government, by making borrowing more expensive. The IMF is also interested in the steps taken to reduce labour shortages, raise productivity and diversify energy production.
Members of the mission will hear a review of the structural policy measures to support growth in the economy that will be needed for Estonia to achieve its goals in the digital and green transition. In the background to the discussions is Russia’s war in Ukraine, which has affected the outlook for the Estonian economy and monetary policy decisions.
During its visit the IMF delegation will also hear a review of the state of the financial sector and the outlook for it, and of changes in anti-money laundering policy and management in Estonia. 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 if needed.
The IMF delegation will meet the government and members of the Riigikogu, and leaders and analysts from Eesti Pank, Finantsinspektsioon and various ministries and official institutions. Meetings are also planned with representatives of commercial banks, professional associations and private companies.
The outcome of the IMF visit will be presented by the head of the team Vincenzo Guzzo on Tuesday 23 May at 11-12 at a press conference in Eesti Pank, where he will be joined by the Governor of Eesti Pank Madis Müller and Minister of Finance Mart Võrklaev.
The International Monetary Fund discusses relevant economic policy issues with its member countries once a year. The consultation is followed by a report of the IMF’s expert assessment for economic policy in Estonia.
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