PHILIPPINES: The Philippine government is preparing the...
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Compiled by George White
PHILIPPINES: The Philippine government is preparing the country for a period of fiscal belt-tightening as part of an effort to secure a $900-million loan from the International Monetary Fund. Manila is seeking the loan to pay for oil and other expenses. The IMF board is expected to approve the loan package at a meeting in Washington on Feb. 20. In return for the funds, the government is expected to make major cuts in the country’s budget deficit and increase taxes on imports and luxury goods.
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