Browse

You are looking at 1 - 10 of 122 items for :

Clear All
International Monetary Fund. Western Hemisphere Dept.
With ECCU economies slowly emerging from the pandemic with scars, the impact of the war in Ukraine is a setback to the nascent recovery. Higher food and energy prices, amid ongoing supply disruptions and intra-regional transportation bottlenecks, are raising inflation, eroding income, lowering output growth, worsening fiscal and external positions, and threatening food and energy security. As a result, inflation is expected to hover over 5½ percent in 2022. Real GDP is projected to grow by 7½ percent in 2022, leaving output still well below the pre-pandemic level. Fiscal deficits are projected to remain sizable, given continued pandemic- and disaster-related spending and temporary support to address rising living costs, thereby keeping gross financing needs and public debt at elevated levels in the near term. The financial system has remained broadly stable so far, with adequate capital and liquidity buffers, but nonperforming loans remain high and could rise further following the expiration of the ECCB’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new COVID variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters.
International Monetary Fund. Statistics Dept.
International Monetary Fund. Statistics Dept.
A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Central Statistical Office (CSO) of Saint Lucia during March 22–26, 2021. The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on External Sector Statistics (ESS).
International Monetary Fund. Statistics Dept.

A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Central Statistical Office (CSO) of Saint Lucia during March 22–26, 2021. The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on External Sector Statistics (ESS).

International Monetary Fund. Western Hemisphere Dept.
The fallout from the COVID-19 crisis is hitting ECCU economies hard. Tourism receipts (accounting for nearly 40 percent of GDP) have dried up, as tourist arrivals have come to a grinding halt. The authorities successfully contained the spread of the virus at the onset of the pandemic by largely closing the borders, but a reopening of the economies since the summer has led to a surge in COVID cases. The ECCU economy is projected to contract by 16 percent in 2020 and by a further near ½ percent in 2021. Fiscal positions have deteriorated sharply, and public debt is projected to reach near 90 percent of GDP in 2021 and remain at an elevated level for years to come. Headline indicators suggest the financial system is relatively sound with ample liquidity buffers, but nonperforming loans are expected to rise significantly. The outlook is clouded by exceptionally high risks, including from the uncertainty concerning the evolution of the pandemic.
International Monetary Fund. Statistics Dept.
A technical assistance mission was undertaken by the Real Sector Statistics Advisor in the Caribbean Regional Technical Assistance Centre to Saint Lucia to provide advice to the Central Statistics Office (CSO) on compiling rebased gross domestic product estimates. The CSO is responding to the needs of the Ministry of Finance for more robust and timely national accounts statistics. All the Gross domestic product by economic activity (GDP-P) compilation workbooks have now been redeveloped and revised current and constant 2018 price quarterly and annual estimates have been compiled up to Q3 2019. The incorporation of revised data on tourist expenditure for 2000 onward have also resulted in revisions to the GDP-P current rice estimates and real growth rates. The revised annual and quarterly GDP-P estimates were assessed, and several methodological improvements were implemented. Improvements were made to the constant price estimates by reviewing and replacing weaker volume indicators. Training on the methodological changes and compiling the rebased estimates has been provided. The training on methodological improvements included the use of the more representative employment indicators and various price indices discussed above; back-casting and linking techniques for the current price estimates and linking the constant 2006 price series with the constant 2018 price series.
International Monetary Fund. Statistics Dept.

A technical assistance mission was undertaken by the Real Sector Statistics Advisor in the Caribbean Regional Technical Assistance Centre to Saint Lucia to provide advice to the Central Statistics Office (CSO) on compiling rebased gross domestic product estimates. The CSO is responding to the needs of the Ministry of Finance for more robust and timely national accounts statistics. All the Gross domestic product by economic activity (GDP-P) compilation workbooks have now been redeveloped and revised current and constant 2018 price quarterly and annual estimates have been compiled up to Q3 2019. The incorporation of revised data on tourist expenditure for 2000 onward have also resulted in revisions to the GDP-P current rice estimates and real growth rates. The revised annual and quarterly GDP-P estimates were assessed, and several methodological improvements were implemented. Improvements were made to the constant price estimates by reviewing and replacing weaker volume indicators. Training on the methodological changes and compiling the rebased estimates has been provided. The training on methodological improvements included the use of the more representative employment indicators and various price indices discussed above; back-casting and linking techniques for the current price estimates and linking the constant 2006 price series with the constant 2018 price series.

International Monetary Fund. Western Hemisphere Dept.
This paper discusses St. Lucia’s Request for Disbursement Under the Rapid Credit Facility. IMF financing support provides resources to the countries’ authorities for essential health-related expenditures and income support to ease the impact of coronavirus disease 2019 on the population. In order to address the pandemic, the authorities announced measures to help employees and households, including income support to the unemployed, tax relief, and providing cash transfers to the most vulnerable and affected. The countries’ governments have responded to the pandemic by swiftly implementing containment measures, allocating scarce budgetary resources to critical health care spending, and introducing income support to the most affected sectors and households. Protection of the financial system will help cushion the economic impact of the pandemic. Measures have also been taken by the Eastern Caribbean Central Bank to facilitate the provision of credit and safeguard financial stability. The IMF will continue to be engaged with Dominica, Grenada, and St. Lucia, and stands ready to provide policy advice and further support as needed.