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Cover Technical Assistance Reports
Front Matter
International Monetary Fund. Statistics Dept.
Keywords:
balance of payments estimate; St. Lucia imports; E. special purpose entities; revised balance of payments; mission outcome; External sector statistics; Special purpose vehicle; Civil society organizations; International investment position; Interest rate parity
Cover Technical Assistance Reports
Saint Lucia: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.

A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Saint Lucia as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data compilation issues on trade in goods—especially on the import and re-export of fuel—and travel credits and assessed the revised 2022 balance of payments that was disseminated in December 2023.

Keywords:
free trade zone data; data accessibility; trade data; balance of payments statement; data quality
Cover Technical Assistance Reports
Saint Lucia: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Saint Lucia as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data compilation issues on trade in goods—especially on the import and re-export of fuel—and travel credits and assessed the revised 2022 balance of payments that was disseminated in December 2023.
Keywords:
Saint Lucia; balance of payments statistics; external sector statistics.; balance of payments estimate; St. Lucia imports; exit surveys methodology; validation procedure; balance of payments survey; CED data; Civil society organizations; External sector statistics; Imports; Customs unions; Exports; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) focuses on efficient, sustainable, and fair pension schemes. Despite recent reform efforts, the financial sustainability of the ECCU’s defined benefit social security schemes remains under strain, largely reflecting the still relatively low contributions and generous payouts. This, coupled with a rapidly ageing population and high labor market informality, increases the need for a comprehensive review and adoption of further parametric and non-parametric reforms of the pension systems to avoid abrupt and more sizable adjustments in the future as well as to reduce the risks of old-age poverty. This annex reviews pension schemes in the ECCU, with a focus on assessing their design and performance and identifying policy options to improve their efficiency, fairness, and sustainability. Key recommendations include swift adoption of further comprehensive reforms to address design weaknesses, improving coverage, investment strategy, administrative efficiency, and transparency, and establishing automatic adjustment mechanisms.
Keywords:
NIS pension schemes Overview; labor market performance; public sector pension schemes; labor markets in the ECCU; ECCU migration; Pensions; Pension spending; Aging; Retirement; Labor markets; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2024 Staff Report for the 2024 Article IV Consultation on Common Policies of Member Countries of the Eastern Caribbean Currency Union-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation with member countries on common policies of the Eastern Caribbean Currency Union (ECCU) discusses that the economies have registered a strong recovery after successive external shocks. Fiscal and external balances have improved, but public debt and current account deficits remain high. The financial system has been stable and liquid, although it continues to be confronted with asset quality weaknesses and rising risks in the non-bank financial sector. Longstanding structural challenges affecting private investment and employment create a drag on growth going forward. The regional priority is to rebuild buffers while protecting the fiscal space for priority public investment and social spending. Social policies and institutional labor market reforms would help improve competitiveness by addressing structural constraints to employment and labor productivity. Concerted efforts to address gaps in core economic data improve transparency and strengthen resource capacity for data collection would support calibration of economic policies.
Keywords:
ECCU country; asset quality; ECCU member-country government; ECCU member country; CARTAC TA mission; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit bureaus; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 24/68

Keywords:
loan portfolio performance; transparency policy; GDP growth projection; restructured loans portfolio; fuel price pass-through framework; Government debt management; Fiscal consolidation
Cover IMF Staff Country Reports
St. Lucia: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that St. Lucia’s tourist-dependent economy has rebounded strongly after the coronavirus disease 2019 pandemic and the commodity import price shock due to Russia’s war in Ukraine. Output is currently near the pre-pandemic level, while higher government revenue has narrowed the fiscal deficit. The gross domestic product growth projection in 2023, at 3.2 percent, is lower than 2022 as tourism demand continues the recovery and the economy approaches the existing production capacity. Afterward, it is projected to gradually decline toward a potential rate of 1.5 percent in the medium-term. With output approaching full recovery, the priority is to start rebuilding fiscal and financial buffers and place public debt on a solid downward trend, anchored on the regional debt ceiling, through growth-friendly fiscal consolidation and fiscal rules. In the banking sector, it is important to reach full compliance with the regional central bank’s provisioning requirements. The momentum of reforms to address disincentives to bank lending should be maintained by passing legislation to expedite loan collateral appropriation. Draft legislation to strengthen the regulation and supervision of credit unions should be passed, and the planned asset quality review carried forward.
Keywords:
CARTAC TA; St. Lucia economy; CARTAC country; full employment; investment portfolio; Credit bureaus; Credit; External sector statistics; Global; Caribbean