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Cover IMF Staff Country Reports
St. Lucia: Technical Assistance Report-Remote National Accounts Mission
International Monetary Fund. Statistics Dept.
A remote mission to the National Accounts Department (NAD) of Saint Lucia supported the development of rebased estimates of Gross Domestic Product (GDP) by expenditure. The mission compiled a candidate methodology for all components of the expenditure, covering current and constant price series for both annual and quarterly estimates of GDP. The new estimates will be benchmarked from the last Supply and Use Table from 2016. The method will replace the previous approach which was only compiled annually in current prices – which was last published in 2018.
Keywords:
GDP; Expenditure GDP; Quarterly GDP; Constant Prices; Supply and Use Tables; GDP-E approach; consumption expenditure; GDP-E methodology; staff team of the International Monetary Fund; research issue; Civil society organizations; Consumer price indexes; Imports; Producer price indexes; Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
International Monetary Fund. Western Hemisphere Dept.
The Inland Revenue Department, St. Kitts and Nevis, benefited from a remote Capacity Development (CD) activity delivered by CARTAC over the period November 2021 – March 2022 on auditing of financial institutions. The main objective of this CD was to strengthen the capacity of the auditors to perform audits and verify the accuracy of reporting by taxpayers in the Financial Sector. The training included (i) an overview of the financial sector, financial products/instruments and business processes; (ii) guidance in auditing the banks and insurance companies; and (iii) awareness of the key tax risks within this sector. A total of 22 auditors from the large, medium and small taxpayers’ unit, participated in the training. The training was held over a fifteen (15) day period and concluded with the auditors developing an audit schedule and preparation of audit notification letters to taxpayers selected for audit.
Keywords:
Strengthening audit capacity; core business functions audit capacity; IRD audit team; team Training Program; IRD auditor; World Bank staff; a number of audit case; Auditing; Financial sector; Training and development in revenue administration; Financial audit; Insurance companies; Caribbean
Cover IMF Staff Country Reports
St. Lucia: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation explains that St. Lucia’s near-term growth prospects are favorable, supported by large infrastructure investment and robust tourist inflows. However, longer-term growth continues to be impeded by high public debt, lingering vulnerabilities in the financial system, and structural impediments to private investment. Diminishing policy buffers further weaken the country’s resilience to external shocks against the backdrop of aprecarious global outlook. Completion of long pending legislative initiatives, alongside stronger regional and domestic financial oversight, should provide banks with incentives to strengthen their balance sheets and increase the efficiency of financial intermediation. There is also a need to draw on supervisory and regulatory tools to respond to emerging risks from rising overseas investments of the banks and the rapid expansion of lending by credit unions. The authorities are recommended to should step up efforts to address the institutional, financing and capacity gaps in its climate and disaster response strategy. Supply-side reforms are needed to unlock potential growth by improving the business environment, reducing energy costs, enhancing labor productivity, and further diversifying the economy.
Keywords:
ISCR; CR; investment; infrastructure investment; cost; CARTAC TA; energy price shock; CARTAC Customs; CARTAC Mac programme; fuel price pressure; Natural disasters; Tax administration core functions; Tourism; Caribbean; Global
Cover Departmental Papers
Public-Private Partnerships in the Caribbean Region: Reaping the Benefits while Managing Fiscal Risks
Mr. Maximilien Queyranne, Mr. Wendell Daal, and Ms. Katja Funke
To provide policymakers in the Caribbean with a governance framework for improving infrastructure through Public-Private Partnerships (PPPs), while limiting their fiscal costs and risks for the government. And to showcase Canada support to FAD technical assistance in the region and FAD collaboration with CARTAC and the Caribbean Development Bank
Keywords:
DPPP; DP; PPP contract; minister of finance; PPP project; PPP unit; financial risk; private sector; Caribbean country; public finance; government support; cash basis; feasibility study; policy priority; investment project; Public investment and public-private partnerships (PPP); Public investment spending; Purchasing power parity; Fiscal risks; Infrastructure; Caribbean; Global; Sub-Saharan Africa
Cover Departmental Papers
ISORA 2016: Understanding Revenue Administration
William Joseph Crandall, Elizabeth Gavin, and Mr. Andrew R Masters
This paper presents the results of the International Survey on Revenue Administration (ISORA) deployed during 2016 and covering fiscal years 2014 and 2015. It is made possible by the participation of 135 tax administrations from around the world that provided data.
Keywords:
DPPP; DP; tax administration; income tax; time series; collection ratio; human resources; value-added tax; higher-income jurisdiction; ISORA participant; full-time equivalent; Tax administration core functions; International Survey on Revenue Administration (ISORA); Personal income; Administration in revenue administration; Middle East and Central Asia; Asia and Pacific; Sub-Saharan Africa; Europe; Western Hemisphere
Cover IMF Staff Country Reports
St. Lucia: Climate Change Policy Assessment
International Monetary Fund. Western Hemisphere Dept.
This paper takes stock of St. Lucia’s plans to manage climate change, from the perspective of their macroeconomic implications, and suggests macro-relevant reforms that could strengthen the likelihood of success of the national strategy. To meet its renewable energy plans, St. Lucia will need to mobilize private investment. External assistance will be needed to develop supporting infrastructure. Building capacity for project assessment and investment promotion is a high priority, to shape needed investments into bankable projects. Elsewhere, capacity-building would be most useful to help cost sectoral plans, complete the disaster-preparedness strategy, move toward carbon taxation, and strengthen skills in public investment management and public financial management.
Keywords:
ISCR; CR; balance of payments; price cap; capital stock; credit line; interest rate; private sector; risk management strategy; tax system; carbon tax; government program; capital budget; investment priority; government financing; climate change; Climate change; Natural disasters; Carbon tax; Budget planning and preparation; Climate policy; Caribbean; Global
Cover IMF Staff Country Reports
St. Lucia: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Lucia
International Monetary Fund. Western Hemisphere Dept.
This 2018 Article IV Consultation highlights that the GDP growth in St. Lucia reached 3 percent in 2017, sustained by robust activity in several sectors. Favorable external conditions, coupled with hotel expansions and the addition of new flights, generated a strong recovery in tourism, with stay-over arrivals rising by 11 percent, the fastest growth in the Caribbean. Backed by strong tourism inflows, the current account balance strengthened. Unemployment declined from 21.3 percent in 2016 to 20.2 percent in 2017, but youth unemployment remains high at 38.5 percent and labor force participation has fallen. The short-term outlook is favorable, but prospects beyond that are sobering. GDP growth is expected to remain buoyant in the near term.
Keywords:
ISCR; CR; investment; expenditure outlay; GDP; tourism sector; growth prospect; CARTAC Customs Administration; youth unemployment; tourist inflow; Natural disasters; External sector statistics; Fiscal stance; Caribbean; Global