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Mr. Sanjaya P Panth, Mr. Paul Cashin, and Mr. W. A Bauer
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.

Mr. Sanjeev Gupta, Mrs. Claire Liuksila, Mr. Henri Lorie, Mr. Walter Mahler, and Mr. Karim A. Nashashibi

Abstract

A strengthened fiscal position is at the core of most economic adjustment programs supported by IMF lending, especially for the poorer countries that draw on the IMF's structural adjustment facilities. This paper reviews developments in 23 countries and evaluates their experience with fiscal and structural adjustment, including their efforts to design social safety nets to cushion the effects of adjustment.

Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

PRGF-supported programs in the 15 mature stabilizers during 2000–03 have generally sought to consolidate macroeconomic stability and foster growth. By and large, growth outcomes have been in line with program targets. Reflecting favorable initial conditions, there has been limited emphasis on further disinflation. On the fiscal front, programs have sought to increase capital spending, but have not been generally successful. Developments in the external accounts have been less favorable; while external reserves have increased, current account deficits have remained too large to ensure external viability even after debt relief from the enhanced HIPC Initiative. The rest of this section discusses these stylized facts in more detail.

Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

As noted above, maintaining inflation in the low single digits is an important feature of PRGF-supported programs in the mature stabilizers. In general, programs sought to keep inflation in the 4–6 percent range. The next two parts of this section consider the appropriateness of these targets and the monetary policy framework in which these targets have been pursued. A third part considers the nexus between private sector credit growth, fiscal policy, and economic activity.

International Monetary Fund. Western Hemisphere Dept.

2018 Article IV Consultation-Press Release and Staff Report

International Monetary Fund. Western Hemisphere Dept.
Economic growth slowed down, but became more broad-based. In 2017, real GDP growth was 2.1 percent, with the non-mining GDP rebounding from its contraction in 2016. The external balance turned negative due to weaker than expected export growth and higher oil prices. Inflation remains relatively low, and the monetary stance accommodative. Oil production is expected to commence in 2020, and additional oil discoveries have significantly improved the medium- and long-term outlook.
International Monetary Fund
This Selected Issues paper and Statistical Appendix reviews developments in the energy sector of the Republic of Trinidad and Tobago during 1997–99, and assesses the outlook for energy-related industries. The paper highlights that in 1998, the decline of mature fields was exacerbated by the low price of oil experienced during the year, which made exploitation of some fields uneconomic. The paper examines the fiscal sustainability of energy resources. It also analyzes trade liberalization that has been an integral part of Trinidad and Tobago’s efforts to restructure its economy for sustained growth.
Mr. Azim M Sadikov
This paper estimates the impact of the tariff liberalization in four largest CARICOM countries (Barbados, Guyana, Jamaica, and Trinidad and Tobago) on their trade flows. I trace changes in the product-line imports from CARICOM and non-CARICOM countries against time and commodity-level variation in external tariffs. I find that in each country the reduction of the external tariff, which eroded preferences enjoyed by member imports, increased the ratio of imports from non-member countries to imports from member countries. In Trinidad and Tobago, the higher ratio was largely the result of non-member imports crowding out member imports. In the three other countries, the ratio increased mainly because of higher non-member imports; there is little evidence that tariff reductions had an impact on member imports. Findings suggest that in Trinidad and Tobago liberalization of the external tariff reversed some of the trade diversion effects of CARICOM.