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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. 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.
Mr. A. E. Wayne Mitchell, Ann Marie Wickham, and Mr. Manuel Rosales Torres
The quality and stock of infrastructure vary widely across countries of the Eastern Carribbean Currency Union and are inadequate to achieve the desired higher growth and social development. Given relatively low investment rates in the region, one solution is to invest more. However this paper shows that governments can also narrow their infrastructure and service gaps significantly by improving expenditure efficiency and strengthening public investment management systems.
International Monetary Fund. Western Hemisphere Dept.
This paper presents IMF’s 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU’s gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3 3/4 percent in 2018, reflecting buoyancy in the tourism sector, sizable Citizenship-by-Investment (CBI) inflows, and a recovery from the 2017 hurricanes in Anguilla and Dominica, which were supported by large public investments in reconstruction. Fiscal deficits increased in 2018–2019, but they have remained moderate. Efforts are needed to streamline, and re-balance tax incentives based on clear principles consistent with international best practices. External imbalances are sizable and significant financial sector vulnerabilities affect both banks and non-banks. Growth is projected to gradually moderate toward its long-term average of 2 1/4 percent as the cyclical momentum normalizes and CBI inflows ease. These trends would also contribute to wider fiscal deficits, ending the downward drift in public debt dynamics. The outlook is clouded by downside risks, including a possible intensification of natural disasters and financial sector weaknesses.
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted in The Valley, Anguilla, during March 27–31, 2017. This was the first mission to Anguilla carried out as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on external sector statistics (ESS) and in response to requests from the Anguilla Statistics Department (ASD) of Anguilla’s Ministry of Finance, Economic Development, Commerce, Tourism, Land & Physical Planning (MFED).1 The purpose of the mission was to assist the ASD in strengthening the compilation and dissemination of ESS. This is intended to facilitate a robust assessment of external sector developments and policy impact. Reliable ESS are essential for informed economic policy-making by the authorities.
International Monetary Fund. Statistics Dept.

A technical assistance (TA) mission on external sector statistics (ESS) was conducted in The Valley, Anguilla, during March 27–31, 2017. This was the first mission to Anguilla carried out as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on external sector statistics (ESS) and in response to requests from the Anguilla Statistics Department (ASD) of Anguilla’s Ministry of Finance, Economic Development, Commerce, Tourism, Land & Physical Planning (MFED).1 The purpose of the mission was to assist the ASD in strengthening the compilation and dissemination of ESS. This is intended to facilitate a robust assessment of external sector developments and policy impact. Reliable ESS are essential for informed economic policy-making by the authorities.

International Monetary Fund. Western Hemisphere Dept.

Eastern Caribbean Currency Union: 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report

International Monetary Fund. Western Hemisphere Dept.

Eastern Caribbean Currency Union: 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report