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International Monetary Fund

This report focuses on the Monetary Statistics Component of the Regional Data Module Report on the Observance of Standards and Codes for the Eastern Caribbean Central Bank (ECCB). The report reveals that with respect to the prerequisites of quality and assurances of integrity, the legislation broadly supports mandatory data reporting and the confidentiality of the reported data. However, the ECCB’s responsibility for compiling and disseminating monetary statistics to the public is not clearly specified in the law. Regarding resources, the number of staff allocated to the compilation of monetary statistics is inadequate.

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
Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the customer due diligence requirements for introduced business, and conducting onsite inspections of company and trust service providers. The aim is to issue regulatory and industry codes that broadly meet the recommended best practices as contained in the draft Offshore Group of Banking Supervisors’ Statement.
International Monetary Fund

The downturn has accentuated strains on the financial system of Anguilla. The 2011 Article IV Consultation highlights that the growth outlook is improving with major tourism projects getting back on course, although a slow recovery is only expected to begin in 2012. Executive Directors have emphasized that a new fiscal framework is needed with an appropriate balance between current and capital expenditure and in line with the resources available. Fiscal policy should be designed to meet the combined objectives of debt sustainability, deficit reduction, and long-term economic growth.

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. External Relations Dept.

“In the aftermath of the terrorist attacks of September 11, a coordinated international response is needed to deal with weaknesses in the world economy and the new risks in the outlook,” IMF Managing Director Horst Köhler said in a statement issued on October 5. He added that “the IMF, its 183 member countries, and the international community more generally will need to respond with sound policies to reduce the likelihood of a sustained slowdown and make sure we are ready to deal with a deeper and longer downturn if it does emerge—thereby limiting the disruption and attendant human costs.” Excerpts from Köhler’s statement follow.

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

Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the customer due diligence requirements for introduced business, and conducting onsite inspections of company and trust service providers. The aim is to issue regulatory and industry codes that broadly meet the recommended best practices as contained in the draft Offshore Group of Banking Supervisors’ Statement.

David Vegara and Jan Kees Martijn

The downturn has accentuated strains on the financial system of Anguilla. The 2011 Article IV Consultation highlights that the growth outlook is improving with major tourism projects getting back on course, although a slow recovery is only expected to begin in 2012. Executive Directors have emphasized that a new fiscal framework is needed with an appropriate balance between current and capital expenditure and in line with the resources available. Fiscal policy should be designed to meet the combined objectives of debt sustainability, deficit reduction, and long-term economic growth.

International Monetary Fund. Western Hemisphere Dept.

The regional recovery is gaining ground, supported by continued low oil prices, the return to pre-2007 levels of tourism arrivals, and buoyant citizenship-by-investment receipts. Three failed banks have been resolved with no spillovers to the rest of the region and authorities have demonstrated improved fiscal management. Risks in the short run appear to be balanced but the region still faces many vulnerabilities that jeopardize the medium-term outlook. This year's discussions took stock of the progress made and the policies needed to address key vulnerabilities related to the weak banking system, high debt, susceptibility to natural disasters, and competitiveness.