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International Monetary Fund. Western Hemisphere Dept.

through enhancing the coverage, methodology, and the quality of prioritized balance of payments components with the incorporation of a wider variety of data sources to supplement business surveys. NSOs of most of ECCU member countries have access to relevant tax information available at the country’s inland revenue department. Supported by CARTAC, increased number of NSOs and/or the tourism authorities conduct sound visitor expenditure surveys (VES). 2 Furthermore, recent CARTAC TA is assisting in addressing compilation issues—some of them have been aggravated by the

International Monetary Fund. Western Hemisphere Dept.
Grenada made important strides under the 2014-17 ECF-supported program, achieving an impressive debt reduction by 37 percent of GDP since 2013, upgrading the framework for fiscal policy, strengthening the financial system, improving governance, and creating a better business environment. Nonetheless, public debt is still relatively high, job creation has been insufficient, and the institutional capacity for policy implementation needs strengthening.
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.
International Monetary Fund. Western Hemisphere Dept.
Owing to improved policy frameworks and favorable external conditions, Grenada’s economy has been growing rapidly. Policies have remained prudent, helping reduce public debt and financial system vulnerabilities. The domestic policy debate is increasingly focused on using potential fiscal space for spending on public pensions and investment on building resilience to natural disasters.
International Monetary Fund. Western Hemisphere Dept.

recommended macroprudential institutional and surveillance framework was endorsed by the ECCB Board of Directors. A proposal based on the CARTAC TA is being finalized for presentation to the ECCU Monetary Council to formalize the ECCU’s financial stability institutional framework. The ECCB also prepared and published on its website the inaugural Financial Stability Report, which assessed systemic risks and vulnerabilities in the ECCU region and featured the MPIs and SRIs provided by CARTAC TA. 28. A comprehensive list of financial health and soundness indicators with

International Monetary Fund. Western Hemisphere Dept.

on up-to-date visitor expenditure surveys carried out by the St. Lucia Tourist Board. Trade in goods data have been revised in the balance of payments by applying the recommended general trade system for the compilation of the international merchandise trade statistics. CARTAC TA to ECCB and CSO currently assist in backcasting the balance of payments for years prior 2014 addressing relevant breaks. The Debt Management Office (DMO) of the Ministry of Finance compiles granular public sector external debt (external debt owed by central government and by public

International Monetary Fund. Western Hemisphere Dept.

operations. CARTAC’s core areas of TA and training include revenue administration, public financial management (PFM), macroeconomic programming and analysis, financial sector stability and supervision, and economic and financial statistics. 5. In FY2017 the ECCU region accounted for just over 24 percent of TA 2 to the CARTAC membership ( Figure 1 ), with a particular focus on financial sector supervision, revenue administration and statistics ( Figure 2 ) . Dominica, St. Lucia and St. Vincent and Grenadines are the most intense users of CARTAC TA amongst the ECCU