Search Results

You are looking at 1 - 8 of 8 items for :

  • "ECCU member government" x
Clear All
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.
Wayne Mitchell, Ann Marie Wickham, Manuel Torres, and Ms. Sònia Muñoz

pre-investment planning and project preparation and processes would reduce and mitigate the costs and risks of projects and improve their quality. Additionally, ECCU member governments must resolve the challenges in attracting and retaining persons with the requisite technical skills (for example, quantity surveyors, engineers, architects, project managers). Dominica and St. Lucia have recently established dedicated agencies with strengthened PIM institutional capacities. 20 PFM legislation and regulations should be amended to require systematic performance

Ms. Kimberly Beaton, Mr. Thomas Dowling, Dmitriy Kovtun, Franz Loyola, Ms. Alla Myrvoda, Mr. Joel Chiedu Okwuokei, Ms. Inci Ötker, and Mr. Jarkko Turunen

. The authorities are working to establish real estate valuation standards, to provide banks with guidelines to value real estate-related transactions. These standards, together with the new provisioning regulations, are expected to encourage faster provisioning of NPLs and improve the quality of credit decisions, thereby reducing the risk of future NPLs. Efforts to strengthen the supervision framework are ongoing, including with technical assistance from IFIs. ECCU member governments are working with the ECCB and the World Bank to develop the institutional framework

International Monetary Fund. Western Hemisphere Dept.

, Anguilla, and Dominica; and St. Vincent and the Grenadines has an initial draft PFM law, which is under review. Annex V. The Regional Government Securities’ Market 1 1. The RGSM was established in 2002 to provide cost-effective financing for ECCU member governments and greater risk diversification for investors . In many respects, the RGSM has been successful, and issuance has increased significantly over the years, particularly for short-term instruments. However, the investor base remains limited to banks and public pension funds, and most governments continue

Ms. Kimberly Beaton, Mr. Thomas Dowling, Dmitriy Kovtun, Franz Loyola, Ms. Alla Myrvoda, Mr. Joel Chiedu Okwuokei, Ms. Inci Ötker, and Mr. Jarkko Turunen
The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well as to structural obstacles to their resolution. A comprehensive strategy is needed to address these impediments to sever the adverse feedback loops between weak economic activity and weak asset quality. This paper finds that NPLs are a drag on Caribbean growth and macro-financial links are strong: a deterioration in asset quality hinders bank lending and dampens economic activity, undermining, in turn, efforts to resolve problem loans. A multifaceted approach is needed, involving a combination of macro- economic policies to support growth and employment; strong supervisory frameworks to ensure macro-financial stability and create incentives for resolution; efforts to address informational gaps and deficiencies in insolvency and debt-enforcement frameworks; and development of markets for distressed loans. The institutional capacity constraints require coordination of reforms within the region and support from international organizations through capacity-building.
International Monetary Fund. Western Hemisphere Dept.
This paper discusses key points of 2017 Discussions on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). Favorable external conditions continue to support economic recovery in the ECCU, but flat tourism receipts and falling revenues from citizenship programs have weakened growth. The fiscal position has deteriorated slightly, and public debt remains high. Despite progress on financial sector reform, bank lending continues to decline while indigenous banks’ profitability is adversely impacted by increasing costs to secure correspondent banking relationships. The short-term outlook is favorable and risks are broadly balanced, but strong structural policies are needed to address impediments to medium-term growth.