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Business and Economics > Banks and Banking

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Cover Policy Papers
Interim Review of The Resilience and Sustainability Trust and Review of Adequacy of Resources
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
The Resilience and Sustainability Trust (RST) provides affordable longer-term financing to help eligible IMF members address longer-term structural challenges, thereby progressing toward strengthening their prospective balance of payments stability. This paper takes stock of the initial experience with the RST—focusing on progress and challenges so far—and proposes fine-tuning RST design with a view to strengthening implementation of the Trust’s objectives. The paper also provides an assessment of the adequacy of the Trust’s resources and finds that increased near-term fundraising will be needed to meet strong demand. The Trust’s reserves remain adequate in the baseline and under a range of risk scenarios.
Keywords:
Resilience; sustainability; financing; climate change; pandemics; policy; RSF arrangement; reform package; RST design; RST financing; RST fundraising target; Climate finance; Climate policy; Natural disasters; Global
Cover High-Level Summary Technical Assistance Reports
Barbados: Financial Stability Report
Petr Jakubik
The technical assistance is focused on enhancing the joint financial stability report of the Central Bank of Barbados and the Barbados Financial Services Commission. The mission concluded that the preparation of a detailed FSR production plan and communication strategy is of critical importance and could facilitate improvements and promote the report. The report should encompass all crucial elements of financial stability assessment and needs to be streamlined to follow the central storyline with key messages. The quality of the report could be further enhanced though advancements in the analytical toolkit employed and the utilization of all available data sources.
Keywords:
financial stability; financial stability report; systemic risk; analytical toolkit; FSR production plan; IMF capacity development recipient; high-level summary; FSR process; implementation plan; Financial sector stability; Financial sector risk; Central bank bills; Financial stability assessment; Caribbean
Cover Technical Assistance Reports
Barbados: Technical Assistance Report-Financial Stability Report
International Monetary Fund. Monetary and Capital Markets Department
The technical assistance encompassed a comprehensive review of all pertinent aspects aimed at enhancing the joint financial stability report (FSR) of the Central Bank of Barbados (CBB) and the Barbados Financial Services Commission (FSC). The mission determined that the development of a detailed FSR production plan is critical and has the potential to facilitate improvements and synergies among various experts involved in the report’s production. The preparation of a communication plan for the report is another essential step that needs to be taken by the CBB and FSC. The broader macroeconomic context and a more forward-looking perspective should be reflected in the FSR, which needs to be streamlined to follow the central risk story with key messages that are clear and easy to understand to readers with limited knowledge of the financial system in Barbados. The report should reflect all important elements of financial stability assessment, such as the regulatory framework and the analysis of the real sector. The quality of the FSR could be further enhanced through advancements in the financial stability analytical toolkit. Finally, the mission reviewed and provided recommendations on the use of existing as well as potential new data sources that should be fully utilized for financial stability purposes.
Keywords:
Financial stability; financial stability report; systemic risk; analytical toolkit; Central Bank of Barbados; Barbados Financial Services Commission.; economic analysis Department; FSC manager; director of research; FSR production plan; FSC chief executive officer; stress test result; Financial sector stability; Central bank bills; Financial stability assessment; Stress testing; Credit bureaus; Caribbean
Cover Global Financial Stability Report, October 2023
Global Financial Stability Report, October 2023
Financial and Climate Policies for a High-Interest-Rate Era
International Monetary Fund. Monetary and Capital Markets Department

Abstract

Chapter 1 assesses that risks to global growth are skewed to the downside, similar to the assessment in the April 2023 Global Financial Stability Report. Cracks in the financial system may turn into worrisome fault lines should a soft landing of the global economy hoped for by market participants does not materialize. Chapter 2 homes in on the global banking system, providing a fresh assessment of vulnerabilities in a higher-for-longer environment, using an enhanced global stress test and a set of newly developed market-based indicators. In response to the vulnerabilities that are uncovered, enhancements to supervisory practices and tightening of regulatory standards are proposed. Chapter 3 notes that a broad mix of policies is required to unlock the private capital necessary to cover climate mitigation investment needs in emerging market and developing economies.

Keywords:
soft landing; downside risks; emerging market economies; bank supervision; global stress test; climate finance; IMF Resilience and Sustainability Trust
Cover IMF Staff Country Reports
Mauritius: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper reviews the fiscal rules framework in Mauritius with a focus on the calibration of the debt and budget balance ceilings. The paper concludes that a new medium-term debt anchor could be up to 80 percent of gross domestic product (GDP) compared to the anchor of 60 percent of GDP repealed during the pandemic. Introducing a short-term operational rule based on the overall fiscal deficit ceiling of around 3 percent of GDP would help reduce debt from 99.2 percent of GDP in FY2020/21 to close to the anchor by FY2026/27. The revised debt anchor would better reflect Mauritius’ debt carrying capacity while supporting growth. However, the current level of debt stands well above the proposed anchor. A transition period could be considered during which the deficit would gradually decline from 7.6 percent of GDP in FY2021/22 to 3 percent of GDP in FY2026/27 and beyond. Debt sustainability risks should continue to be assessed on the IMF’s Debt Sustainability Assessment tools regardless of whether the debt anchor has been met.
Keywords:
B. financing climate change; monetary policy transmission; climate change expenditure; debt anchor; debt rule; financing gap; Climate finance; Climate change; Debt limits; Central bank policy rate; Global
Cover IMF Staff Country Reports
Barbados: Fourth Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
International Monetary Fund. Western Hemisphere Dept.
Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth—but faces major challenges owing to the global coronavirus pandemic. Since May 2018, international reserves have increased from a low of US$220 million (5-6 weeks of import coverage) to more than US$1 billion at end-October 2020. This, and a successful 2018-19 public debt restructuring, have helped rebuild confidence in the country’s macroeconomic framework. While the local spread of COVID-19 has been successfully contained, allowing for a cautious reopening of the tourism sector in July, economic activity remains severely depressed owing to the global pandemic. Risks to the outlook remain elevated.
Keywords:
ISCR; CR; Barbadian authorities; coronavirus pandemic; executive board discussion; transformation plan; debt sustainability risk; equivalent of SDR; COVID-19; Fiscal stance; Central bank bills; Credit; Global; Caribbean
Cover IMF Staff Country Reports
Barbados: First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Barbados
International Monetary Fund. Western Hemisphere Dept.
First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Barbados
Keywords:
ISCR; CR; authority; debt; EFF arrangement amount equivalent; Barbadian authorities; public debt restructuring; overdraft limit; public debt burden; growth strategy; Debt restructuring; Domestic debt; Arrears; Caribbean; Global
Cover IMF Staff Country Reports
Barbados: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper summarizes recent development in Barbados’s International Business and Financial Services (IBFS) sector and assesses the extent to which the loss of correspondent banking relationships (CBRs) pose a risk to its future. The contribution of the IBFS sector to the local economy has been relatively stable in recent years but its contribution to fiscal revenues has declined. The sector has displayed lower profitability since the global financial crisis. More recently, it suffered from two changes in Canadian tax legislation. Consequently, tax revenues have declined while other expenditures have largely offset such decline. The sector also faces some risks from the loss of CBRs that has affected most Caribbean countries.
Keywords:
ISCR; CR; IBFS sector; management company access; income tax; Barbados government; IBFS clients bank accounts; OFC company; consultancy firm; insurance management company; export company; Offshore financial centers; Correspondent banking; Insurance companies; Caribbean; Global
Cover IMF Staff Country Reports
Barbados: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Barbados
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights that Barbados’ deficit declined to 4.4 percent of GDP in 2016, about of half that in 2014, owing to lower energy prices and a recovery in export earnings. The current account deficit is projected to continue to narrow to 3.7 percent in 2017, and to 2.9 percent of GDP in 2018 as a result of lower imports, but continued weakness in the financial account and delayed privatization will contribute to weak reserves. The fiscal deficit is estimated to have declined to 5.5 percent of GDP in FY2016/17. The IMF staff project further progress in reducing the fiscal deficit, to 4.1 percent of GDP in FY2017/18 without divestment proceeds.
Keywords:
ISCR; CR; deficit; real GDP; CARTAC PFM; potential GDP growth; funding requirement; private sector credit growth; private sector credit; funding challenge; banking sector in Barbados; Non-performing loan ratio; exchange rate; credit growth; financing needs; current account; loan growth; Fiscal consolidation; International reserves; Public sector; Caribbean; Global
Cover Unleashing Growth and Strengthening Resilience in the Caribbean
Unleashing Growth and Strengthening Resilience in the Caribbean

Abstract

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Keywords:
BOOK; cost; bank; Caribbean economy; respondent bank; firm employment distribution; tourism flow; World Bank enterprise Survey; Nonperforming loans; Tax incentives; Natural disasters; Correspondent banking; Caribbean; Global; Central America; Europe