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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Eastern Caribbean Central Bank: Report on Observance of Standards and Codes: Data Module, Response by the Authorities, and Detailed Assessment Using the Data Quality Assessment Framework (DQAF)
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.
Keywords:
ISCR; CR; commercial bank; data; ECCB website; procedure; ECCB; verification procedure; IMF GDDS website; commercial banks vis-à-vis; data review need; staff resource; Monetary statistics; Commercial banks; Data Quality Assessment Framework (DQAF); Financial statistics; Data processing; Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: 2006 Article IV Consultation—Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2006 Article IV Consultation highlights that despite the closure of the sugar industry, economic growth in St. Kitts and Nevis has accelerated. In 2006, the economy is estimated to have recorded its third consecutive year of strong growth, projected at 4½ percent in 2006, with good prospects for 2007. Although the current account deficit remains large, it has been mainly financed by foreign direct investment, and competitiveness appears to be improving. Fiscal imbalances have improved significantly, reflecting both policy adjustments and continued growth.
Keywords:
ISCR; CR; budget; staff; GDP; staff estimate; surplus; debt management operation; fund staff projection; staff appraisal; fund staff estimate; St. Kitts and Nevis authorities; execution rate; U.S. dollar; Public enterprises; Public sector; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the income dispersion and comovement in the Eastern Caribbean Currency Union region. It finds that incomes are diverging, with the Leeward Islands converging to a higher income level than the Windward Islands. The paper examines the macroeconomic impact of trade preference erosion on the Windward Islands and demonstrates the substantial impact from preference erosion on growth, trade balances, and fiscal positions. The paper also analyzes the size of the informal economy in the Caribbean.
Keywords:
ISCR; CR; income; cost of capital; per capita income; ECCU country; informal economy estimate; social security scheme; income catch up; EU banana regime; financing cost of capital; FDI deflator; size of the informal economy; Informal economy; Personal income; Agricultural commodities; Securities; Exports; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Staff Report for the 2006 Regional Discussions
International Monetary Fund
This paper discusses key findings of the 2006 Regional Discussions on the Eastern Caribbean Currency Union. Fiscal revenues have improved, but there has been only a modest improvement in the fiscal and debt positions. Tax revenues have strengthened with the uptick in economic activity, administrative efforts, and tax reforms. The financial system has been resilient, but additional efforts are needed to strengthen the supervisory framework in the face of emerging risks. Progress continues to be made in implementing the Financial Sector Assessment Program (FSAP) recommendations, but there is a need to ensure enforcement of the new regulatory framework.
Keywords:
ISCR; CR; ECCU country; ECCU aggregate; ECCU member; broad money; private sector; U.S. dollar; exchange rate; ECCU well; Public sector; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Seventh Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Financing Assurances Review
International Monetary Fund
This paper discusses key findings of the Seventh Review Under the Poverty Reduction and Growth Facility (PRGF) for Dominica. Policy implementation under the program has remained strong. All end-June 2006 performance criteria were met, and all indicative targets for end-June and end-September were met with comfortable margins. Progress has been made on the structural benchmarks for the Seventh Review. Fiscal performance in FY2005/06 was commendably strong, and the FY2006/07 budget reflects a continuation of strong fiscal policies.
Keywords:
ISCR; CR; authority; PRGF arrangement; completion of the review; PRGF; discussion of Dominica; commendable commitment; private sector; Debt restructuring; Value-added tax; Structural reforms; Caribbean
Cover The Caribbean
The Caribbean
From Vulnerability to Sustained Growth
Mr. David Robinson
,
Mr. Paul Cashin
, and
Ms. Ratna Sahay

Abstract

This book sets out the economic challenges facing the island nations of the Caribbean and presents policy options to ameliorate external shocks and embark firmly on a sustained growth path. While the countries of the Eastern Caribbean Currency Union that are the focus of the book have enjoyed a sustained period of price and exchange rate stability, they have been buffeted in recent years by adverse shocks, including the erosion of trade preferences, declines in official foreign assistance, and frequent natural disasters. Strengthening their growth performance will require design of a multifaceted strategy that integrates the Caribbean with the global economy, facilitates an economic transformation from agriculture to tourism, fosters greater regional cooperation, and preserves macroeconomic stability. This volume examines the critical issues that are part of that process, including fiscal and financial sector policy, management of external flows, trade integration and tourism, macroeconomic cycles and volatility, and the economic implications of natural disasters.

Keywords:
BOOK; ECCU country; country; emigration loss; country authorities; ECCU banking system; ECCU economy; Natural disasters; Migration; Fiscal stance; Exchange rate arrangements; Caribbean; Global; North America; countries of the Eastern Caribbean Currency Union; Central America
Cover IMF Staff Country Reports
Dominica: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
The Growth and Social Protection Strategy (GSPS) attaches great importance to the promotion of economic growth and job creation, given the nature of poverty in Dominica. The GSPS also stresses that existing health and education programs are essential to foster growth in the medium and long terms, but further efforts are needed. The GSPS contains a macroeconomic framework that is consistent with the proposed objectives of poverty reduction. The growth and fiscal targets envisaged in the macroeconomic framework are also consistent with the objective of maintaining public debt sustainability.
Keywords:
ISCR; CR; GOCD; poverty assessment; government; poverty analysis; growth potential; investment climate; poverty situation; poverty in Dominica; government of the Commonwealth of Dominica; social security system; Poverty reduction strategy; Poverty reduction; Poverty reduction and development; Public investment spending; Caribbean
Cover IMF Staff Country Reports
Dominica: Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Financing Assurances Review
International Monetary Fund
Dominica showed a commendable progress under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors welcomed the strong macroeconomic performance, fiscal adjustment, and collaborative debt restructuring effort. They appreciated the introduction of a value-added tax (VAT) and an excise tax and stressed the need for the implementation of robust structural reforms to promote a sustained strong growth and poverty reduction. They agreed that the strong implementation of the policies under the program will help balance the risks and provide adequate performance.
Keywords:
ISCR; CR; regime; VAT regime; administration regime; good-faith effort; private sector; financing assurances review; exchange rate; Value-added tax; Excises; Debt restructuring; Public sector; Caribbean
Cover IMF Staff Country Reports
Dominica: Poverty Reduction Strategy Paper
International Monetary Fund
The Growth and Social Protection Strategy (GSPS) provides the framework for Dominica’s economic and social policies over the next five years and sets out the macroeconomic framework; the growth strategy, including the enabling environment for private enterprise and sectoral strategies; and poverty reduction and social protection programs. Economic growth in Dominica was curtailed by a conjuncture of unfavorable developments, particularly with respect to trade, but there were underlying weaknesses in the economy such as a reliance on one or two sectors, with this lack of diversity exacerbating its vulnerability to economic shocks.
Keywords:
ISCR; CR; private sector; economic growth; community development; labour force; financial support; government development policy; Tourism; Poverty reduction strategy; Caribbean; Global
Cover Policy Papers
Making the Misreporting Policies Less Onerous in De Minimis Cases
International Monetary Fund
The Managing Director's Medium-Term Strategy referred to complex misreporting procedures for even trivial forms of misreporting and called for streamlining. This paper presents a proposal to reduce the burden of the Fund’s misreporting policies in cases involving de minimis deviations from program conditions. The proposal is to consider deviations from a performance criterion or other condition to be de minimis where they are so small as to be trivial with no impact on the assessment of program performance.
Keywords:
PP; fund; fund policy; yes; publication policy; Dem. Rep. PRGF; PSI review; PSI decision; breach of Article VIII; Fund arrangement; waiver of nonobservance; Arrears; Fiscal stance; Africa