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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Dominica: 2012 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
Dominica has faced two major challenges during the past two decades: weak competitiveness and low potential growth. In addition to these economic challenges, the country has been facing frequent natural disasters. Growth is expected to pick up gradually. The financial system is highly liquid but monetary conditions have not eased. The external position is improving on strong service receipts. Fiscal policy is reaching its limit in terms of its ability to support economic activity. The balance of risks to the fiscal outlook is broadly balanced.
Keywords:
ISCR; CR; deficit; IMF staff estimate; credit union; debt; financial system; balance of payments; broad money; IMF's view; world food price; current account; IMF's effort; vis-à-vis Dominica's nonbank sector; Credit bureaus; Commercial banks; Public sector; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) has made significant progress in improving the quality and quantity of the macroeconomic statistics it produces and disseminates to the public. The Selected Issues Paper discusses prospects and challenges for credit unions in the ECCU. It reviews the current state of macroeconomic statistics, outlines progress that has been made, and identifies outstanding challenges. It also describes technical assistance to the region and presents the challenges for the production of macroeconomic statistics in small island states.
Keywords:
ISCR; CR; credit union; ECCU country; credit union sector; loan; ECCU member states; credit union membership; harmonized credit union legislation; Credit bureaus; Commercial banks; Consumer price indexes; Monetary statistics; Caribbean; Global
Cover IMF Working Papers
Evolution of Debt Sustainability Analysis in Low-Income Countries: Some Aggregate Evidence
Mr. Benedicte Baduel
and
Mr. Robert T Price
The Debt Sustainability Analysis (DSA) for low-income countries (LICs) is a standardized analytical tool to monitor debt sustainability. This paper uses DSAs from three periods around the time of the global economic crisis to analyze the projected trajectories of debt ratios for a sample of LICs. The aggregate data suggest that LIC vulnerabilities improved on the whole during the period prior to the crisis, and that the crisis had a strong short-run impact on key ratios of debt (debt-to-GDP, -exports, and -fiscal revenues) and debt service (debt service-to-exports, and -revenues). Although projected debt burdens increased following the crisis, debt indicators tend to return to their pre-crisis levels over the projection horizon. This may reflect a strong and durable policy response by LICs towards the crisis, or also reflect specific assumptions on the long-run growth dividends of public external debt.
Keywords:
WP; foreign direct investment; debt ratio; DSA; low-income country; debt sustainability; low-income countries; nominal GDP; LIC debt burden; World Bank DSAs; risk rating; LIC debt vulnerability; vintage DSAs; debt ratio numerator; LIC debt sustainability; debt burden; debt management; LIC debt; Debt sustainability analysis; Debt burden; Debt service; Global
Cover IMF Staff Country Reports
Dominica: Request for Disbursement Under the Rapid Credit Facility: Staff Report and Press Release
International Monetary Fund
This paper examines the staff report for Dominica’s Request for Disbursement under the Rapid Credit Facility. Dominica has been hit by a number of natural disasters during July–September 2011. Although the impact on growth may be limited owing to the localized nature of the damage, the disasters will have large fiscal and balance of payment costs as the government undertakes the necessary rehabilitation work, including relocation of people from the affected areas. Medium-term prospects remain subdued owing to lack of clear growth drivers, with potential growth estimated at about 2 percent.
Keywords:
ISCR; CR; balance of payments difficulty; Dominica's balance of payments; amount; rehabilitation cost; balance of payments position; private sector; GDP deflator; staff estimate; Natural disasters; Public sector; Fiscal stance; Caribbean
Cover IMF Working Papers
The Eastern Caribbean Currency Union: Would a Fiscal Insurance Mechanism Mitigate National Income Shocks?
Mr. Paul Cashin
and
Mr. Antonio Lemus
This paper studies the nature of the shocks affecting the Eastern Caribbean Currency Union (ECCU), and examines whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure member countries of the union against asymmetric national income shocks. The empirical results suggest that a one dollar reduction in an ECCU member country's per capita personal income could trigger, through reduced income taxes and increased transfers, flows equivalent to about 7 percent of the initial income shock. Each member of the currency union could benefit as well, although the extent of shock mitigation differs across individual countries.
Keywords:
WP; Fiscal insurance mechanism; income shocks; income tax revenue; transfers; Eastern Caribbean Currency Union; ECCU member; insurance mechanism; ECCU growth; ECCU country; ECCU-member country; Personal income; Income tax systems; Disposable income; Caribbean
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: Request for Disbursement Under the Rapid Credit Facility
International Monetary Fund
The Executive Board of the IMF has approved a disbursement of an amount equivalent to SDR 2.075 million under the Rapid Credit Facility for St. Vincent and the Grenadines to help the country manage the economic impact of Hurricane Tomas. The Board’s approval enables the immediate disbursement of the full amount. The late-October 2010 hurricane inflicted significant damage to agriculture, housing, and infrastructure. The initial assessment conducted by the government estimated the cost of damage at 5 percent of gross domestic product.
Keywords:
ISCR; CR; credit facility informational annex; facility; debt; balance of payments difficulty; GDP; disbursement of an amount equivalent; facility informational annex; discussion of St. Vincent and the Grenadines; Fiscal stance; Natural disasters; Public and publicly-guaranteed external debt; Caribbean; North America; Northern Europe; Global
Cover IMF Staff Country Reports
Dominica: Staff Report for the 2011 Article IV consultation
International Monetary Fund
Dominica has made significant progress over the past decade in strengthening its macroeconomic policy management. The 2011 Article IV Consultation report concludes that Dominica is emerging from the crisis. Growth turned positive in 2010, but tepid demand and the needed fiscal consolidation will weigh on the near-term prospects. Executive Directors endorse that fiscal policies need to be returned to a sounder footing to correct the weakening fiscal position. Given weakening revenues, IMF staff believes that achieving the authorities’ target will necessitate additional fiscal measures beyond those envisaged in the budget.
Keywords:
ISCR; CR; GDP; debt; deficit; IMF staff estimate; crisis well; debt outlook; executive board assessment; IMF's effort; authorities well; reduction effort; debt dynamics; Fiscal stance; Credit bureaus; Insurance companies; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The objective of this paper is to analyze the growth performance of the ECCU countries since independence and the policy challenges they face to ensure sustained growth in the period ahead. Although tourism specialization may bring about higher growth, it could also increase volatility in growth by amplifying the impact of business cycles in source countries on the tourism sector. Low productivity growth is principally the reason for the slowdown in growth. High debt levels have been a major drag on growth.
Keywords:
ISCR; CR; ECCU country; GDP; ECCU Tourism; debt; Tourism competitiveness vis-á-vis; composition analysis; public debt debt ratio; public-debt-to GDP ratio; ECCU group; Tourism; Budget planning and preparation; Civil service; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion
International Monetary Fund
Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
Keywords:
ISCR; CR; ECCU country; ECCU region; financial crisis; economic crisis; OECS Financial; ECCU government; ECCU aggregate; ECCU member; Commercial banks; Public sector; Government debt management; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: 2010 Article IV Consultation: Staff Report; Staff Supplement and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The Dominican economy has been more resilient to the global crisis than other ECCU countries. Executive Directors welcomed the Growth and Social Protection Strategy, which is aimed at fostering growth and reducing poverty while lowering public debt. Directors also welcomed the authorities’ regional approach to address the collapse of the Trinidad and Tobago-based CL Financial Group. They encouraged the authorities to reduce the debt-to-GDP ratio to respond to external shocks. Directors commended the prudent fiscal policy stance and stressed the importance of strengthening the financial sector.
Keywords:
ISCR; CR; debt; loan; ECCU member authorities; ratio; soundness indicator; economy well; fuel imports; real gross domestic product; consumer price inflation; Loans; Tourism; Fiscal stance; Caribbean; Global