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Western Hemisphere > Dominica

You are looking at 1 - 10 of 11 items for :

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Cover IMF Staff Country Reports
Grenada: Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Grenada
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Grenada’s Request for Disbursement Under the Rapid Credit Facility. IMF financing support provides resources to the countries’ authorities for essential health-related expenditures and income support to ease the impact of coronavirus disease 2019 on the population. The countries’ governments have responded to the pandemic by swiftly implementing containment measures, allocating scarce budgetary resources to critical health care spending, and introducing income support to the most affected sectors and households. Protection of the financial system will help cushion the economic impact of the pandemic. Measures have also been taken by the Eastern Caribbean Central Bank to facilitate the provision of credit and safeguard financial stability. Going forward, and once the current crisis dissipates, the authorities intend to push ahead with a comprehensive Disaster Resilience Strategy aimed at building resilience to natural disasters. They are also committed to further strengthening financial sector oversight to safeguard macro-financial stability.
Keywords:
ISCR; CR; staff appraisal; request proceeds; IMF financing support; transparency obligation; Grenadian authorities; staff's assessment; COVID-19; Balance of payments need; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2018 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union
International Monetary Fund. Western Hemisphere Dept.
This 2018 discussion on common policies of the Eastern Caribbean Currency Union (ECCU) highlights that the member countries are gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017. Conditions remain favorable to growth, however, risks are increasing. The fiscal balance for the region as a whole worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending. The IMF team made several policy recommendations including shifting focus from the current emphasis on recovery from natural disasters to building ex-ante resilience. The report also recommends intensifying decisive and timely actions to resolve weaknesses in the financial sector, including longstanding problems in the banking sector and emerging risks in the non-banking sector. The authorities expressed commitment to the acceleration of key reforms to upgrade and strengthen the financial sector regional oversight framework. In addition to fiscal consolidation, injecting new vigor into the structural policy agenda will help enhance competitiveness and make growth more inclusive.
Keywords:
ISCR; CR; ECCU country; ECCU price aggregate; Cartac; ECCU debt target; ECCU authority; ECCU region; ECCU work program; ECCU aggregate; Natural disasters; Insurance; Nonperforming loans; Credit bureaus; Caribbean; Global; staff advice; IMF's transparency policy; IMF's article
Cover Policy Papers
2018 Review of Facilities for Low-Income Countries
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
, and
International Monetary Fund. Finance Dept.
The Fund is facing strong demand for financing from low-income countries (LICs). Commodity price shocks and loose fiscal policies have contributed to rising debt levels and financing needs in many countries. Several developing states, especially smaller ones, are also increasingly vulnerable to large natural disasters. At the same time, many LICs less dependent on commodity exports have enjoyed robust growth in recent years, with more contained vulnerabilities.
Keywords:
PP; financing; Fund; lending; LIC facilities; financing needs; ECF arrangement; needs of LIC; Lic facilities toolkit; access limit; Natural disasters; Balance of payments need; Debt relief; Poverty reduction strategy; Credit; Global
Cover IMF Staff Country Reports
St. Kitts and Nevis: Staff Report for the 2014 Article IV Consultation and the Seventh and Eighth Reviews Under the Stand-by Arrangement and Request for Waivers of Applicability and Nonobservance of Performance Criterion
International Monetary Fund. Western Hemisphere Dept.
This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.
Keywords:
ISCR; CR; St. Kitts and Nevis authorities; IMF quota; authority; amount; CBI inflow; CBI revenue; CBI receipts; Fiscal stance; Credit; Caribbean
Cover The Eastern Caribbean Economic and Currency Union
The Eastern Caribbean Economic and Currency Union
Macroeconomics and Financial Systems
Mr. Alfred Schipke
,
Aliona Cebotari
, and
Ms. Nita Thacker

Abstract

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

Keywords:
BOOK; ECCU country; ECCU; OECS; ECCU economy; ECCU member; banking sector; financial crisis; Credit bureaus; Debt restructuring; Caribbean; Global; Central America; Europe; Western Hemisphere; ECCU government; ECCU authorities; South America
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 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: Staff Report for the 2005 Article IV Consultation, Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criterion, Financing Assurances Review, and Extension of Repurchase Expectations
International Monetary Fund
This 2005 Article IV Consultation highlights that Dominica is recovering from the aftermath of an economic and financial crisis in 2001–02 when output contracted by 10 percent. The reform strategy has been successful. Economic growth has recovered to more than 3 percent a year and is set to record the second straight year of above average growth in 2005. Inflation declined in 2004 and remains subdued in 2005 despite the higher energy prices. Reflecting strong fiscal consolidation and a collaborative debt restructuring agreement, public finances are now on a firmer footing.
Keywords:
ISCR; CR; government; adjustment program; PRGF arrangement; public finance; PRGF; U.S. dollar; private sector; debt restructuring process; banking system; Fiscal stance; Credit; Commercial banks; Caribbean
Cover IMF Staff Country Reports
Dominica: Third and Fourth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
The staff report for the Third and Fourth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica highlights economic developments and policies. Import growth has been robust on account of the economic recovery but the impact on the current account has been partially offset by increased tourism receipts. The efforts to reform the tax system and strengthen social security are necessary to place Dominica’s public finances over the long term on a firmer footing.
Keywords:
ISCR; CR; government; PRGF; executive board review; monitoring capability; adjustment program; debt exchange offer; debt restructuring process; Debt restructuring; Credit; Commercial banks; Caribbean
Cover IMF Staff Country Reports
Dominica: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion
International Monetary Fund
The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica focuses on macroeconomic framework and fiscal policy. The program has been based on the expectation that Dominica will achieve a collaborative debt restructuring with its creditors that meets the residual near-term financing needs and ensures medium-term debt sustainability. The authorities continue to make progress in implementing the structural reform agenda, which aims to address the root causes of the macroeconomic imbalances and to remove impediments to growth.
Keywords:
ISCR; CR; debt; PRGF arrangement; NPV debt reduction; debt restructuring process; treasury bill market; rights holder; Debt restructuring; Arrears; Budget planning and preparation; Caribbean; Global