Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Western Hemisphere > Dominica

You are looking at 1 - 10 of 18 items for :

  • Type: Journal Issue x
Clear All Modify Search
Cover Technical Assistance Reports
Dominica: Technical Assistance Report-Improving Estimates of Gross Domestic Product (August 29–September 8, 2023)
International Monetary Fund. Statistics Dept.
A joint CARTAC, IMF capacity development engagement with the Central Statistics Office (CSO) in the Ministry of Finance in Dominica to improve estimates of Gross Domestic Product (GDP) was undertaken. The capacity development focused on three main aspects: supporting improvements of the GDP series in line with the 2008 SNA standards, including training for re-referencing the volume estimates of GDP; identifying data holdings which could be used to improve the quality of the estimates; and developing a work program for improving the timeliness of macroeconomic statistics in Dominica. Administrative data including value added tax data was used to compliment survey based estimates to enhance the current price estimates of GDP. To identify potential other data sources, meetings with various government stakeholders took place to discuss accessibility of data to continue to improve the quality of the macroeconomic estimates in the future. In addition to re-referencing the volume estimates of GDP to 2018 prices (from the existing 2006 base year), refinements to the GDP compilation system were developed to increase the capacity development of the staff to maintain and update the compilation of macroeconomic statistics in the future.
Keywords:
GDP; Administrative Data; Value Added Tax; Re-Referencing; SNA; Dominica.; IMF's statistics department; Dominica export import agency; IMF executive directors; business processing documentation; CSO in the Ministry of Finance; Value-added tax; Civil society organizations; Agricultural sector; Agricultural exports; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2024 Staff Report for the 2024 Article IV Consultation on Common Policies of Member Countries of the Eastern Caribbean Currency Union-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation with member countries on common policies of the Eastern Caribbean Currency Union (ECCU) discusses that the economies have registered a strong recovery after successive external shocks. Fiscal and external balances have improved, but public debt and current account deficits remain high. The financial system has been stable and liquid, although it continues to be confronted with asset quality weaknesses and rising risks in the non-bank financial sector. Longstanding structural challenges affecting private investment and employment create a drag on growth going forward. The regional priority is to rebuild buffers while protecting the fiscal space for priority public investment and social spending. Social policies and institutional labor market reforms would help improve competitiveness by addressing structural constraints to employment and labor productivity. Concerted efforts to address gaps in core economic data improve transparency and strengthen resource capacity for data collection would support calibration of economic policies.
Keywords:
ECCU country; asset quality; ECCU member-country government; ECCU member country; CARTAC TA mission; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit bureaus; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2019 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 paper presents IMF’s 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU’s gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3 3/4 percent in 2018, reflecting buoyancy in the tourism sector, sizable Citizenship-by-Investment (CBI) inflows, and a recovery from the 2017 hurricanes in Anguilla and Dominica, which were supported by large public investments in reconstruction. Fiscal deficits increased in 2018–2019, but they have remained moderate. Efforts are needed to streamline, and re-balance tax incentives based on clear principles consistent with international best practices. External imbalances are sizable and significant financial sector vulnerabilities affect both banks and non-banks. Growth is projected to gradually moderate toward its long-term average of 2 1/4 percent as the cyclical momentum normalizes and CBI inflows ease. These trends would also contribute to wider fiscal deficits, ending the downward drift in public debt dynamics. The outlook is clouded by downside risks, including a possible intensification of natural disasters and financial sector weaknesses.
Keywords:
ISCR; CR; authority; ECCB authority; e-government platform; ECCU price aggregate; article IV consultation discussion; ECCU region; ECCU country; ECCU work program; Digital currencies; Natural disasters; Tax incentives; Credit bureaus; Caribbean; Global
Cover IMF Staff Country Reports
St. Kitts and Nevis: 2015 Article IV Consultation-First Post-Program Monitoring Program Monitoring Discussions-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This 2015 Article IV Consultation highlights that the economic situation of St. Kitts and Nevis has continued to improve since the completion of the IMF-supported home-grown economic program in July 2014. Continued rapid inflows under the Citizenship-By Investment program have led to a surge in construction activity, and supported a large increase in government and Sugar Industry Diversification Fund investments and spending, including on the People Employment Program. These factors, together with the ongoing recovery in tourist arrivals fueled rapid GDP growth of about 6 percent in 2013 and 2014. The near-term outlook remains strong, but there are risks on the horizon.
Keywords:
ISCR; CR; CBI inflow; one-off corporate tax settlement; reform; inflow; CBI program; income tax tax collection; national assembly; Public sector; Credit; Caribbean; Global
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 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 Working Papers
Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion
Mr. Paul Cashin
,
Mr. Montfort Mlachila
, and
Cleary Haines
This paper examines the macroeconomic effects of the erosion of trade preferences, with a focus on the export of Caribbean bananas to Europe. Estimates are made of the magnitude of implicit assistance provided over a period of three decades to eastern Caribbean countries through banana trade preferences. The value of such assistance rose until the early 1990s, and has declined precipitously since then. Using vector autoregressive analysis, the paper finds that changes in the level of implicit assistance have had a considerable macroeconomic impact, especially on Caribbean real GDP growth.
Keywords:
WP; trade preference; EU banana regime; real GDP; country authorities; EU export unit value
Cover IMF Working Papers
Universal Health Care 101: Lessons for the Eastern Caribbean and Beyond
Ms. Evridiki Tsounta
Despite the increasing interest in universal health care, little is known about the optimal way to finance, design, and implement it. This paper attempts to fill this gap by providing some general policy recommendations on this important issue. While most of the paper addresses the Eastern Caribbean Currency Union (ECCU) countries, its policy implications are applicable to any country. The paper finds that the best financing option is country-specific depending on a country’s economic, cultural, institutional, demographic and epidemiological characteristics, as well as political economy considerations. However, taxation should be the primary financing source. It also concludes that an appropriate and realistic benefit package would need to be designed to ensure the system’s financial viability. Regarding the optimal way to implement universal health care, certain preconditions are needed, including sound public administration, a small informal economy, and a transparent health financing system that builds social consensus.
Keywords:
WP; health cost; health system; government Health spending; health financing goal; country authorities; Health economics; government expenditure; financing system; health financing; ECCU country; ECCU health system; health card; health outcome; health system attainment; health affair; health system performance; Health care spending; Health care; Social security contributions; Aging; Caribbean
Cover IMF Working Papers
Tax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union
Ms. Jingqing Chai
and
Rishi Goyal
Tax concessions have been employed as a central component of the development strategy in the small island states comprising the Eastern Caribbean Currency Union. This paper compares the costs of concessions in terms of revenues forgone with the benefits in terms of increased foreign direct investment. The costs are very large, while the benefits appear to be marginal at best. Forgone tax revenues range between 9½ and 16 percent of GDP per year, whereas total foreign direct investment does not appear to depend on concessions. A rethinking of the use of concessions in the region is needed urgently.
Keywords:
WP; firm; investor; net profit; tax rate; cost
Cover IMF Staff Country Reports
Dominica: 2008 Article IV Consultation Staff Report; Staff Supplement; Staff Statement and Public Information Notice on the Executive Board Discussion: 2008 Article IV Consultation—Staff Report; Staff Supplement; Staff Statement, and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The 2008 Article IV Consultation with Dominica discusses external competitiveness and key policy issues. The real effective exchange rate is broadly in line with macroeconomic fundamentals. Fiscal policy is appropriately focused on reducing high public debt. Plans for developing the tourist sector, including improving air access and roads to tourist attractions, are well advanced and should be financed with a view maintaining the sustainability of public debt. The authorities rightly emphasize improving the business climate, strengthening regulation and supervision of the financial sector, and improving disaster preparedness.
Keywords:
ISCR; CR; GDP ratio; surplus; energy price shock; staff appraisal; GDP deflator; factor cost; Current account deficits; Income and capital gains taxes; Income tax systems; Caribbean; Global