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Western Hemisphere > Dominica

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Cover Technical Assistance Reports
Dominica: Technical Assistance Report-Report on External Sector Statistics Mission (July 15–26, 2024)
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Dominica as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data gaps and improving statistical techniques for travel exports and direct investment to enhance the accuracy of the balance of payments (BOP) and the international investment position (IIP) and reduce net errors and omissions. In addition, the revised 2023 BOP that will be disseminated in December 2023 was reviewed.
Keywords:
Dominica; balance of payments statistics.; BOP survey; Dominica authority; BOP estimate; CBI program transaction; IMF's Statistics Department; External sector statistics; International investment position; Pension spending; Foreign direct investment; Caribbean
Cover IMF Staff Country Reports
Dominica: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation discusses that the Dominican economy has recovered strongly following the pandemic shock. Real gross domestic product grew by 5.6 percent in 2022 and an estimated 4.7 percent in 2023 returning to pre-pandemic output levels. Policy responses have eroded essential fiscal buffers, despite large Citizenship by Investment (CBI) revenues, which have supported reconstruction, infrastructure development, and climate adaptation. The country remains exposed to shocks, while tight fiscal space constrains development initiatives. The ongoing economic expansion provides an opportunity to rebuild essential buffers and reorient policies toward increasing prospects for more sustained and resilient growth. Dominica’s output has recovered to its pre-pandemic level, reflecting a rebound in tourism and public investment, supported by buoyant CBI revenues. Inflation has subsided from its 2022 peak, but external imbalances have deteriorated modestly. Banks remain well capitalized and liquid although credit unions suffer from persistent weak capital and asset quality. The outlook is subject to downside risks, especially from climate change, volatile tourism receipts, commodity prices, and CBI revenues. Meanwhile, longstanding impediments to private investment and employment weigh on growth and productivity. Policy priorities are to address fiscal and external imbalances while enhancing the basis for sustained and resilient growth.
Keywords:
CBI revenue; CBI program framework; financing strategy; core price inflation; macroeconomic policy; Fiscal stance; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: 2023 Article IV Consultation-Press Release; and Staff Report for Dominica
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that the Dominican economy is recovering strongly following the pandemic. Fiscal space remains tight. High Citizenship-by-Investment (CBI) revenue, nearing a record 30 percent of gross domestic product in recent years, has supported public investment and crisis response measures. The economic outlook is positive, predicated on a continued expansion in tourism and implementation of the country’s economic modernization and resilience building agenda The transition to local geothermal energy production and construction of a new airport, planned for the coming years, will sustain economic activity, reduce dependency on fossil fuels, bolster resilience to external shocks, and improve international connectivity. Meanwhile, public debt is set to decline gradually in coming years, supported by efforts to reduce current spending and strengthen tax collection. Building policy buffers and critical infrastructure will help address downside risks stemming from global economic uncertainty, climate change, and volatility of CBI revenue.
Keywords:
CBI revenue; investment goods; CBI program; debt ratio; fuel price policy; Fiscal stance; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
International Monetary Fund. Western Hemisphere Dept.
Dominica has been hit hard by the Covid-19 pandemic, with an estimated decline in GDP of 11 percent in 2020 underpinned by a sharp reduction in tourism receipts that affected connected sectors and by lockdown measures to limit virus contagion. The output decline was contained by health spending, social transfers, and public investment resilient to natural disasters which increased significantly, leading to an increase in public debt to 106 percent of GDP despite record-high Citizenship-by-Investment (CBI) revenue. The financial sector remained stable and liquid, but vulnerability continue to be significant in the under-capitalized non-bank sector.
Keywords:
CBI revenue; authorities of Dominica; authorities' effort; pandemic well; response to the pandemic; Natural disasters; Public investment spending; COVID-19; Caribbean; Global
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
St. Lucia: Request for Disbursement Under the Rapid Credit Facility-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper discusses St. Lucia’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. In order to address the pandemic, the authorities announced measures to help employees and households, including income support to the unemployed, tax relief, and providing cash transfers to the most vulnerable and affected. 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. The IMF will continue to be engaged with Dominica, Grenada, and St. Lucia, and stands ready to provide policy advice and further support as needed.
Keywords:
ISCR; CR; IMF financing support; financing; GDP; income support; IMF support; financing needs; construction expenditure; Executive Board discussion; IMF emergency support; COVID-19; Tourism; Caribbean; Global
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2018 Article IV Consultation-Press Release; Staff Report and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund. Western Hemisphere Dept.
This Article IV Consultation highlights that following the opening of a modern international airport, signs of an economic recovery have emerged, with increased direct flights from major cities in the United States and Canada and renewed interests from foreign investors in tourism projects. The overall fiscal balance has improved over the past few years, and the debt to GDP ratio fell in 2017 for the first time since 2007. However, despite these positive developments, St. Vincent and the Grenadines faces challenges in sustaining the growth momentum over the longer-term. Like other Caribbean economies, its high exposure to natural disasters, limited land, narrow production and exports base, weak business competitiveness, and limited physical and human capital constrain potential growth. The financial system remains broadly stable but has vulnerable spots in the non-bank financial sector. It is important to implement structural reforms to foster private sector activity, by improving the investment environment and strengthening physical and human capital.
Keywords:
ISCR; CR; GDP; budget; assumption underpinning budget estimate; SVG economy; growth outlook; GDP target; debt target; debt reduction objective; Natural disasters; Fiscal stance; Caribbean; Global
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. Vincent and the Grenadines: Staff Report for the 2012 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Background: Activity is slowly recovering after a cumulative decline of about 5 percent during 2008–10. Expansionary fiscal policies—largely to counteract the impact of the global slowdown and the two successive natural disasters—led to a deterioration in fiscal balances, with public debt up by about 10½ percent of GDP over this period. The fiscal deficit, however, is expected to narrow this year, largely reflecting cuts in capital spending. In the financial sector, non performing loans remain above prudential guidelines; provisioning and profitability are low; and supervision remains weak. Policy Challenges: Further fiscal consolidation—including by rebalancing government expenditure toward growth and employment generating public sector projects—is required to ensure medium-term sustained growth as well as keep public sector debt on a downward trajectory. In this regard, improving the efficiency of revenue collection and reducing current spending—especially on the wage bill, which is high relative to revenues—will be crucial to allow the government to maneuver fiscal policy. Financial sector weaknesses also need to be addressed, including through strengthening of supervisory and regulatory standards, to promote effective financial intermediation that supports private sector growth. Structural reforms, including infrastructure enhancements and labor market reforms are critical to improve competitiveness and ensure medium-term growth and current account sustainability.
Keywords:
ISCR; CR; current account; debt; deficit; real GDP; private sector credit growth; debt service; broad money; flows shock; economy of St. Vincent and the Grenadines; Financial sector; Capital spending; Caribbean; Global; North America; Northern Europe
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