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Western Hemisphere > Dominica

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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

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2024: Issue 093

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 25 Apr 2024

Language:: English

DOI:: https://doi.org/10.5089/9798400269196.002

ISBN:: 9798400269196

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2024: Issue 093

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 25 Apr 2024

Language:: English

DOI:: https://doi.org/10.5089/9798400269196.002

ISBN:: 9798400269196

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Eastern Caribbean Currency Union: Technical Assistance Report-Review of Regulations to New Securities Act and Investment Funds Act

International Monetary Fund. Monetary and Capital Markets Department

At the request of the Eastern Caribbean Securities Regulatory Commission (ECSRC), a Monetary and Capital Markets (MCM) Department mission conducted a review of a draft version of the new Investment Funds Regulations (IFR) and Securities Regulations (SR) form May 20–June 30, 2022. The two sets of regulations are a key part of the new regime to govern the capital markets in the member territories of the Eastern Caribbean Currency Union (ECCU).

Keywords:: Securities bill; ECCU member country; investment funds bill; Securities commission; IOSCO principle; Mutual funds; Securities; Securities regulation; Caribbean

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2022: Issue 353

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 01 Dec 2022

Language:: English

DOI:: https://doi.org/10.5089/9798400226144.002

ISBN:: 9798400226144

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2022: Issue 353

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 01 Dec 2022

Language:: English

DOI:: https://doi.org/10.5089/9798400226144.002

ISBN:: 9798400226144

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St. Kitts and Nevis: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis

International Monetary Fund. Western Hemisphere Dept.

Growth decelerated marginally in 2017, as the continued decline in CBI inflows slowed growth in construction. Consumer inflation was low, partly due to a small contraction in food prices. The overall fiscal balance remained in surplus but has deteriorated markedly since its 2013- peak, and the debt-to-GDP ratio increased marginally from the previous year. The current account deficit remains high and only marginally declined in 2017, as the decline in CBI receipts was more than offset by growing tourism receipts and a significant decrease in imports. Foreign reserves at the ECCB remained at comfortable levels, well above the various reserve-adequacy metrics. The banking sector has reported capital and liquidity ratios that are well above the regulatory minimum but has elevated NPLs and risks, including delays in completing the debt-land swap arrangement and loss of Corresponding Banking Relationships (CBRs).

Keywords:: SKN government; SKN economy; CBI program; NPL resolution strategy; due diligence; Commercial banks; Public sector; Government finance statistics; Credit; Caribbean

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2022: Issue 351

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 21 Nov 2022

Language:: English

DOI:: https://doi.org/10.5089/9798400226120.002

ISBN:: 9798400226120

Type:: Journal Issue

Source Title:: IMF Staff Country Reports

Volume/Issue:: Volume 2022: Issue 351

Series:: IMF Staff Country Reports

Publisher:: International Monetary Fund

Publication Date:: 21 Nov 2022

Language:: English

DOI:: https://doi.org/10.5089/9798400226120.002

ISBN:: 9798400226120

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Eastern Caribbean Currency Union: 2022 Article IV Consultation with Member Countries on Common Policies of the Eastern Caribbean Currency Union-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union

International Monetary Fund. Western Hemisphere Dept.

This 2022 Article IV Consultation highlights that with Eastern Caribbean Currency Union economies slowly emerging from the pandemic with scars, the impact of the war in Ukraine is a setback to the nascent recovery. Higher food and energy prices, amid ongoing supply disruptions and intra-regional transportation bottlenecks, are raising inflation, eroding income, lowering output growth, worsening fiscal and external positions, and threatening food and energy security. The financial system has remained broadly stable so far, with adequate capital and liquidity buffers, but nonperforming loans remain high and could rise further following the expiration of the Eastern Caribbean Central Bank’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new coronavirus disease variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters. The report recommends that maintaining fiscal prudence while protecting the vulnerable through health spending and temporary targeted transfers and enhanced social safety nets to cope with rising living costs. Adopting well-designed rule-based fiscal frameworks would help achieve fiscal consolidation, enhance resilience to shocks such as natural disasters, and preserve the credibility of the regional debt target.