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Western Hemisphere > Dominica

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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
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
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 IMF Working Papers
Bank Network Analysis in the ECCU
Mr. Balazs Csonto
,
Mr. Alejandro D Guerson
,
Ms. Alla Myrvoda
, and
Emefa Sewordor
This paper applies network analysis to assess the extent of systemic vulnerabilities in the ECCU banking system. It includes two sets of illustrative stress tests. First, solvency and liquidity shocks to each individual bank and the impact on other banks in the network through their biltareal net asset exposures. Second, country and region-wide tail shocks to GDP affecting capital and liquidity of all banks in the shocked jurisdictions, followed by the rippling effects through the regional network. The results identify systemic institutions that merit hightened attention by the regulator, as determined by the degree of connectivity with the rest of the system, and the extent to which they are vulnerable to the failure of other banks.
Keywords:
WP; bank; ECCU; capital; asset; incorporated bank; F34; G21; ECCU bank; bank capital; defaulted claim; liquidity holding; portfolios diversification opportunity; bank exposure; bank institution; creditor bank; remains high; bank assets; bank network analysis; Commercial banks; Nonperforming loans; Distressed institutions; Credit; Market risk; 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
Eastern Caribbean Currency Union: Financial System Stability Assessment, including Report on the Observance of Standards and Codes on Banking Supervision
International Monetary Fund
This Financial System Stability Assessment on the Eastern Caribbean Currency Union (ECCU) reviews overall stability assessment. The fiscal position of the governments in the region has deteriorated sharply in recent years. A source of strength of the ECCU has been the large historical presence of strong foreign banks. However, the structure of the banking industry is changing with the entry of more aggressive regional banks, and the share of privately owned banks has increased. The limited activity of the organized ECCU securities markets reflects the small number of securities available for trading.
Keywords:
ISCR; CR; bank; enforcement power; bank auditor; ECCB Acts; bank management; draft contingency plan; ECCB currency arrangement; ECCB faces reputation risk; demand liability; bank affiliate; faces reputation risk; bank regulator; request bank; ECCB act; reputation risk; ECCB reserve; Offshore financial centers; Commercial banks; Loans; Securities; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Second Review Under the Stand-By Arrangement, Cancellation of Stand-By Arrangement and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
In this study, the authorities outlined a two-stage strategy and explained the need for requesting the cancellation of Stand-By Arrangement and the approval of a Three-Year Arrangement Under the Poverty Reduction Growth Facility (PRGF). The objective of the three-year program is to review growth by addressing the debt overhang and structural weaknesses. The underlying concept of fiscal reform is to support the achievement of the medium-term primary surplus target. The authorities will implement a number of initiatives to strengthen the investment climate in the economy.
Keywords:
ISCR; CR; staff appraisal; PRGF arrangement; government; SDR; discretionary exemption; World Bank's Board; IMF staff representative; Debt strategy; Fiscal stance; Caribbean
Cover Policy Papers
Midterm Review of the Caribbean Regional Technical Assistance Centre (CARTAC)
International Monetary Fund
The mid-term review was undertaken to help funding and implementing agencies foster a greater level of understanding of the Caribbean Regional Technical Assistance Center's (CARTAC) work. It ascertains activities to date and should help the Steering Committee determine optimal strategies for the Center’s continuation.
Keywords:
PP; long-term advisor; training session; core area; Cartac's activity; line item; CARTAC office; CARTAC project; CARTAC intervention; participating country; CARTAC activity; Administration in revenue administration; Budget planning and preparation; Caribbean
Cover IMF Working Papers
Caribbean offshore Financial Centers: Past, Present, and Possibilities for the Future
Ms. Esther C Suss
,
Mr. Oral Williams
, and
Mr. Chandima Mendis
The paper reviews the development of offshore financial activities in the English-speaking Caribbean islands and takes stock of the size and status of these sectors today. In view of the heightened concerns of the international community about money laundering, the costs and risks to countries of having or establishing offshore sectors have risen considerably.
Keywords:
WP; authority; Cayman authority; bank; fee; country; offshore financial sectors; Financial Action Task Force; money laundering; development strategies; banking industry; liability company; application fee licence; due diligence; OFC sector; market leader; gaming company; Offshore financial centers; Financial sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: Staff Report for the 2000 Article IV Consultation
International Monetary Fund
St. Kitts and Nevis is a small, open economy that is heavily dependent on tourism and other services, and some light manufacturing. The exchange rate peg to the U.S. dollar and strict limits on central government borrowing from the Eastern Caribbean Central Bank (ECCB) have helped maintain inflation at low levels, averaging below 2 percent in recent years. Labor force data are not collected in St. Kitts and Nevis, but shortages of highly skilled labor are reported to exist, and migrant workers are being employed in both agriculture and construction.
Keywords:
ISCR; CR; deficit; alternative; GDP; debt; effort; open economy; sugar industry; federation authorities; imputed reserve; sea port investment project; Agricultural commodities; Credit; Monetary base; Caribbean