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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Dominica: Technical Assistance Report-External Sector Statistics
International Monetary Fund. Statistics Dept.
A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Statistics Department of Dominica (SDD) during August 30 to September 10, 2021. The mission was carried out as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The balance of payments and international investment position (IIP) statistics for Dominica are compiled jointly by the SDD and the Eastern Caribbean Central Bank (ECCB).1 In this context, three staff from the ECCB participated in the mission in their capacity of ESS compilers for Dominica. Fadhila Alfaraj of the IMF’s Statistics Department (STA) joined the mission.
Keywords:
IMF's Statistics Department; International monetary fund 1Canada; staff team of the International Monetary Fund; balance of payments summary; deficit of EC; External sector statistics; Balance of payments statistics; Imports; Current account deficits; Caribbean
Cover IMF Working Papers
Estimating the Impact of External Shocks on the ECCU: Application to the COVID Shock
Vivian Parlak
,
Mr. Gonzalo Salinas
, and
Mr. Mauricio Vargas
We measure the impact of frequent exogeneous shocks on small ECCU economies, including changes to global economic activity, tourism flows, oil prices, passport sales, FDI, and natural disasters. Using Canonical-Correlation Analysis (CCA) and dynamic panel regression analysis we find significant effects of most of these shocks on output, while only fluctuations in oil prices have significant effects on inflation. Results also suggest a significant impact of FDI and passport sales on the external balance, a link that CCA identifies as the strongest among all analyzed relations. The model also shows how Covid-19 related shocks lead to substantial contractions in output in all ECCU countries and deterioration of the current account balance in most of them, depending on countries’ tourism dependency.
Keywords:
FDI windfall; passport sale; ECCU economy; shocks lead; tourism shock; Oil prices; Tourism; Foreign direct investment; Current account balance; Natural disasters; Global; Caribbean
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 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 Policy Papers
Program Design in Currency Unions
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
,
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. European Dept.
Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members.
Keywords:
PP; monetary policy; euro; policy; director; BCEAO; Fund; ECB financing; policy assurance; ECB policy measure; management team; institutions play; Monetary unions; Balance of payments need; Liquidity; Commercial banks; Balance of payments deficits; West Africa; Europe; Global; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries’ economies are heavily dependent on the United States for foreign direct investment, mainly in the tourism sector. The Selected Issues paper discusses economic development and policies of the ECCU. About one-third of the stayover tourists to the ECCU countries are from the United States., the top tourist-source country. The flow of remittances is also an important channel of influence, reflecting the significant proportion of Caribbean migrants living in the United States.
Keywords:
ISCR; CR; ECCU economy; ECCU country; ECCB reserves; founder business personality; Ponzi scheme; Real exchange rates; Natural disasters; Insurance; Caribbean
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
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This paper assesses the evolution of Eastern Caribbean Currency Union (ECCU) real exchange rates over time, and examines whether the region has lost competitiveness. The main finding is that there is little evidence of overvaluation of the Eastern Caribbean (EC) dollar. The relationship summarized above permits the calculation of equilibrium current account balances or norms. The financing of ECCU current account imbalances appears stable. This paper also provides evidence on the distinctive impact that tourism plays in the determination of the real exchange rate in tourism-driven economies.
Keywords:
ISCR; CR; ECCU; exchange rate; tax; liquidity assistance; tourism flow; CIT rate; banking crisis; ECCU emigration rate; Real exchange rates; Corporate income tax; Liquidity; Tourism; Banking crises; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; current account; debt service; Eastern Caribbean dollar; fund staff estimate; net credit; factor cost; ECCB note; retail price; ECCB's net; Capital spending; Exports; Public sector; Current account balance; Caribbean
Cover IMF Staff Country Reports
Dominica: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; capital expenditure; current account; foreign currency; Eastern Caribbean dollar; fund staff estimate; net credit; factor cost; ECCB note; ECCB loan; ECCB's net; Capital spending; Exports; Current spending; Current account balance; Caribbean