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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) focuses on efficient, sustainable, and fair pension schemes. Despite recent reform efforts, the financial sustainability of the ECCU’s defined benefit social security schemes remains under strain, largely reflecting the still relatively low contributions and generous payouts. This, coupled with a rapidly ageing population and high labor market informality, increases the need for a comprehensive review and adoption of further parametric and non-parametric reforms of the pension systems to avoid abrupt and more sizable adjustments in the future as well as to reduce the risks of old-age poverty. This annex reviews pension schemes in the ECCU, with a focus on assessing their design and performance and identifying policy options to improve their efficiency, fairness, and sustainability. Key recommendations include swift adoption of further comprehensive reforms to address design weaknesses, improving coverage, investment strategy, administrative efficiency, and transparency, and establishing automatic adjustment mechanisms.
Keywords:
NIS pension schemes Overview; labor market performance; public sector pension schemes; labor markets in the ECCU; ECCU migration; Pensions; Pension spending; Aging; Retirement; Labor markets; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Poverty Reduction Strategy Paper
International Monetary Fund
The Growth and Social Protection Strategy (GSPS) provides the framework for Dominica’s economic and social policies over the next five years and sets out the macroeconomic framework; the growth strategy, including the enabling environment for private enterprise and sectoral strategies; and poverty reduction and social protection programs. Economic growth in Dominica was curtailed by a conjuncture of unfavorable developments, particularly with respect to trade, but there were underlying weaknesses in the economy such as a reliance on one or two sectors, with this lack of diversity exacerbating its vulnerability to economic shocks.
Keywords:
ISCR; CR; private sector; economic growth; community development; labour force; financial support; government development policy; Tourism; Poverty reduction strategy; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Interim Poverty Reduction Strategy Paper
International Monetary Fund
Poverty in Dominica exhibits the following: poor households tend to be larger than nonpoor households; poor households contain proportionately fewer persons of working age, and there is no significant difference in the gender distribution of poverty in the country. The challenges of this poverty-reduction strategy will be to foster growth and private sector employment, and to achieve fiscal and broader economic stability and a dynamic, accountable, and effective public service to provide a strong basis for the sustainable and integrated political, social, and economic development of Dominica.
Keywords:
ISCR; CR; Dominica; government; poverty line; indigence; country; private sector; budget constraint; government of Dominica; government's position; government rate; government initiative; income support; indigence line; Poverty reduction strategy; Caribbean