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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
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.
Keywords:
ECCU economy; ECCU member country; ECCU country; ECCU member states; ECCU region; Natural disasters; COVID-19; Fiscal stance; Caribbean; Global; Climate change; Loans
Cover IMF Working Papers
Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs
Ms. Xin C Xu
,
Ahmed El-Ashram
, and
Judith Gold
Economic Citizenship Programs (ECPs) have recently been proliferating, with large and potentially volatile inflows of investment and fiscal revenues generating significant benefits for small economies, but also posing substantial challenges. This paper discusses recent developments and implications of such programs for fiscal discipline and the real economy, including risks to macroeconomic and financial stability, with a focus on small state economies. It discusses the prudent management of these programs, overviews strategies to minimize risks to various sectors, and addresses potential governance and integrity challenges. The paper proposes a framework for managing inflows and savings from ECPs to contain macroeconomic risks, and it recommends the establishment of a sovereign wealth fund (SWF) where such revenues are large and persistent.
Keywords:
WP; ECP inflow; central bank; country authorities; management framework; ECP country; ECP flow; ECP receipt; ECP resource; private sector; Economic Citizenship Programs; Citizenship-by-Investment; Economic Residency Programs; Immigrant Investor Programs; Golden Visa; Sovereign Wealth Fund (SWF); National Development Funds; Macroeconomic Stability; Dutch Disease; St. Kitts and Nevis; Pacific Island Countries; investment strategy; SWF investment; stabilization fund; Public investment spending; Fiscal stance; Global; Pacific Islands; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The objective of this paper is to analyze the growth performance of the ECCU countries since independence and the policy challenges they face to ensure sustained growth in the period ahead. Although tourism specialization may bring about higher growth, it could also increase volatility in growth by amplifying the impact of business cycles in source countries on the tourism sector. Low productivity growth is principally the reason for the slowdown in growth. High debt levels have been a major drag on growth.
Keywords:
ISCR; CR; ECCU country; GDP; ECCU Tourism; debt; Tourism competitiveness vis-á-vis; composition analysis; public debt debt ratio; public-debt-to GDP ratio; ECCU group; Tourism; Budget planning and preparation; Civil service; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion
International Monetary Fund
Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
Keywords:
ISCR; CR; ECCU country; ECCU region; financial crisis; economic crisis; OECS Financial; ECCU government; ECCU aggregate; ECCU member; Commercial banks; Public sector; Government debt management; Caribbean; Global
Cover IMF Staff Country Reports
Republic of Latvia: Second Review and Financing Assurances Review Under the Stand-By Arrangement, Request for Extension of the Arrangement and Rephasing of Purchases Under the Arrangement and Request for Waiver of Nonobservance and Applicability of Performance Criteria
International Monetary Fund
This paper discusses key findings of the Second Review and Financing Assurances Review Under the Stand-By Arrangement for Latvia. The sharp economic downturn is starting to bottom out, although recovery has not yet begun. The authorities have implemented the June 2009 supplementary budget, and met with a wide margin the end-September performance criterion on the adjusted primary balance. The continuous performance criterion on external payments arrears was missed by a small amount, which the authorities expect to resolve soon.
Keywords:
ISCR; CR; GDP; government liquidity support; end-December performance criterion; financial market condition; Latvia; IMF's support; IMF's financial support; Fiscal stance; Loans; Global
Cover Policy Papers
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Second Mid-Term Review of the Caribbean Regional Technical Assistance Centre
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
Keywords:
PP; steering committee; CARTAC program; CARTAC activity; work plan; CARTAC advisers activity analysis; governance practice; cash management; on-the-job training; reform program; budget management CARTAC; Value-added tax; Budget planning and preparation; Caribbean; Middle East; East Africa
Cover Policy Papers
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Mid-Term Evaluation of Middle East Regional Technical Assistance Center
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
Keywords:
PP; steering committee; CARTAC program; work plan; CARTAC activity; governance practice; reform program; budget management CARTAC; CARTAC intervention; on-the-job training; CARTAC's work; CARTAC consultant; CARTAC PC; Value-added tax; Budget planning and preparation; Caribbean; Middle East; East Africa
Cover IMF Staff Country Reports
St. Kitts and Nevis: 2006 Article IV Consultation—Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2006 Article IV Consultation highlights that despite the closure of the sugar industry, economic growth in St. Kitts and Nevis has accelerated. In 2006, the economy is estimated to have recorded its third consecutive year of strong growth, projected at 4½ percent in 2006, with good prospects for 2007. Although the current account deficit remains large, it has been mainly financed by foreign direct investment, and competitiveness appears to be improving. Fiscal imbalances have improved significantly, reflecting both policy adjustments and continued growth.
Keywords:
ISCR; CR; budget; staff; GDP; staff estimate; surplus; debt management operation; fund staff projection; staff appraisal; fund staff estimate; St. Kitts and Nevis authorities; execution rate; U.S. dollar; Public enterprises; Public sector; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion
International Monetary Fund
The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica focuses on macroeconomic framework and fiscal policy. The program has been based on the expectation that Dominica will achieve a collaborative debt restructuring with its creditors that meets the residual near-term financing needs and ensures medium-term debt sustainability. The authorities continue to make progress in implementing the structural reform agenda, which aims to address the root causes of the macroeconomic imbalances and to remove impediments to growth.
Keywords:
ISCR; CR; debt; PRGF arrangement; NPV debt reduction; debt restructuring process; treasury bill market; rights holder; Debt restructuring; Arrears; Budget planning and preparation; Caribbean; Global
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