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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
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 Working Papers
Can the Eastern Caribbean Currency Union Afford to Grow Old?
Mr. Hunter K Monroe
The demographic transition in the Eastern Caribbean Currency Union (ECCU) now underway is rapid compared with international experience, and emigration is playing a particularly large role. This paper describes and quantifies several factors which could magnify the challenge of pension reform. First, for some ECCU countries, continued emigration at historical rates would considerably advance the projected date at which pension scheme assets are depleted. Second, there is a significant risk that assets will underperform, given the large exposures to the highly-leveraged public sector and to a lesser extent the record with private sector investments. Third, portfolio diversification away from the public sector could be complicated by age-related pressure for greater central government health spending.
Keywords:
WP; ECCU emigration rate; rate; ECCU member; OECD census data; ECCU pension reform; Pension systems; migration; ECCU pension schemes; Pensions; Pension spending; Public sector; Health care spending; Caribbean
Cover IMF Working Papers
Universal Health Care 101: Lessons for the Eastern Caribbean and Beyond
Ms. Evridiki Tsounta
Despite the increasing interest in universal health care, little is known about the optimal way to finance, design, and implement it. This paper attempts to fill this gap by providing some general policy recommendations on this important issue. While most of the paper addresses the Eastern Caribbean Currency Union (ECCU) countries, its policy implications are applicable to any country. The paper finds that the best financing option is country-specific depending on a country’s economic, cultural, institutional, demographic and epidemiological characteristics, as well as political economy considerations. However, taxation should be the primary financing source. It also concludes that an appropriate and realistic benefit package would need to be designed to ensure the system’s financial viability. Regarding the optimal way to implement universal health care, certain preconditions are needed, including sound public administration, a small informal economy, and a transparent health financing system that builds social consensus.
Keywords:
WP; health cost; health system; government Health spending; health financing goal; country authorities; Health economics; government expenditure; financing system; health financing; ECCU country; ECCU health system; health card; health outcome; health system attainment; health affair; health system performance; Health care spending; Health care; Social security contributions; Aging; Caribbean
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: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
The Growth and Social Protection Strategy (GSPS) attaches great importance to the promotion of economic growth and job creation, given the nature of poverty in Dominica. The GSPS also stresses that existing health and education programs are essential to foster growth in the medium and long terms, but further efforts are needed. The GSPS contains a macroeconomic framework that is consistent with the proposed objectives of poverty reduction. The growth and fiscal targets envisaged in the macroeconomic framework are also consistent with the objective of maintaining public debt sustainability.
Keywords:
ISCR; CR; GOCD; poverty assessment; government; poverty analysis; growth potential; investment climate; poverty situation; poverty in Dominica; government of the Commonwealth of Dominica; social security system; Poverty reduction strategy; Poverty reduction; Poverty reduction and development; Public investment spending; Caribbean
Cover IMF Working Papers
Macroeconomic Implications of Natural Disasters in the Caribbean
Mr. Tobias N. Rasmussen
Each year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.
Keywords:
WP; ECCU country; country; GDP; government; market; price; Natural Disasters; Eastern Caribbean; Developing Countries; ECCU insurance market; countries of the Eastern Caribbean Currency Union; island state; market insurance; Insurance; Personal income; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Joint Staff Assessment of the Interim Poverty Reduction Strategy Paper
International Monetary Fund
This paper provides the joint assessment of the staff of the World Bank and the IMF on the interim poverty reduction strategy paper (I-PRSP) prepared by the government of the Commonwealth of Dominica and submitted to the World Bank and the IMF. The preparation of this I-PRSP—the later full PRSP—is intended to provide a framework for assistance under the poverty reduction and growth facility. The authorities have consented to the publication of both the I-PRSP and the joint staff assessment (JSA).
Keywords:
ISCR; CR; government; interim poverty reduction strategy paper; Dominica; government of the Commonwealth of Dominica; I-PRSP assessment; government's concern; authorities' strategy; full PRSP; government of Barbados; Poverty reduction strategy; Poverty reduction; Public sector; Caribbean
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
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 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; banana production; production; Banana Growers' Association; EU market; farmer; development partner; taxation treaties between St. Vincent and the Grenadines; EU commitment; trade arrangement; taxation treaty; BGA's restructuring; Agricultural commodities; Money laundering; Foreign banks; Caribbean