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Europe > Turks and Caicos Islands

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Cover Technical Assistance Reports
Front Matter
International Monetary Fund. Western Hemisphere Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
Keywords:
credit risk analysis; TCIFSC background; TCIFSC Deputy managing director; TCIFSC staff; solvency indicator
Cover High-Level Summary Technical Assistance Reports
Turks and Caicos Islands: Financial Stability Report Review, Credit Risk Modelling, and Stress Testing
Petr Jakubik
and
Adam Gersl
The technical assistance (TA) missions to the Turks and Caicos Islands (TCI) aimed to enhance the Financial Services Commission’s (TCIFSC) financial stability efforts. The missions reviewed the Financial Stability Report (FSR), developed sectoral credit risk models, and established a stress testing (ST) framework. They provided tools for assessing non-performing loans (NPLs) and conducting STs under various macroeconomic scenarios. Results indicate that TCI’s banking sector is resilient, benefiting from robust initial capital. Recommendations include refining the FSR’s structure, improving credit risk modeling, and establishing regular ST exercises. These TA missions reinforce TCIFSC’s capacity to identify and address financial vulnerabilities effectively.
Keywords:
financial stability; financial stability report; systemic risk; stress testing; credit risk modeling
Cover Technical Assistance Reports
Turks & Caicos Islands: Technical Assistance Report-Financial Stability Report Review, Credit Risk Modelling, and Stress Testing
International Monetary Fund. Western Hemisphere Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
The IMF Caribbean Regional Technical Assistance Centre (CARTAC) conducted two technical assistance (TA) missions in the Turks and Caicos Islands (TCI) between January and March 2024. The missions aimed to strengthen the financial stability framework of the Turks and Caicos Islands Financial Services Commission (TCIFSC) by enhancing credit risk modeling, stress testing, and the Financial Stability Report (FSR). The first mission, held from January 29 to February 2, 2024, focused on reviewing the latest Financial Stability Report to enhance its analytical depth and clarity. The mission also worked on developing sectoral credit risk models to assess the impact of macroeconomic scenarios on bank non-performing loans (NPLs). In addition, training was provided to TCIFSC staff on advanced credit risk modeling techniques. The second mission, conducted from March 11 to 15, 2024, focused on building a multi-factor, multi-period bank solvency stress testing tool tailored to TCI’s financial sector. The mission reviewed available macroeconomic and regulatory data to refine stress test assumptions and conducted training sessions for TCIFSC staff on implementing the new framework. An illustrative stress test was performed using December 2023 data, incorporating baseline and adverse macroeconomic scenarios. The calibrated macroeconomic models considered key risks, particularly those associated with tourism-dependent credit exposures and external economic shocks. The mission provided several key recommendations to enhance the financial stability framework in the Turks and Caicos Islands. The Financial Stability Report should be further developed to improve risk communication and streamline its content. Institutionalizing regular stress testing exercises was recommended to improve the monitoring of financial resilience, while expanding financial data collection and management through the development of a centralized financial stability database would support ongoing macroprudential analysis. The mission also emphasized the need for increased coordination between the TCIFSC and the Ministry of Finance for scenario development in stress testing. The implementation of these recommendations will significantly enhance the monitoring of financial stability in the Turks and Caicos Islands and support efforts to strengthen macroprudential oversight and systemic risk management.
Keywords:
Financial stability; Financial Stability Report; Systemic risk; Stress testing; Credit risk modeling; Turks and Caicos Islands.; TCIFSC financial stability report; bank solvency ST tool; TCIFSC managing director; TCIFSC's FSR; Financial sector stability; Credit risk; Nonperforming loans; Loans; Global
Cover Technical Assistance Reports
Turks & Caicos Islands: Technical Assistance Report-Financial Stability Report Review, Credit Risk Modelling, and Stress Testing
International Monetary Fund. Western Hemisphere Dept.
and
International Monetary Fund. Monetary and Capital Markets Department

The IMF Caribbean Regional Technical Assistance Centre (CARTAC) conducted two technical assistance (TA) missions in the Turks and Caicos Islands (TCI) between January and March 2024. The missions aimed to strengthen the financial stability framework of the Turks and Caicos Islands Financial Services Commission (TCIFSC) by enhancing credit risk modeling, stress testing, and the Financial Stability Report (FSR). The first mission, held from January 29 to February 2, 2024, focused on reviewing the latest Financial Stability Report to enhance its analytical depth and clarity. The mission also worked on developing sectoral credit risk models to assess the impact of macroeconomic scenarios on bank non-performing loans (NPLs). In addition, training was provided to TCIFSC staff on advanced credit risk modeling techniques. The second mission, conducted from March 11 to 15, 2024, focused on building a multi-factor, multi-period bank solvency stress testing tool tailored to TCI’s financial sector. The mission reviewed available macroeconomic and regulatory data to refine stress test assumptions and conducted training sessions for TCIFSC staff on implementing the new framework. An illustrative stress test was performed using December 2023 data, incorporating baseline and adverse macroeconomic scenarios. The calibrated macroeconomic models considered key risks, particularly those associated with tourism-dependent credit exposures and external economic shocks. The mission provided several key recommendations to enhance the financial stability framework in the Turks and Caicos Islands. The Financial Stability Report should be further developed to improve risk communication and streamline its content. Institutionalizing regular stress testing exercises was recommended to improve the monitoring of financial resilience, while expanding financial data collection and management through the development of a centralized financial stability database would support ongoing macroprudential analysis. The mission also emphasized the need for increased coordination between the TCIFSC and the Ministry of Finance for scenario development in stress testing. The implementation of these recommendations will significantly enhance the monitoring of financial stability in the Turks and Caicos Islands and support efforts to strengthen macroprudential oversight and systemic risk management.
Keywords:
credit risk analysis; TCI bank; loss provision; ratio add-on; TCIFSC data sources; Nonperforming loans; Financial sector stability; Credit risk; Loans; Stress testing
Cover Technical Assistance Reports
Saint Kitts and Nevis: Technical Assistance Report-Report on Improving Estimates of Gross Domestic Product Mission (June 5–16, 2023)
International Monetary Fund. Statistics Dept.
A CARTAC National Accounts technical assistance mission to St Kitts and Nevis, re-referenced the volume estimates of quarterly GDP for the years 2012–2022 using 2018 as the base and reference year from the previous 2006 base year. The series were developed for both Saint Kitts and for Nevis and a combined series for the Federal aggregate. The re-referencing exercise provided an opportunity to introduce some other improvements. Notably, the calculation of Final Intermediation Services Indirectly Measured (FISIM) consumed by each economic sector businesses and its allocation to economic activities. The updated series were also prepared using the International Standard Industrial Classification of Economic Activity (ISIC) revision 4 . These improvements align the updated GDP series with the standards set out in the 2008 System of National Accounts. In addition, the current price estimates of GDP by expenditure were also reviewed.
Keywords:
Saint Kitts and Nevis; Re-refencing; Final Intermediation Services Indirectly Measured; GDP; System of National Accounts.; GDP-p series; business processing documentation; estimates of GDP; gross domestic product mission; IMF's Statistics department; GDP estimate; Manufacturing; Imports; Caribbean; Global
Cover IMF Staff Country Reports
Panama: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper discusses unravelling Panama’s large unemployment fluctuations. Panama’s labor force and employment have increased remarkably over the last decades. The rapid labor force growth was driven by a combination of demographic and social transformations. The increase in the labor force participation rate was the result of rising female labor force participation. Panama’s income convergence in the 25 years preceding the Pandemic was in large part the result of an increase in the employment to population rate. Convergence can either result from an increase in the employment rate relative to that in the US, or from faster labor productivity growth. In the case of Panama, about three quarters of the reduction in the income differential with the US was driven by an increase in the employment to population rate, and only one quarter was the result of faster labor productivity growth. Going forward, the increase in the employment to population ratio is likely to be slower and, for income convergence to continue, productivity growth will need to accelerate. The demographic transition has largely run its course as population growth is projected to keep declining and the share of the working-age population is expected to decrease in the next decades.
Keywords:
B. Dollarized economy; labor market market trend; D. labor force; E. building RESILIENCE; unemployment fluctuation; Climate change; Deposit insurance; Labor force; Natural disasters; Financial safety nets; Caribbean; Central America; Global; South America; Europe
Cover Technical Assistance Reports
Saint Lucia: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Saint Lucia as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data compilation issues on trade in goods—especially on the import and re-export of fuel—and travel credits and assessed the revised 2022 balance of payments that was disseminated in December 2023.
Keywords:
Saint Lucia; balance of payments statistics; external sector statistics.; balance of payments estimate; St. Lucia imports; exit surveys methodology; validation procedure; balance of payments survey; CED data; Civil society organizations; External sector statistics; Imports; Customs unions; Exports; Caribbean
Cover IMF Staff Country Reports
St. Lucia: Technical Assistance Report-Remote National Accounts Mission
International Monetary Fund. Statistics Dept.
This paper presents the technical assistance report on remote national accounts mission in St. Lucia. The improved estimates will improve the understanding of the Saint Lucia economy, notably the needs of the Ministry of Finance for more robust and timely national accounts statistics. This development will also help Saint Lucia meet the IMF Special Data Dissemination Standards requirements. Training has been provided on the different components of Gross Domestic Product by expenditure (GDP-E) for current price methods and price and volume measurement. The mission identified some research topics for the national accounts department as part of its development of GDP-E. This includes checking the quality of some indicators and identifying whether some sources are available at a lower level of detail. The mission also quality assured the current methods used for compiling accommodation in the production measure of GDP. In order to support progress toward the objectives, the mission recommended priority recommendations to make headway in improving Saint Lucia’s national accounts.
Keywords:
GDP; Expenditure GDP; Quarterly GDP; Constant Prices; Supply and Use Tables; GDP-E approach; consumption expenditure; GDP-E methodology; staff team of the International Monetary Fund; research issue; Civil society organizations; Consumer price indexes; Imports; Producer price indexes; Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on St. Kitts and Nevis highlights strengthening core business functions audit capacity (RTAT). In response to a request from the St. Kitts and Nevis Inland Revenue Division (IRD), Caribbean Regional Technical Assistance Centre provided capacity development (CD) in strengthening audit capacity under the RTAT training program. The main objective of this CD was to strengthen capacity to audit and verify accuracy of reporting by taxpayers in the Financial Sector. The CD started with the provision of five days of training of IRD auditors where the purpose was to prepare the authorities to implement the necessary actions in adopting good practice in auditing the Financial Sector. The IRD will build on this training and CD when designing future audit program. Given the importance of Financial Sector in St. Kitts and Nevis, further support to ensure compliance in the sector would be beneficial. The IRD will need further assistance to strengthen the audit program of the Financial Sector and support to review of tax returns of the companies in that sector. As a first step the audit team should, develop a program of profile meetings to gather relevant information on the operations of various businesses in the sector.
Keywords:
Strengthening audit capacity; core business functions audit capacity; IRD audit team; team Training Program; IRD auditor; World Bank staff; a number of audit case; Auditing; Financial sector; Training and development in revenue administration; Financial audit; Insurance companies; Caribbean
Cover IMF Staff Country Reports
St. Lucia: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation explains that St. Lucia’s near-term growth prospects are favorable, supported by large infrastructure investment and robust tourist inflows. However, longer-term growth continues to be impeded by high public debt, lingering vulnerabilities in the financial system, and structural impediments to private investment. Diminishing policy buffers further weaken the country’s resilience to external shocks against the backdrop of aprecarious global outlook. Completion of long pending legislative initiatives, alongside stronger regional and domestic financial oversight, should provide banks with incentives to strengthen their balance sheets and increase the efficiency of financial intermediation. There is also a need to draw on supervisory and regulatory tools to respond to emerging risks from rising overseas investments of the banks and the rapid expansion of lending by credit unions. The authorities are recommended to should step up efforts to address the institutional, financing and capacity gaps in its climate and disaster response strategy. Supply-side reforms are needed to unlock potential growth by improving the business environment, reducing energy costs, enhancing labor productivity, and further diversifying the economy.
Keywords:
ISCR; CR; investment; infrastructure investment; cost; CARTAC TA; energy price shock; CARTAC Customs; CARTAC Mac programme; fuel price pressure; Natural disasters; Tax administration core functions; Tourism; Caribbean; Global