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St. Vincent and the Grenadines: Request for Disbursement of Rapid Credit Facility Informational Annex

Author(s):
International Monetary Fund
Published Date:
December 2011
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Appendix I. St. Vincent and the Grenadines: Fund Relations

(As of January 31, 2011)

I. Membership Status Joined 12/28/79; Article VIII

II. General Resources Account

SDR MillionPercent of Quota
Quota8.30100.00
Fund holdings of currency7.8093.98
Reserve Tranche Position0.506.02

III. SDR Department

SDR MillionPercent of Allocation
Net cumulative allocation7.91100.00
Holdings0.749.39

IV. Outstanding Purchases and Loans:

SDR MillionPercent of

Quota
ESF RAC Loan3.7445.00

V. Latest Financial Arrangements: None

VI. Projected Payments to the Fund (SDR Millions)1

Forthcoming
20112012201320142015
Principal0.370.75
Charges/Interest0.030.040.040.040.04
Total0.030.040.040.410.78

Based on existing use of resources and present holdings of SDRs.

Based on existing use of resources and present holdings of SDRs.

VII. Exchange rate arrangement: St. Vincent and the Grenadines is a member of the Eastern Caribbean Currency Union, which has a common central bank (the Eastern Caribbean Central Bank) and currency (the Eastern Caribbean dollar). Since July 1976, the Eastern Caribbean dollar has been pegged to the U.S. dollar at the rate of EC$2.70 per U.S. dollar. St. Vincent and the Grenadines has accepted the obligations of Article VIII, Sections 2, 3, and 4. St. Vincent and the Grenadines maintains an exchange system free of restrictions on the making of payments and transfer for current international transactions

VIII. Safeguards Assessment: Under the Fund’s safeguards assessment policy, the Eastern Caribbean Central Bank (ECCB), of which St. Vincent and the Grenadines is a member, is subject to a full safeguards assessment under a four year cycle. The most recent assessment was completed in July 2007, and concluded that the ECCB continues to have appropriate control mechanisms in place, which have strengthened since the first safeguards assessment completed in 2003. ECCB management places emphasis on good governance and sound controls, and has enhanced the bank’s transparency and accountability since the last assessment, including the publications of financial statements that comply with International Financial Reporting Standards. The assessment made some recommendations to sustain the ECCB’s safeguards framework going forward.

IX. Article IV consultation: The last Article IV consultation was concluded by the Executive Board on July 26, 2010; the relevant document is Country Report No. 10/184. St. Vincent and the Grenadines is on a 12-month cycle.

X. Technical assistance (January 2006–): Several missions from the Caribbean Regional Technical Assistance Centre (CARTAC), the Fiscal Affairs Department (FAD), and the Legal Department (LEG) have visited St. Vincent and the Grenadines since the beginning of 2006 to assist the authorities.

In the area of public finance, CARTAC/LEG assisted with the introduction of the VAT and excise taxes at all different stages. CARTAC also assisted to monitor the central government’s fiscal performance relative to its annual targets presented in the budget. CARTAC has provided technical assistance in statistics to develop export-import prices, national accounts, and balance of payments statistics. CARTAC has also provided technical assistance in the areas of collection, enforcement, and projections of public finance and GDP. On the financial front CARTAC provided technical assistance to review and upgrade the International Insurance Act, and to develop regulations for Credit Unions. CARTAC also provided technical assistance in conducting off-site and on-site examinations on banks in international financial services industry. FAD provided technical assistance in improving tax administration, including reform and modernization of both inland revenue and customs and excise tax. FAD also provided advice on selected tax policy issues.

Appendix II. St. Vincent and the Grenadines: Relations with the World Bank Group

(As of January 21, 2011)

The World Bank Group’s Management presented to its Board the Organization of the Eastern Caribbean States (OECS) Regional Partnership Strategy (RPS) on June 8, 2010. The RPS covers the five year period July 2009–June 2014. It sets forth the terms of engagement of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the International Finance Corporation (IFC) with the countries of the Eastern Caribbean, sub-regional organizations and other development partners in pursuit of the following strategic objectives: (a) building resilience; and (b) enhancing competitiveness and stimulating growth over the medium term.

To help build resilience, the Bank Group will support interventions aimed at promoting fiscal and debt sustainability, protecting and improving human capital—particularly social safety nets, education and health—and strengthening climate resilience. To help enhance competitiveness and stimulate sustainable growth, it will focus its support on two critical areas: strengthening the countries’ domestic financial sectors and improving access to quality services to create more competitive business environments. The Strategy will provide urgent remedial measures to address the crippling effects of the global and regional crises, while supporting key policy reforms that establish a platform for growth in the medium term.

The planned program of support will entail new commitments totaling up to about US$120 million on IBRD terms and up to US$73 million of IDA financing for the six Bank Members of the OECS, including St. Vincent and the Grenadines. St. Vincent and the Grenadines is eligible to borrow from IDA and IBRD during the period of the RPS.

I. Projects

There are six active World Bank projects in St. Vincent and the Grenadines for a net commitment of approximately US$19.99 million. The Hurricane Tomas Emergency Recovery Credit Financing, which was recently approved for US$5 million, is not yet effective.

The OECS E-Government for Regional Integration Program was approved by the Board in May 2008. The loan to St. Vincent and the Grenadines, the second in the horizontal Adaptable Program Loan series, was approved in December 2009 and consists of a US$2.3 million IDA Credit designed to promote the efficiency, quality, and transparency of public services through the delivery of regionally integrated e-government applications that take advantage of economies of scale. The program is structured in phases. Phase 1 focuses on cross-sectoral e-government issues, as well as on specific applications in the public finance area (including Public Financial Management or PFM, tax, customs and procurement), and also includes an e-government in health pilot project (possibly together with preparatory and complementary activities in other social and productive sectors). Subsequent phases of the program are expected to deepen the assistance provided under Phase 1, while expanding the program to cover other sectors, in particular, education, agriculture, tourism, postal, among others, that may emerge during the early stages of implementation of Phase 1.

The OECS Catastrophe Insurance Project was approved in March 2007 for US$0.7 million. The objective of the project is to reduce the participating OECS governments’ financial vulnerability to natural disasters through insurance coverage against earthquakes and hurricanes. This will be achieved through the establishment of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the financing of catastrophe insurance coverage from the Facility. The project will include the following two components: (a) payment of the entrance fee; and (b) payment of the annual insurance premium for the first three years. The objective of the first component is to assist the participating OECS countries to join the CCRIF through the financing of the entrance fee. This fee is equal to the first year’s insurance premium. The aim of the second component is to assist the participating OECS countries to purchase the catastrophe insurance coverage offered by the CCRIF during the first three years.

The Telecommunications & ICT Development Project, approved in May 2005 for US$0.5 million, aims at improving the access, quality, and use of telecommunications and ICT services to achieve socio-economic development in the Organization of Eastern Caribbean States (OECS). The project has four components. Component 1 will strengthen the national and regional regulatory frameworks and promote additional competition in the telecommunications sector. Emphasis will be given on providing capacity building to the Eastern Caribbean Telecommunications Authority (ECTEL) and the National Telecommunications Regulatory Commissions (NTRCs) by assisting them in revising the regional and national sector legislation, and in developing a modem interconnection regime. Component 2 will review current universal access policy, create related guidelines, and provide financial support to establish a Universal Service Fund (USF). Component 3 will improve growth and competitiveness in ICT-enabled services through utilization of broadband infrastructure. Component 4 will finance the management and administration of the overall project. The project will finance related technical assistance by providing complementary resources.

The St. Vincent and the Grenadines Education Reform Project was approved in June 2004 for US$6.2 million. The overall objective of this project is to build human capital which, in turn, will contribute to the diversification of the economy and more sustainable growth. This objective will be achieved by: (a) increasing equitable access to secondary education; (b) improving the quality of the teaching and learning process, with more direct interventions at the school level and a focus on student-centered learning; and (c) strengthening sector management and governance of schools.

The HIV/AIDS Prevention and Control Program, which was approved in July 2002, is funded under the Multi-Country APL for the Caribbean Region, with the following objectives: (a) curbing the spread of HIV/AIDS epidemic; (b) reducing the morbidity and mortality attributed to HIV/AIDS; (c) improving the quality of life for persons living with HIV/AIDS (PLWAs); and (d) developing a sustainable organizational and institutional framework for managing the HIV/AIDS epidemic over the longer term. The loan to St. Vincent and the Grenadines, one in the series of the APLs, was approved in July 2004 in the amount of US$5.25 million.

The Hurricane Tomas Emergency Recovery Credit was approved in January 2011 for US$5 million and aims at rehabilitating damaged infrastructure caused by the passage of Hurricane Tomas and strengthening the Government’s ability to analyze location specific risks. The project has three components. Component 1 will rehabilitate and reconstruct vulnerable and damaged infrastructure. Component 2 will improve the capacity of the Ministry of Housing, Informal Human Settlements, Lands and Surveys and Physical Planning (MoHILP) and the National Emergency Management Organization (NEMO) to evaluate natural hazard and climate change risks by training their staff and providing technical advisory services and acquisition of goods. Component 3 will strengthen and develop the institutional capacity of the Public Sector Investment Program Management Unit (PSIPMU) for project management and execution, including procurement, financial management and supervision of project activities, through the acquisition of goods, provision of technical advisory services, training, and operating costs.

II. Economic and Sector Work

The Bank has completed a series of analytical products relating to public expenditure, fiscal and debt sustainability, growth and competitiveness, the financial sector, public sector management and social protection. The ongoing dissemination of these reports represents a key instrument for policy dialogue with the OECS governments, including St. Vincent and the Grenadines.

The Bank’s program in St. Vincent and the Grenadines is further supported by a comprehensive series of completed, ongoing and planned analytical and advisory activities, including the following: “Towards a New Agenda for Growth”—OECS growth and competitiveness study (2005); An OECS Skills Enhancement Policy Note (2006); a Caribbean Air Transport Report (2006); a regional study on Crime, Violence, and Development: Trends, Costs, and Policy Options in the Caribbean (2007); an OECS Private Sector Financing Study (2008); the OECS Tourism Backward Linkages Study (2008); the report titled “Caribbean—Accelerating Trade Integration: Policy Options for Sustained Growth, Job Creation and Poverty Reduction” (2009); a study on the Nurse Labor & Education Markets in the English-Speaking CARICOM: Issues and Options for Reform (2009); and a preparatory study aimed at developing a Caribbean-wide Regional Energy Strategy (ongoing).

III. Financial Relations

OperationOriginal PrincipalUndisbursed balance*Disbursed*
Hurricane Tomas Emergency Recovery Loan
IDA 485205,000,000.005,133,216.000.00
OECS E-Government for Regional Integration - St. Vincent & the Grenadines (APL 2)
IDA 465002,300,000.002,040,649.22292,630.78
OECS-Catastrophe Insurance
IDA 42720700,000.0020,454.59704,417.73
Telecommunications & ICT Development Project
IDA 40580270,800.0057,080.04254,023.96
IBRD 47780272,161.00173,065.5649,095.44
St. Vincent and the Grenadines: OECS Education Development Project
IDA 394303,100,000.000.003,422,144.00
IBRD 724303,100,000.002,099,543.54979,317.17
St. Vincent and the Grenadines: HIV/AIDS Prevention and Control Project
IDA 394601,750,000.00614.071,943,785.93
IBRD 725103,500,000.001,188,379.082,249,395.94
TOTAL19,992,961.0010,713,002.109,894,810.95

Amounts may not add up to Original Principal due to changes in the SDR/USD exchange rate since signing

Amounts may not add up to Original Principal due to changes in the SDR/USD exchange rate since signing

Disbursements and Debt Service (Fiscal Year Ending June 30, in millions of U.S. dollars)
Period200320042005200620072008200920102011**
Disb Amt1.731.202.484.553.061.481.782.502.78
Repay Amt0.290.140.270.300.310.630.680.730.43
Net Amt1.441.062.214.252.750.851.091.772.36
Charges0.070.100.130.140.260.240.160.140.07
Fees0.050.030.060.070.040.100.160.170.08

Data as of January 20, 2011

Data as of January 20, 2011

Appendix III. St. Vincent and the Grenadines: Relations with the Caribbean Development Bank (CDB)

(As of December 31, 2010)

The effects of the global financial crisis remain an ongoing challenge for the Government of St. Vincent and the Grenadines (VCT). As expenditure needs have risen, financing to support economic management, invest in infrastructure and other long-term drivers of growth, and protect those hurt by the crisis has been lacking. Assisting the government of VCT to manage these challenges has shaped CDB’s interventions in VCT since 2009.

During 2010 the Bank significantly increased its funding to VCT. The Bank disbursed record lending of US$52.7 million to assist Government to alleviate its acute financial pressures, stabilize the economy and protect core spending. Bank lending helped to ensure the continued delivery of essential public services, and finance safety net programs for the vulnerable. In the midst of increased fragility of domestic financial markets, the CDB’s resources were also channeled to government to reduce vulnerabilities and strengthen the banking sector. Through policy-based lending instruments (PBL), these interventions supported key policy reforms in fiscal and tax systems, public finance management, and in the financial sector.

The largest single loan made to VCT was a PBL of US$37.0 million to facilitate the restructuring and divestment of the state-owned bank, the National Commercial Bank. Approved by the Board of Directors in July, the loan was fully disbursed in December. The loan was used to reduce the public sector debt portfolio in the NCB and in doing so, the commercial bank’s exposure to the Government. This restructuring was critical to prevent a possible collapse of the bank with adverse systemic risks for the domestic and sub-regional financial sector, and pave the way for its privatization. The NCB was sold in November. VCT also received US$12.5 million in budget support, the second tranche of a US$25 million macroeconomic PBL that was approved at the height of the economic crisis in 2009.

Disbursed funds in 2010 also included investment and technical assistance loans for projects under implementation in the area of education, and port rehabilitation. Bank assistance also encompassed post-disaster emergency support to respond to the ravages of Tropical Storm Tomas in October. Emergency relief grant funding of US$200,000 dollars was provided to support, among other things, the conduct of a damage assessment, the provision of emergency relief supplies, and emergency shelter materials. VCT also received grant funding for direct poverty reduction interventions involving the development of community infrastructure under the Bank’s Basic Needs Trust Fund programme, and for the development of a programme of climate change resilience.

Total cumulative loans, contingency loans, grants and equity approved for VCT amounted to US$250 million at December 2010. Total disbursed debt outstanding to the Bank amounted to US$148.6 million, while undisbursed loan balances stood at US$15.2 million.

St. Vincent and the Grenadines: Loan Disbursement(In millions of US$)
20032004200520062007200820092010
Net disbursement0.961.524.018.3112.099.0516.7746.4
Disbursement3.884.617.3511.3515.3213.0221.6052.7
Amortization2.923.093.343.043.233.974.836.3
Interest and charges1.921.992.112.603.223.653.533.7
Net resource flow-0.96-0.471.95.718.875.4013.2442.7
Appendix IV. European Union and St. Vincent and the Grenadines Ongoing Cooperation

(As of January 2011)

The total active aid portfolio for Saint Vincent and the Grenadines (VCT) stands at approximately EUR 49 million. The major ongoing projects are indicated below.

I. Stand-Alone Projects

Tourism and Private Sector Development programme (EUR 8 million)

The project, with several components, aims primarily to strengthen the competitiveness of the economy of VCT through interventions in Tourism. Activities include: the establishment of a Master Plan for 2007–2015; Technical Assistance for the development of a Master Plan and Tourism; Technical Assistance for a training needs assessment; the development of a tourism website; the development of the new Tourism and Hospitality Institute with a Maritime Section; the development of tourism access roads, or the construction of the walking path along the sea line in the villa area entitled: “Villa Walkway”.

The allocation serves various other purposes as well, such as the strengthening of the capacity of the statistics department of VCT, including the establishment of Tourism Satellite Accounts, development of a statistical website, capacity building, including scholarships for tertiary training in statistics and procurement of statistical software.

Agriculture (EUR 1.8 million)

Ongoing support directly benefitting the agricultural sector include the development of a new strategic plan for agricultural diversification and development, strengthening health, quarantine and phyto-sanitary systems, environment watershed project as well as development of an annual agricultural review. The implementing partner of these activities is the Food and Agricultural Organisation (FAO).

Another project includes equipping the agricultural training institute, as well as developing the curricula, which will serve the delivery of programmes in agricultural training to farmers and students for St. Vincent and the Grenadines.

National Energy Action Plan (EUR 480,000)

Following an earlier energy audit of government buildings, a project was designed to implement the recommendations of the study in selected public buildings to make them more “green” energy efficient.

Improvement of education through the use of information and communication technology (EUR 12.4 million)

The overall objective of this project is to develop human resources in VCT, through the sustainable provision of learning opportunities for all persons in the nation to equip them with the required values, skills, attitude and knowledge necessary for creating and maintaining a productive, innovative and harmonious society. The purpose of the project is to improve the quality of education at all levels nationwide by creating opportunities to use Information and Communication Technologies (ICT) in innovative ways such as integration into the pedagogy of the teaching learning processes. This will require ICT facility upgrades at the St. Vincent and the Grenadine Community College (VCTCC), the institution charged with responsibility for leading the retooling of teachers in the effective instructional use of ICT. Upgraded ICT facilities at the VCTCC will increase opportunities for vulnerable groups such as women and out-of-school youth to access high quality distance programmes locally at a reasonable contribution. This will help to empower graduates to make a much more meaningful contribution to national development.

Technical Cooperation Facility (EUR 780,000)

This allocation is destined to facilitate and strengthen the coordination and management of the EU cooperation in VCT in various respects.

Support to the National Authorising Officer (EUR 780,000)

This allocation is destined to fund the running of the operations of the official counterpart office (National Authorising Officer).

Economic Diversification through Private Sector Development (EUR 5.3 million, programme completed)

This program, which came to an end in December 2010, aimed mainly to improve access to start-up counseling, business planning, information on trade opportunities, expert and skills support to individuals with business ideas and existing small businesses (Business Gateway) with a particular focus on former banana producers and workers in the banana sector; to improve quality of the environment and services available for business through the revision of legislative and regulatory environment for private sector development; and to improve management and capacity to develop and implement a programme to attract foreign investment especially in rural areas and other sectors such as tourism.

ICT Development Programme (EUR 4.53 million, programme completed)

The programme, which came to an end in December 2010, aimed to contribute to further economic diversification and to improve competitiveness and employment capacity of the agricultural and other productive sectors trough creating the appropriate environment and human resource pool for the introduction of sustainable use of ICT. It had the following components: ICT, e-business strategy, leadership and awareness development; business skills development and e-business incubators; capacity-building; construction and establishment of a national ICT training and incubator facility; legislative and regulatory Framework; business-oriented e-government initiatives; and networking and experience-sharing (Regional Management Office).

Other projects are under operational closure.

II. Sector Budget Support

Sector Budget Support on Rural Transformation (EUR 15 million, programme completed) This untargeted budget support programme, which came to an end in December 2010, supported the government’s efforts to improve the opportunities and quality of life of the rural population, through the implementation of a sector policy framework accompanied by well-defined sectoral strategies. The program also provided direct assistance in the field of public financial management reform through CARTAC.

III. Regional Programs

In addition to national programmes, VCT has been benefiting from regional programmes such as the ACP Fisheries programmes, Agricultural programme, EPA implementation programme, or Carib Export programme. Nine VCT SME’s received EUR 129,650 in grants awarded under the Caribbean Trade and Private Sector Development Programme (Phase 2). VCT distillers benefited from grants in the amount of EUR 122,799 under the Integrated Development Programme for the Caribbean Rum Sector.

IV. Emergency Assistance and Hurricane Tomas Assistance

The EU is providing EUR 200,000 to restore health and sanitary conditions in St. Lucia and VCT in the aftermath of hurricane Tomas. The contribution which is being provided by the European Commission’s Humanitarian Aid and Civil Protection Office (ECHO) is 45% of total eligible costs of EUR 450,000 and will be managed by the Pan American Health Organisation. The assistance goes towards interventions such as ensuring safe water supply in health facilities, shelters and vulnerable households; safe waste disposal, vector control activities and the reestablishment of health coverage.

In addition, STABEX funds amounting to EUR 600,000 will be used for a school furniture project, a small farmers’ recovery project, and a medical supplies project.

Moreover, the EU has contributed EUR 12.5 million to the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The CCRIF will provide US$1.1 million to VCT as a result of damage sustained during the passage of Tomas.

Finally, the EU’s Disaster Preparedness Programme, which commenced operations in the Caribbean in 1998, has programmed EUR 21 million towards disaster preparedness programmes with the help of NGOs, the Red Cross, UN agencies and other regional partners. The EU also contributes significantly to the Caribbean Disaster Emergency Management Agency (CDEMA).

Programmes as of January 2011
Programmes as of January 2011Allocated

EUR
Contracted

EUR
Paid

EUR
Tourism and Private Sector Development programme8,000,0003,400,0001,500,000
Agriculture1,800,0001,745,0001,350,000
National Energy Action Plan480,00000
Improvement of education through the use of information and communication technology12,410,00012,100,0003,000,000
Technical cooperation facility780,000104,00080,000
Support to the NAO780,00000
Economic Diversification through Private Sector Development5,300,0004,950,0004,000,000
ICT Development Programme4,500,0004,400,0004,000,000
Sector Budget Support on Rural Transformation15,000,00014,800,0009,900,000
Totals49,050,00041,499,00023,830,000
Note: Regional programs and emergency assistance funding are excluded from the table. Figures are rounded up.
Note: Regional programs and emergency assistance funding are excluded from the table. Figures are rounded up.
Appendix V. St. Vincent and the Grenadines: Statistical Issues

I. Assessment of Data Adequacy for Surveillance

General: Data provision has some shortcomings, but is broadly adequate for surveillance. Statistical databases remain weak in terms of coverage, consistency, periodicity, and timeliness. While in areas central to surveillance—notably central government accounts, indicators of the financial sector and external sector accounts—the data are adequate for surveillance purposes, information on the rest of the public sector and nonbank financial intermediaries is limited. Major improvements are needed to facilitate effective surveillance, particularly in the coverage of national accounts (especially the tourism sector and related services), and on data used to monitor labor markets. Efforts to address the weaknesses in the statistical base have been hampered by low response rates to surveys (less than 50 percent) and high turnover of staff.

National Accounts: A new rebased GDP series (using 2006 as the base year instead of 1990) was released in January 2011 with assistance from CARTAC. The new series improved coverage, data sources, and methodology. The revision disaggregated some industries previously classified under government into separate sectors that now include private sector activity; these are health, education, and social development. The new series also improved the level of detail by estimating value added for business services, computer and related services, and private households with employed persons which were not accounted for in the previous series. However, some weakness remain; data on GDP broken down by expenditure is not available at constant prices, while data at current prices is not reliable due to weaknesses in estimating gross capital formation. Private final consumption expenditure is estimated as a residual. In October 2007 CARTAC also launched a project for strengthening tourism statistics in the OECS, including St. Vincent and the Grenadines. The project covers the core tourism datasets relating to visitor arrivals, visitor expenditure, tourist accommodation and statistics for other key tourism-related enterprises. The project will also seek to standardize and harmonize tourism concepts, definitions and classification schemes across these countries.

Price statistics: CPI data are reported regularly with a one-month lag. CARTAC, as part of the Fund-assisted program on Constructing Weights for the Harmonized Consumer Price Index in the ECCU has assisted in linking the 1981 based to the 2001-based CPI series. The Statistical Office is currently finalizing revision of the CPI weights with the assistance of CARTAC and the ECCB. The results are expected to be released during the first half of 2011.

Government finance statistics: Due to delays in reporting capital expenditures by some ministries, quarterly revenue and expenditure data for the central government are provided to the Fund with some lag. Discrepancies exist between the fiscal and monetary accounts, between above and below the line for budget data, and between financing and debt data. The financial reports of public enterprises are not timely, with about a two-year lag.

Monetary statistics: Monetary statistics are compiled and reported to the Fund by the ECCB on a monthly basis based on a standardized report form since July 2006. The institutional coverage of monetary statistics needs to be improved by including the accounts of mortgage companies, building societies, credit unions, and insurance companies. In this respect, close coordination between the ECCB and the single regulatory unit (which will supervise financial institutions other than those licensed under the Banking Act) will be crucial.

While noting some recent improvements, the 2007 data ROSC mission identified the following main shortcomings in the ECCB’s monetary statistics: (i) the methodological soundness of monetary statistics can be improved by adopting internationally accepted concepts and definitions, expanding institutional coverage, and revising the classifications of financial instruments and the basis for recording; (ii) transparency can be improved, for example, by releasing monetary data to all users at the same time and strengthening the validation of the disseminated data; (iii) the timeliness of the dissemination of data on broad money and credit aggregates can be improved to meet best international practices; and (iv) the access to officially disseminated data and metadata can be improved.

Balance of payments: Balance of payments data are compiled by the ECCB on an annual basis. Data reported to STA are becoming more timely, although quality, frequency and coverage need to be improved. Quarterly estimates and the international investment position statement are not compiled. The estimates lack sufficient detail due to the unavailability of source data, and the statistical techniques used to estimates some components are weak. In particular, no estimates are available on transportation services by type or mode of transport and of travel by purpose. Further, a breakdown of portfolio and other investment by instrument or sector is not available. There is a need to compile quarterly balance of payments estimates and the annual international investment position statement; however, developing these new statistics will have to be undertaken in conjunction with the ECCB, which coordinates the compilation of the external sector statistics for all its member countries.

External debt: The Ministry of Finance maintains a database on public and publicly-guaranteed external loans that provides detailed and current information on disbursements, debt service, and debt stocks. The Treasury maintains the data on bonds placed abroad. Data from the two databases as well as information on payments by creditor (actual and scheduled) need to be further consolidated to produce timely debt stock data.

II. Data Standards and Quality

St. Vincent and the Grenadines participates in the General Data Dissemination System since September 2000. The 2007 regional data ROSC on monetary statistics provides an assessment of the ECCB’s monetary statistics. No data ROSC is available for other sectors.

III. Reporting to STA (Optional)

The International Financial Statistics page includes data on exchange rates, international liquidity, monetary statistics, prices, balance of payments, national accounts, and population. The ECCB provides the data to the IMF for publication in the Balance of Payments Yearbook. The IMF publishes annual data for the consolidated general government in the GFS Yearbook, with the 2008 edition showing annual data to 2004. No new data have been received for more recent years.

St. Vincent and the Grenadines: Table of Common Indicators Required for Surveillance(As of June, 2010)
Date of latest observationDate received 7Frequency of Data 7Frequency of Reporting 7Frequency of Publication 7
Exchange Rates 1Fixed RateNANANANA
International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1,2 (JGG)November 20101/14/11MMQ
Reserve/Base Money (JGG)November 20101/14/11MMQ
Broad Money (JGG)November 20101/14/11MMQ
Central Bank Balance Sheet (JGG)November 20101/14/11MMQ
Consolidated Balance Sheet of the Banking System (JGG)November 20101/14/11MMQ
Interest Rates3 (JGG)November 20101/14/11QQQ
Consumer Price IndexNovember 20101/14/11MMM
Revenue, Expenditure, Balance and Composition of Financing 4 –General Government 5200805/21/10AAA
Revenue, Expenditure, Balance and Composition of Financing 4 –Central GovernmentDecember 201001/06/11MMA
Stocks of Central Government and Central Government-Guaranteed Debt6December 201001/10/11MMA
External Current Account Balance (SR)200903/31/10AAA
Exports and Imports of Goods and Services (SR)200903/31/10AAA
GDP/GNP200812/15/10AAA
Gross External DebtDecember 201001/10/11MMA

St. Vincent and the Grenadines is a member of the Eastern Caribbean Currency Union, in which the common currency of all member states (E.C. dollar) is pegged to the U.S. dollar at US$1=EC$2.70.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government and state and local governments.

Currency and maturity composition are provided annually.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA); Not applicable (n.a).

St. Vincent and the Grenadines is a member of the Eastern Caribbean Currency Union, in which the common currency of all member states (E.C. dollar) is pegged to the U.S. dollar at US$1=EC$2.70.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government and state and local governments.

Currency and maturity composition are provided annually.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA); Not applicable (n.a).

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