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Kingdom of the Netherlands-Aruba: 2010 Article IV Consultation Discussions-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of the Netherlands-Aruba
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2010: Issue 334
Language:
English
Publication Date:
29 Oct 2010
DOI:
https://doi.org/10.5089/9781455208302.002
ISBN:
9781455208302
ISSN:
1934-7685
Pages:
54
Keywords:
ISCR; CR; discussion; staff appraisal; Aruba; Netherlands; letters to Aruba's commercial banks; policy stance; IMF staff representative; market share; Commercial banks; Loans; Tourism; Caribbean; Global
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Aruba has an open economy with a history of stability-oriented macroeconomic policies. Adverse external shocks have led to a decline in tourism and disruption of oil refinery operations. Serious fiscal challenges need to be addressed and a fiscal adjustment program is needed to safeguard the sustainability of the public finances. Expenditure cuts and the central bank’s switch from a credit ceiling to an unremunerated reserves requirement as key policy tool is commended. The new monetary policy framework will likely increase the challenges to prudential regulation and supervision.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund