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Eastern Caribbean Currency Union: 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2017: Issue 150
Language:
English
Publication Date:
14 Jun 2017
DOI:
https://doi.org/10.5089/9781484303375.002
ISBN:
9781484303375
ISSN:
1934-7685
Pages:
78
Keywords:
ISCR; CR; ECCU country; cost; legislation; director; country authorities; growth prospect; reducing cost; financing arrangement; tourism inflow; Natural disasters; Fiscal rules; Credit bureaus; Credit; Caribbean; Global
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This paper discusses key points of 2017 Discussions on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). Favorable external conditions continue to support economic recovery in the ECCU, but flat tourism receipts and falling revenues from citizenship programs have weakened growth. The fiscal position has deteriorated slightly, and public debt remains high. Despite progress on financial sector reform, bank lending continues to decline while indigenous banks’ profitability is adversely impacted by increasing costs to secure correspondent banking relationships. The short-term outlook is favorable and risks are broadly balanced, but strong structural policies are needed to address impediments to medium-term growth.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund