This web page provides information about the work of the IMF in the ECCU and its member countries Antigua and Barbuda, Dominica,Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, as well the activities of the Regional Representative Office.
At a Glance
- Antigua and Barbuda joined the Fund in February 25, 1982. The IMF Executive Board completed the Second and Third Review under the Stand-by arrangement on March 30, 2011
- Dominica joined the Fund on December 12, 1978
- Grenada joined the Fund on August 27, 1975.
- St. Kitts and Nevis joined the Fund on August 15, 1984
- St. Lucia joined the Fund on November 15, 1979. The IMF Executive Board approved US$8 million in Emergency Assistance for St. Lucia on January 12, 2011
- St. Vincent and the Grenadines joined the Fund on December 28, 1979. IMF Executive Board Approves US$3.26 Million Disbursement Under Rapid Credit Facility on February 28, 2011
- Anguilla and Montserrat are UK territories. Since 2009, the IMF includes the two territories in its regional policy consultation discussion. In addition, in 2011 the IMF staff will have bilateral discussions with Anguilla and Montserrat.
- Eastern Caribbean Currency Union. As in the case of the other three monetary unions in the world, since 2002 the IMF holds formal regional consultations with the ECCU.
Office Activities
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IMF statement on recent media reports concerning Barbados’ Financial Supervision
The IMF has a longstanding commitment to the Caribbean region. We provide support to country authorities’ efforts to strengthen financial sector regulation and supervision, including through the Caribbean Regional Technical Assistance Center. The IMF does not, however, make assessments of the financial position of individual firms nor entities. We would refer specific questions to the Barbados Financial Services Commission, which has recently issued a comprehensive statement.
December 20, 2017
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ECCU Countries -- Technical Assistance Reports by the IMF's Fiscal Affairs Department
June 2009 through June 2014
September 9, 2014
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CARTAC Technical Assistance Reports
July 2014
September 9, 2014
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Press Release; June 19, 2014
June 19, 2014
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Public Information Notice - April 1, 2013
April 1, 2013
IMF's Work on the Eastern Caribbean Currency Union
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Antigua and Barbuda: 2022 Article IV Consultation-Press Release and Staff Report
May 30, 2023
Series:Country Report No. 2023/184
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IMF Executive Board Concludes 2022 Article IV Consultation with Antigua and Barbuda
May 30, 2023
Antigua and Barbuda’s economy is on a gradual recovery path, following a sharp contraction in real output of 20 percent in 2020 due to the COVID-19 pandemic. Growth is estimated at 5¼ percent in 2021, driven by a rebound in tourism and construction activity. Despite the surge in international energy prices, inflation was subdued in 2021 due to price controls on utilities, fuels, and public transportation. The fiscal position improved in 2021 with a narrowing of the primary deficit as pandemic-related spending was wound down and better tax administration and higher external grants bolstered revenues.
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Grenada Staff Concluding Statement of the 2023 Article IV Mission
May 26, 2023
Grenada is navigating the recovery from the twin shocks of the pandemic and a rise in energy and food prices. The authorities’ decisive policy response—supported by the policy space that was created from past fiscal prudence—provided space to cushion the impact of these shocks. As the recovery takes hold, the immediate policy priorities are to return to the fiscal rules to preserve credibility and to deepen structural reforms to promote robust, inclusive, and sustainable growth. Enhancing the fiscal framework and increasing public expenditure efficiency will help create fiscal buffers against future shocks and make space for the country’s development and resilience building needs. Measures to increase competitiveness, such as promoting gender equality, investing in skills development, and expanding digitalization, would help boost economic growth.
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St. Lucia: Technical Assistance Report-Remote National Accounts Mission
April 11, 2023
Series:Country Report No. 2023/138
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Dominica: Staff Concluding Statement of the 2023 Article IV Mission
April 3, 2023
The Dominican economy is expanding strongly but faces headwinds from global inflationary shocks. Severely affected by the pandemic, real GDP growth is estimated to have reached 6.9 percent in 2021 and 5.7 percent in 2022, driven by construction of climate-resilient infrastructure, a rebound in tourism since the full lifting of COVID-related restrictions in April 2022, and a substantial rise in agricultural output. Global commodity price pressures aggravated by Russia’s war in Ukraine, notably oil and food, in tandem with high shipping costs, pushed inflation up to an estimated 7.5 percent in 2022, despite mitigating price policies – fuel subsidies, custom fees waivers, and VAT cuts for electricity.