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
October 29, 2010
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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.
Subject: Banking, Commercial banks, Economic sectors, External debt, Financial institutions, Loans, Pensions, Public debt, Tourism
Keywords: Aruba, Caribbean, Commercial banks, CR, discussion, Global, IMF staff representative, ISCR, letters to Aruba's commercial banks, Loans, market share, Netherlands, policy stance, staff appraisal, Tourism
Pages:
54
Volume:
2010
DOI:
Issue:
334
Series:
Country Report No. 2010/334
Stock No:
1ABWEA2010001
ISBN:
9781455208302
ISSN:
1934-7685
