Eastern Caribbean Currency Union : Selected Issues Paper

Author/Editor:

International Monetary Fund. Western Hemisphere Dept.

Publication Date:

February 22, 2019

Electronic Access:

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Summary:

This 2018 discussion of common policies of the Eastern Caribbean Currency Union highlights the gradual recovery of member countries following the catastrophic impact of Hurricanes Irma and Maria in 2017. Conditions remain favorable to growth; however, risks are increasing. The fiscal balance for the region as a whole worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending. The IMF team made several policy recommendations, including shifting focus from the current emphasis on recovery from natural disasters to building ex ante resilience. The report also recommends intensifying decisive and timely actions to resolve weaknesses in the financial sector, including long-standing problems in the banking sector and emerging risks in the nonbanking sector. The authorities expressed commitment to the acceleration of key reforms to upgrade and strengthen the financial sector regional oversight framework. In addition to fiscal consolidation, injecting new vigor into the structural policy agenda will help enhance competitiveness and make growth more inclusive.

Series:

Country Report No. 19/63

Subject:

English

Publication Date:

February 22, 2019

ISBN/ISSN:

9781498300100/1934-7685

Stock No:

1ECCEA2019002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

67

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