St. Kitts and Nevis: Ex Post Evaluation of Exceptional Access Under the 2011 Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
October 29, 2015
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This paper discusses St. Kitts and Nevis’ Ex Post Evaluation of Exceptional Access Under the 2011 Stand-by Arrangement. The program focused on (1) an ambitious fiscal consolidation, (2) a comprehensive debt restructuring, and (3) a further strengthening of the financial sector. These goals aimed to address the key issues behind the debt crisis, and the potential financial sector outcomes of the restructuring. The program had many successes. The debt reduction was one of the largest in recent times, the headline fiscal and current account balances improved substantially, important tax and public financial management reforms were enacted, and sovereign risk was removed from the banks. Robust growth also resumed.
Subject: Asset and liability management, Banking, Capital spending, Debt restructuring, Expenditure, Fiscal policy, Public debt, Public financial management (PFM)
Keywords: authority, Capital spending, Caribbean, CR, debt, Debt restructuring, federation, Global, ISCR, minimum wage, program risk, St. Kitts and Nevis to exogenous shock, staff finding, vulnerability of St. Kitts and Nevis
Pages:
54
Volume:
2015
DOI:
Issue:
297
Series:
Country Report No. 2015/297
Stock No:
1KNAEA2015002
ISBN:
9781513530581
ISSN:
1934-7685
