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
IMF Staff Country Reports, October 29, 2015
Source details
- Canonical URL
- 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
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Bibliographic details
- Authors: Arrangement-Press Release
- Published: October 29, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530581.002
Program objectives and focus
- 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.
Key findings and outcomes
- 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.
- Sovereign risk was removed from the banks.
- Robust growth also resumed.
Subjects and keywords covered
- Subjects: 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.