St. Vincent and the Grenadines: 2009 Article IV Consultation and Request for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for St. Vincent and the Grenadines

IMF Staff Country Reports, June 8, 2009

Source details

Canonical URL: St. Vincent and the Grenadines: 2009 Article IV Consultation and Request for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for St. Vincent and the Grenadines

St. Vincent and the Grenadines’s financial system has been largely unaffected by the global financial crisis.
The global economic downturn led to a significant decline in tourism, which:
- worsened the balance of payments position, and
- together with lower foreign direct investment and construction activity, led to a sharp output slowdown in 2008.
The report examines the 2009 Article IV Consultation and the request for Disbursement under the Rapid-Access Component of the Exogenous Shocks Facility.

Major channels of impact:
- Tourism: significant decline contributing to balance of payments deterioration.
- Foreign direct investment: lower inflows contributing to weaker activity.
- Construction activity: reduced activity contributing to output slowdown.
Subject areas covered: Economic sectors, External debt, Public debt, Public sector, Revenue administration, Tourism.

The country requested disbursement under the Rapid-Access component of the Exogenous Shocks Facility.
The document package includes:
- Staff Report
- Staff Supplement
- Public Information Notice and Press Release on the Executive Board Discussion
- Statement by the Executive Director for St. Vincent and the Grenadines