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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund

noteworthy are the British West Indies Federation (1958 to 1962), the Caribbean Free Trade Area (CARIFTA) which was CARICOM’s immediate predecessor, and a variety of institutions for the provision of common services, 93 all set against a backdrop of the region’s political independence movement. This paper describes the principal objectives and structure of the vehicles of regional integration for the ECCU members, particularly the OECS and CARICOM Given that trade is key in integrating the region to the rest of the world, the last section presents the principal aspects

Keywords:
ISCR; CR; OECS country; ECCU country; government; bank; CARICOM Given; OECS secretariat; OECS government; OECS member; OECS health Sector reform program; Tariffs; Trade policy; Customs unions; Regional integration; Caribbean
Cover IMF Staff Country Reports
Grenada: Third Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Grenada’s Third Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria (PCs), and Financing Assurances Review. Overall program implementation remains strong. All quantitative PCs for the third review were met. All structural benchmarks for the third review were implemented. The authorities advanced reforms to ensure the transparent and sustainable management of the Citizenship-By-Investment revenues, strengthen the fiscal policy framework, and improve public finance management. The IMF staff supports the completion of the third review under the ECF-arrangement, the modification of quantitative PCs, and completion of the financing assurances review.
Keywords:
ISCR; CR; debt; debt exchange; ECF arrangement; restructuring agreement; reform; competitiveness reform; restructuring term; growth prospect; Arrears; Debt restructuring; Fiscal stance; Caribbean
Cover IMF Staff Country Reports
Grenada: Second Review Under the Extended Credit Facility, Request For a Waiver of a Performance Criterion, Request for Modification of Performance Criteria and Financing Assurances Review
International Monetary Fund. Western Hemisphere Dept.
EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement. The program was approved on June 26, 2014 and the first review completed on December 12, 2014. Grenada has received SDR 4.04 million (about US$5.9 million) so far under the arrangement and the equivalent of SDR 2 million (about US$3 million) will be made available upon Executive Board completion of the second review. Debt restructuring. Grenada has achieved a critical milestone in its debt restructuring, reaching agreement on key restructuring terms with its largest private creditor group. The agreement implies a net present value reduction in the related debt of 54 percent and will reduce public debt by 13 percent of 2017 GDP once fully executed. The restructuring of Grenada’s debt with the Export-Import Bank of Taiwan Province of China at end-2014 reduced the stock of public debt by another 2 percent of GDP. The authorities expect to finalize negotiations with remaining creditors by end-2015. Program Performance. Overall program implementation remains solid. All but one quantitative performance criteria for the second review were met with wide margins. Major reforms of the fiscal policy framework to anchor debt sustainability have been completed, albeit with some delay, including new fiscal responsibility legislation and the reform of the bulk of the tax incentive regime to eliminate discretion. The strategy to reform parastatal entities has also been completed and its implementation started. Second Review. Discussions focused on meeting the 2015-16 fiscal targets and the structural reform agenda. Modifications are proposed to the 2015 performance criteria to accommodate one-time costs of structural reforms and to the ceiling on non- concessional borrowing to clarify when a loan is considered contracted. Proposed structural conditionality seeks the transparent and sustainable management of citizenship-by-investment receipts and to bring the chart of accounts in line with international best practice.
Keywords:
ISCR; CR; reform; ECF arrangement; program implementation; broad money; debt service; monitoring budget execution; debt management; debt restructuring; private sector; Fiscal stance; Arrears; Debt restructuring; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.
Keywords:
ISCR; CR; OECS country; ECCU country; government; bank; CARICOM country; ECCU member; ECCB benchmark; Pensions; Tourism; Pension spending; Commercial banks; Caribbean; West Africa; Global; South Asia
Cover Departmental Papers
The Caribbean: Enhancing Economic Integration
Mr. Sanjaya P Panth, Mr. Paul Cashin, and Mr. W. A Bauer
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
Keywords:
DPPP; DP; tax incentive; gross domestic product; income tax; country authorities; indirect tax; cost of capital; market price; free market; Agricultural commodities; Tax incentives; Foreign direct investment; Exports; Corporate income tax; Caribbean; Global; Central America; South America; West Africa; single market; tax rate; capital market
Cover IMF Staff Country Reports
Grenada: Third Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review
International Monetary Fund. Western Hemisphere Dept.

reforms (MEFP¶13). In particular, the amendments to the property tax act and the list of conditional duty exemptions to remove discretion remain pending, with the latter requiring coordination with CARICOM given the regional commitment on external tariffs. Excluding the reform of custom duty exemptions, the authorities have committed to bringing the rest of the tax incentive regime into full force by end-December 2015 (proposed new structural benchmark) . 20. The framework for public financial management (PFM) in Grenada continues to improve . The results of the 2015

Keywords:
ISCR; CR; debt; debt exchange; ECF arrangement; restructuring agreement; reform; wage freeze; debt forgiveness; clearing arrears
Cover IMF Staff Country Reports
Grenada: Second Review Under the Extended Credit Facility, Request For a Waiver of a Performance Criterion, Request for Modification of Performance Criteria and Financing Assurances Review
International Monetary Fund. Western Hemisphere Dept.

more rule-based and transparent by removing the discretion of the executive to grant such incentives from the various tax acts (an end-November 2014 structural benchmark and prior action for the second review). The authorities will also remove discretion from the granting of customs duty exemptions after coordinating with CARICOM given their regional commitments (MEFP¶12). The comprehensive reform of the tax incentive regime ensures that all tax incentives will now be codified in the legislation, making the investment environment more predictable and safeguarding

Keywords:
ISCR; CR; reform; ECF arrangement; program implementation; broad money; debt service; restructuring agreement; debt sustainability; capital budget; current account; oil price; financial system
Cover Departmental Papers
The Caribbean: Enhancing Economic Integration
Andreas Bauer, Cashin Paul, and Mr. Sanjaya P Panth

regional body to monitor a code would be CARICOM, given that it already has a role in monitoring regional agreements, while the recently formed Caribbean Court of Justice could fill the judicial role. However, countries may be reluctant to give up sovereignty on these issues by entering into legally binding arrangements. If so, countries could at least agree on a nonbinding code that is essentially a moral obligation of participating countries and relies on each country’s goodwill. 30 In addition, there may be opportunities for tax harmonization in other areas

Keywords:
DPPP; DP; tax incentive; gross domestic product; income tax; country authorities; indirect tax; cost of capital; market price; free market; Agricultural commodities; Tax incentives; Foreign direct investment; Exports; Corporate income tax; Caribbean; Global; Central America; South America; West Africa; single market; market share; production system; real GDP; trade balance; double taxation