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International Monetary Fund. Western Hemisphere Dept.

2014 (GFSM 2014) , and the Public Expenditure and Financial Accountability (PEFA) assessment. Assistance was also provided on strategic budget reform to modernize the budget preparation process. Regarding the SOE/SB reforms, the 2016 CARTAC mission provided some limited assistance on Public Service Pension Reform. In 2017, CARTAC provided assistance with a one-week training mission for the Grenada Fiscal Responsibility Committee and conducted a risk assessment on the SOEs. In April 2018, a mission was completed on assisting with moving to International Public Sector

International Monetary Fund. Western Hemisphere Dept.

to implement a revised structure, including staffing to facilitate preparation of budget estimates for FY 22 and for the FSC to effectively fulfill its legislative mandate were provided. 31. In 2020, at the request of the St. Vincent and Grenadines Financial Services Authority (FSA), the IMF Monetary and Capital Markets Department (MCM) reviewed legislative amendments to the governing legislation of the FSA in resolution . The request was a follow-up on the December 2017 CARTAC mission related to legal regime to incorporate recovery and resolution powers

International Monetary Fund. Western Hemisphere Dept.

Authority (FSA), the IMF Monetary and Capital Markets Department (MCM) reviewed legislative amendments to the governing legislation of the FSA in resolution . The request was a follow-up on the December 2017 CARTAC mission related to the legal regime to incorporate recovery and resolution powers. Feedback and advice provided were in line with international best practices with the objective of strengthening the regulatory powers of the FSA to introduce the legal framework for effective resolution of credit unions and building societies. 32. The legal framework for the

International Monetary Fund. Western Hemisphere Dept.

. New sample outlets were also introduced to reflect those that are frequently visited by Households. The DoS continues to develop the Export-Import Price Indices (XMPIs) to meet international standards. CARTAC missions have assisted in compiling the XMPIs, including Tourism Services Price Index (TSPI) on quarterly basis. New XMPIs for goods and major services have been developed, while procedures for systematic re-sampling and re-weighting were modified in order to keep the market basket representative of what is being measured. The DoS is also receiving technical

International Monetary Fund. Western Hemisphere Dept.

Finance Management (PFM) . CARTAC TA in PFM has focused on reform of SOEs and statutory bodies (SBs), cash forecasting and commitment control, development and transition to a new chart of accounts consistent with the Government Finance Statistics Manual 2014 (GFSM 2014) , and the Public Expenditure and Financial Accountability (PEFA) assessment. Assistance was also provided on strategic budget reform to modernize the budget preparation process. Regarding the SOE/SB reforms, the 2016 CARTAC mission provided some limited assistance on Public Service Pension Reform. In

International Monetary Fund. Western Hemisphere Dept.

and processing survey data for GDP series complication, for example with respect St. George’s University’s data provision to the CSO. Supported by the CARTAC mission, estimates of quarterly GDP by production approach has improved. Prices and high frequency statistics : The authorities provide regular data on consumer prices, retail sales, agricultural production and purchases, motor vehicles registration, total cargo handled, fish production and exports, industrial production, imports of construction material, water and electricity production. The 2010 revisions

International Monetary Fund. Western Hemisphere Dept.

estimating value added for business services, computer and related services, and private households with employed persons which were not accounted for in the previous series. A CARTAC Mission is assisting the authorities to revise the estimates of GDP by expenditure at constant and current prices. In October 2007 CARTAC also launched a project for strengthening tourism statistics in the OECS, including St. Vincent and the Grenadines. The project covers the core tourism datasets relating to visitor arrivals, visitor expenditure, tourist accommodation and statistics for

International Monetary Fund. Western Hemisphere Dept.
This 2014 Article IV Consultation highlights that St. Vincent and the Grenadines’ economic recovery from the global economic crisis has been curbed by a series of significant natural disasters. These, combined with the economic downturn following the global financial crisis, have prevented the economy from returning to its long-term potential real GDP growth. The overall fiscal balance is estimated to have narrowed to 4.75 percent of GDP in 2014. After an estimated 1.1 percent growth rate in 2014, growth is projected to pick up modestly to 2.1 percent in 2015 on improvements in tourism and agriculture and enhanced implementation of much-needed rehabilitation and reconstruction projects.