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International Monetary Fund. Western Hemisphere Dept.

construction and tourism sector activity and their favorable spillovers on the rest of the economy, supported by surging inflows from its Citizenship-by-Investment (CBI) program. Large CBI inflows continued in 2015, albeit at a slower pace, reflecting the temporary impact of the program reform and increased competition from similar programs in the region. Consumer price inflation turned negative, owing to lower global commodity prices and recent VAT and Import Duty exemptions on food items that carry a large weight in the CPI basket. The banking system remained broadly

International Monetary Fund. Western Hemisphere Dept.

Context 1. St. Kitts and Nevis continues to enjoy broadly favorable macroeconomic developments . Over 2013–2015, the country recorded the strongest growth and fiscal results in the region, supported by surging inflows from its Citizenship-by-Investment (CBI) program that facilitated accumulation of substantial fiscal buffers. Under their home-grown program that concluded in July 2014, the authorities implemented substantial fiscal consolidation measures and a major debt restructuring, including an innovative debt-land swap with domestic banks that helped

International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that economy of St. Kitts and Nevis continued its strong growth at about 5 percent, recording the strongest growth in the region during 2013–15. Strong growth has been underpinned by construction and tourism sector activity and their favorable spillovers on the rest of the economy, supported by surging inflows from its Citizenship-by-Investment (CBI) program. Large CBI inflows continued in 2015, albeit at a slower pace. The medium-term outlook is positive, but remains dependent on developments in CBI inflows. Growth is expected to moderate to 3.5 percent in 2016 and 3 percent, on average, over the medium term.
International Monetary Fund. Western Hemisphere Dept.

This 2016 Article IV Consultation highlights that economy of St. Kitts and Nevis continued its strong growth at about 5 percent, recording the strongest growth in the region during 2013-15. Strong growth has been underpinned by construction and tourism sector activity and their favorable spillovers on the rest of the economy, supported by surging inflows from its Citizenship-by-Investment (CBI) program. Large CBI inflows continued in 2015, albeit at a slower pace. The medium-term outlook is positive, but remains dependent on developments in CBI inflows. Growth is expected to moderate to 3.5 percent in 2016 and 3 percent, on average, over the medium term.

Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé
The pervasive use of tax incentives is costly for the Caribbean countries, yet the benefits seem limited. Better policy coordination at the regional level is needed to help overcome the collective action problems and generate more revenue to support the much-needed infrastructure investment. Using the region’s Citizenship-by-Investment (CBI) programs as an example, we also show that a price-quantity coordination mechanism can help achieve an efficient outcome with greater CBI incomes for member countries.
Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé

are f aced with growing fiscal costs of natural disasters and climate change, how to enhance revenue collections without hurting competitiveness becomes a key policy challenge. 4. A similar competition also exists among the five Eastern Caribbean Currency Union (ECCU) countries that offer the citizenship-by -investment (CBIs) programs. 3 The CBIs give foreign high-net-worth individuals opportunities to obtain citizenship or residency in the respective ECCU countries in exchange for financial contributions to the domestic e con om y . Following substantial

International Monetary Fund. Western Hemisphere Dept.

-Program Monitoring Framework in October 2015 following the conclusion of the Stand-By Arrangement in July 2014, with purchases of 532 percent of quota fully repaid as of end-April 2016. In 2015, economic activity remained robust and there was a sizeable fiscal surplus. This surplus, however, was significantly weaker than in recent years, owing to a slowdown in receipts from the Citizenship-By-Investment (CBI) program, recent tax exemptions, and other one-off factors. Public debt fell to 68 percent of GDP, from 159 percent in 2010. Article IV : The consultation focused on