Search Results

You are looking at 1 - 10 of 45 items for :

  • "CBI receipts" x
Clear All
International Monetary Fund. Western Hemisphere Dept.

stable with comfortable capital and liquidity buffers, but high levels of nonperforming loans (NPLs), low profitability, and slow progress with land sales have created pockets of vulnerability, adding to the risks from regional financial developments. The fiscal position remained in surplus, but weakened compared to previous years, owing to a slowdown in CBI receipts to the budget, delays in grants, and the impact of the 2014-2015 VAT and Import Duty exemptions. Notwithstanding, the debt-to-GDP ratio continued its impressive downward trajectory and is projected to

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 paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.
International Monetary Fund. Western Hemisphere Dept.

uncertainties, natural disasters, and lower-than-expected CBI receipts. Executive Board Assessment 2 Executive Directors agreed with the thrust of the staff appraisal. They noted that St. Kitts and Nevis entered theCOVID-19 pandemic from a position of fiscal strength and commended the authorities’ prompt and effective policy response, which has helped contain the pandemic’s economic and health impact. Directors agreed that, in the near term, the key policy priorities are containing the pandemic and supporting the economic recovery. In particular, they emphasized that

International Monetary Fund. Western Hemisphere Dept.

On June 16, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with St. Kitts and Nevis. Economic performance moderated in 2016. Growth moderated, reflecting the deceleration in tourism-linked sectors and contraction in manufacturing output, while still exceeding the average growth in the Eastern Caribbean Currency Union (ECCU) region. Lower Citizenship-By-Investment (CBI) receipts was a key factor contributing to a narrowing of the overall fiscal surplus and a significant widening of the current account

International Monetary Fund. Western Hemisphere Dept.

(FSRC) and the credit unions have shored up the financial sector and conditions have so far remained stable. The financial sector measures implemented had the endorsement of the Eastern Caribbean Central Bank (ECCB). The increase in non-performing loans recorded to date has been modest and there are no liquidity concerns. A sharp drop in tourism receipts and lower CBI receipts were the main factors behind the deterioration of the current account of the balance of payments, with the deficit estimated at 14.5 percent of GDP in 2020 compared to 0.8 percent of GDP in

International Monetary Fund. Western Hemisphere Dept.

, strengthen tax administration, contain current outlays, and enhance public financial management. They recommended greater restraint in future wage increases and public sector hiring, and proceeding with civil service reform. Directors welcomed plans to save the bulk of CBI receipts to build buffers and consider setting up a stabilization fund to support public debt reduction and productive infrastructure projects. They called for vigilance to prevent a recurrence of external arrears. Directors underscored the importance of sustaining the pace of fiscal structural reforms

International Monetary Fund. Western Hemisphere Dept.

met for end-June 2013 and end-September 2013, the latter in part due to ample CBI receipts, which more than offset some overruns in current outlays—including the granting of a thirteenth month wage after the three-year nominal wage freeze—and an accelerated execution of the investment budget. Tax revenue was aligned with program expectations at end-September 2013, partly due to buoyant receipts from taxes related to real estate transactions. The budgetary surplus at end-June 2013 was EC$126 million, and at end-September EC$175 million, more than twice the adjusted

International Monetary Fund. Western Hemisphere Dept.

. Weaker performance partly reflects the decline in CBI receipts to the budget (to an estimated 12 percent, from 14 percent of GDP in 2014). The decline was partly due to a temporary slowdown in processing applications at the start of a rigorous program reform that subsequently reduced processing time to 45–70 days. The weaker fiscal performance also reflects the impact of the VAT and import-duty exemptions granted in 2014–2015, with an estimated 2 percent of GDP in foregone revenue at Customs and Excise and Inland Revenue Departments. Stronger collection of other taxes

International Monetary Fund. Strategy, Policy, & and Review Department

importantly to the progress achieved. Spending (both capital and current) was loosened in 2013 reflecting a desire to lift growth after the long recession and given the anticipated output gap. Prior to this, the central government had been unable to fully execute its investment plans (capital budget) and the Nevis Island Administration (NIA) faced financing constraints. In 2013, extraordinary financing for capital spending from CBI receipts to the SIDF (through grants of 2 percent of GDP) assisted in reversing the under-execution of capital spending. This lower level of