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International Monetary Fund. Western Hemisphere Dept.

quality is being progressively improved, CARTAC TA missions have also encouraged authorities to increase the information available to users. 41. Visitor and student expenditure data have improved in the ECCU economies . Estimates of visitor expenditure, included as travel services exports in the balance of payments, are now based on recent surveys of visitors. The correct inclusion of tuition fees and other education-related travel services provided by offshore universities (OUs) to nonresident students as part of the ECCU exports is among the most significant

International Monetary Fund. Western Hemisphere Dept.

amortization and interest profiles is not published on a quarterly basis. External Sector Statistics : A CARTAC TA mission assisted the authorities during March 2019 on the compilation of 2014–17 BOP and IIP statistics. However, further progress is needed to finalize and report the data. ESS compilation and dissemination need to be enhanced by ensuring source data adequacy, higher coverage, timeliness and frequency. The most recent data Barbados has reported to the Coordinated Direct Investment Survey and the Coordinated Portfolio Investment Survey are from 2013 and

International Monetary Fund. Western Hemisphere Dept.

the Master Plan as well as the reform package agreed with the Netherlands, although no specific reform measures have been adopted to date besides the cut in the wages of public employees, ministers and parliamentarians that was used to finance emergency assistance schemes (¶9). Developing and formalizing a medium-term fiscal framework and considering the adoption of a fiscal rule. Partial progress . Fiscal policy formulation continues to be done one year at a time. An IMF/CARTAC TA mission on strengthening fiscal planning was conducted in October 2020

International Monetary Fund. Western Hemisphere Dept.
Aruba managed to contain the pandemic in the first months of the outbreak but experienced a resurgence of new infections in the summer. The economic impact of COVID-19 is particularly severe given Aruba’s high dependency on tourism. While the authorities’ swift response has helped contain the human and economic damage, it could not avoid a severe GDP contraction.
International Monetary Fund. Western Hemisphere Dept.
While Barbados has been making good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth, it continues to face major challenges owing to the global pandemic. International reserves have increased to US$1.4 billion by October 2021 supported by IFI loans. This, and a successful 2018-19 public debt restructuring, have helped rebuild confidence in the country’s macroeconomic framework. However, a virtual standstill in the tourism sector during the pandemic took a significant toll in 2020, with the economy contracting by 18 percent. While Barbados was successful in containing the outbreak during 2020, renewed COVID-19 waves weighed on the economic recovery in 2021. In addition, Barbados was hit by the twin natural disaster shocks of volcanic ashfalls from neighboring St. Vincent in April and category 1 hurricane Elsa in July. Economic growth is projected at 1.6 percent for 2021 premised on a modest recovery of tourism towards the end of 2021—down from 3 percent projected at the time of the fifth EFF review. The outlook remains highly uncertain, and risks are elevated.
International Monetary Fund. Western Hemisphere Dept.
This paper presents 2019 Article IV Consultation with Barbados and its Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria. The Article IV discussions focused on fiscal adjustment, medium-term growth and resilience to climate change and natural disasters. The Barbadian authorities continue to make good progress in implementing the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability, rebuilding reserves, and increasing growth. All program targets for end-June and end-September 2019 have been met. All three structural benchmarks for the second review have also been met. The authorities have continued the reform of state-owned enterprises (SOEs) by completing a review of tariffs and fees charged by SOEs, tightening reporting requirements, and reducing costs. The authorities reached agreement with the External Creditor Committee on a restructuring of external debt to private creditors in October 2019 and launched a debt exchange offer in early November. The IMF Staff proposes modification of the performance criteria relating to the primary balance, net international reserves and net domestic assets.
International Monetary Fund. Western Hemisphere Dept.
This 2018 discussion on common policies of the Eastern Caribbean Currency Union (ECCU) highlights that the member countries are gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017. Conditions remain favorable to growth, however, risks are increasing. The fiscal balance for the region as a whole worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending. The IMF team made several policy recommendations including shifting focus from the current emphasis on recovery from natural disasters to building ex-ante resilience. The report also recommends intensifying decisive and timely actions to resolve weaknesses in the financial sector, including longstanding problems in the banking sector and emerging risks in the non-banking sector. The authorities expressed commitment to the acceleration of key reforms to upgrade and strengthen the financial sector regional oversight framework. In addition to fiscal consolidation, injecting new vigor into the structural policy agenda will help enhance competitiveness and make growth more inclusive.