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International Monetary Fund. Western Hemisphere Dept.

observed in the methods to estimate gross capital formation. There are significant delays in completing data collection and processing of all the annual national accounts data. Staffing constraints in the compiling agency may compromise the development of new statistics, the quality improvement of the existing ones, and the intended improvements of timeliness. Quarterly GDP estimates are not published. Monthly data on tourism is disseminated by the ECCB with a lag. Price Statistics : Monthly CPI data are posted on the ECCB website. The ECCB disseminates monthly

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tabulating errors). Seasonally adjusted monetary aggregates are not calculated. The Bank would consider the concept of seasonally adjusted monetary aggregates. 4. Serviceability Timeliness of the disseminated data on broad money and credit aggregates for the ECCU does not meet GDDS recommendations; these data are released to the public four to five months after the reference month. Monetary statistics are now uploaded on the ECCB’s website on a monthly basis. Statistics link on ECCB website to be established by December 2007. There are

International Monetary Fund. Western Hemisphere Dept.

currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means. Published yearly in the Financial Statistics Yearbook . 3 Published monthly in the IMF’s International Financial Statistics (IFS) . 4 Central bank survey is published on the ECCB website and in the IFS . 5 Monetary survey is published on the ECCB website and in the IFS 6 The discount rate is published once a year in Report and Statement of

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practices need to be documented and disseminated to the public. Studies and analyses of data revisions also are not disseminated to the public. 10. There are opportunities to improve the accessibility of monetary statistics, for example, by adopting an advance release calendar and improving the presentation of the data in the publications and on the ECCB website. Metadata on monetary statistics are very limited. Unpublished nonconfidential data are made available upon request, and assistance to users is appropriate. Contact points are publicized, and a list of the

International Monetary Fund
This report focuses on the Monetary Statistics Component of the Regional Data Module Report on the Observance of Standards and Codes for the Eastern Caribbean Central Bank (ECCB). The report reveals that with respect to the prerequisites of quality and assurances of integrity, the legislation broadly supports mandatory data reporting and the confidentiality of the reported data. However, the ECCB’s responsibility for compiling and disseminating monetary statistics to the public is not clearly specified in the law. Regarding resources, the number of staff allocated to the compilation of monetary statistics is inadequate.
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available to the users. 4. Serviceability 4.1 Periodicity and timeliness 4.1.1 Periodicity follows dissemination standards The GDDS recommends that the monthly accounts of the central bank and the ODCs be disseminated. The ECCB posts on its website the ECCB survey and commercial banks’ data of individual ECCU countries on a monthly basis. The ECCB also publishes monthly data of the commercial banks in the Commercial Banks Statistics and the Economic Financial Review . These publications are posted on the ECCB website. 4.1.2 Timeliness follows

International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Context. The new government that came to power in June 2014 inherited serious fiscal and external payments problems, including arrears to the Fund and other creditors, and unresolved banking sector problems. Moreover, public debt remains at an unsustainable level of close to 100 percent of GDP, while economic activity has been weak with output still well below the level reached at the time of the 2008/09 global financial crisis. Main policy recommendations • Implement fiscal measures equivalent to 2.8 percent of GDP in 2015 to tackle cash flow problems and achieve an underlying primary surplus of 3.0 percent of GDP by 2016 to address debt sustainability challenges. Underpin measures with structural fiscal reforms. • Use Citizenship by Investment Program revenues to pay down arrears and debt and fund bank resolution. The program should be managed in line with the high standards of governance and transparency set out in the law. • Move expeditiously as planned with the resolution of ABI Bank and support initiatives underway to strengthen the regional bank resolution framework, in particular, the passage of needed legislative reforms. • Improve competitiveness by moderating labor costs; increasing energy efficiency, including by better performance of the state-owned utility company; and improving the investment climate. Authorities’ views. The authorities broadly agreed with staff’s assessment of the economic situation and risks, and its recommendations to reduce fiscal vulnerabilities and strengthen the banking system. They were more optimistic about growth prospects for 2015 based on expectations for substantial FDI. They are opposed to increases in taxes and plan to focus fiscal efforts on cutting recurrent spending. On bank resolution, they wish to work closely with the Fund and World Bank to speedily address outstanding problems. They paid the arrears to the Fund and committed to timely servicing of Fund obligations. Data provision. Data provision is adequate for surveillance and post-program monitoring although significant areas for improvement remain, in particular on labor market statistics, measurement of arrears, financial information on state-owned enterprises, and national accounts by expenditure components.
International Monetary Fund
International Monetary Fund

/02/10 A A I 1 Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA). 2 Includes reserve assets pledged or otherwise encumbered as well as net derivative positions. Published yearly in the Financial Statistics Yearbook . 3 Published monthly in the IMF’s International Financial Statistics (IFS) . 4 Central bank survey is published on the ECCB website and in the IFS. 5 Monetary survey is published on the ECCB website and in the IFS 6 The discount rate is published once a year in

International Monetary Fund. Western Hemisphere Dept.

covers St. Kitts but not Nevis although the information is available. Monthly CPI data are posted on the ECCB website with a long lag, and a break in the series in November 2010 suggests a methodological problem in the linking process with the previous base. The ECCB disseminated monthly data on tourism also with a long lag, and the estimates on tourism expenditure are based on an old survey of spending by types of tourists and are only updated by changes in CPI. Except for data from the social security board, limited data are available on labor market developments