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International Monetary Fund

errors” which would show how the difference between the value of reserve assets and the present value of liabilities is changing over time. Reporting portfolio performance also allows a comparison against liability-specific, market-standard, or peer group benchmarks. This information should then influence the ongoing revisions to the investment policy statement, with particular regard to the investment process. E. Linkages of Social Security Schemes with the Financial Sector 102. From their inception in the early 1970s, the ECCU authorities envisaged social

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.
Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé

coordination mechanism using price and quantity instruments can help countries reach an efficient outcome and higher CBI revenues. By removing the incentives for a race-to-the-bottom, regional coordination mechanisms can also help protect the integrity of the CBIs and their long-run sustainability as an important revenue source for the ECCU countries. The ECCU authorities have taken steps towards policy coordination by harmonizing due diligence arrangements, adopting common standards and application protocols, and sharing information. With strong regional institutions put in

International Monetary Fund. Western Hemisphere Dept.

and desirable policies. Fiscal consolidation will help address the real exchange rate overvaluation in the context of the quasi-currency board. Long- term and consistent commitment to implementing structural reforms in investment and business climate, public sector efficiency, reducing energy and transportation costs and tariffs, labor market reforms, and regional integration will be instrumental in enhancing the region’s competitiveness. 59. The discussion with the ECCU authorities will be on the 12-month cycle in accordance with Decision No. 13655-(06/1), as

International Monetary Fund. Western Hemisphere Dept.

methodological changes introduced in the updated methodology. A specific ESS survey form of OUs has been implemented and administrative data used as complementary sources. In the case of Antigua and Barbuda, over 450 students were also surveyed in collaboration with the former office of the IMF’s Resident Representative for the ECCU region. Statement by Louise Levonian, Executive Director, Anne Marie McKiernan, Alternate Executive Director, and Mike Sylvester, Advisor January 28, 2019 Our Eastern Caribbean Currency Union (ECCU) authorities continue to value the

International Monetary Fund

and increased financing strains. Against this background, Directors supported the authorities' focus on policies to manage near-term challenges and downside risks, while continuing to address fundamental fiscal and debt sustainability issues. They also endorsed the authorities' ongoing efforts in crisis prevention, and encouraged the authorities to further enhance contingency plans for possible crisis scenarios. Directors commended the ECCU authorities' prompt and coordinated responses to address threats to the region's financial stability emanating from the

International Monetary Fund. Western Hemisphere Dept.

Our Eastern Caribbean Currency Union (ECCU) authorities welcome the Staff Report for the 2021 Common Policies Discussion. The comprehensive report broadly reflects developments in the Currency Union within the context of the ongoing COVID-19 pandemic and embraces the actions and proposals that are being pursued to steer post-pandemic recovery, safeguard macroeconomic stability, support inclusive and sustainable growth, and build resilient economies. Our authorities appreciate their ongoing engagement with Fund staff and the candid dialogue that characterizes

International Monetary Fund. Western Hemisphere Dept.

Our Eastern Caribbean Currency Union (ECCU) authorities welcome the Staff Report and other related documents for the 2022 Common Policies Discussion. The report broadly reflects developments in the Currency Union within the context of the ongoing COVID-19 pandemic and the impact of Russia’s invasion of Ukraine and acknowledges the efforts being pursued to address the current challenges. Our authorities appreciate their ongoing engagement with Fund staff and the open and frank dialogue and broadly concur with staff’s analyses and recommendations. Recent

International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.