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International Monetary Fund. Western Hemisphere Dept.

is scope to build further resilience to future weather events by an appropriate selection and design of key infrastructure projects. Frequency of Natural Disasters since 1990 (pct. deviation from median number of disasters/person; top 25 independent countries) Sources: EMDAT; World Development Indicators; and Fund staff estimates. Average Annual Losses from Disasters, 1990-2013 (pct of GDP; top 25 fund members) Sources: EMDAT; USAID; WDI; and Fund Staff Estimates. 21. The authorities are committed to the ECCU-debt target of 60 percent

International Monetary Fund. Western Hemisphere Dept.

of GDP) 17. Additional fiscal consolidation can be credibly delivered . In particular, staff recommended consolidation that would yield a primary surplus of 3 percent of GDP by 2018. This would bring forward the meeting of the ECCU debt target to 2024. Such an “active” scenario would include bringing down the wage bill by an additional one percent of GDP beyond the baseline over the next four years, via some blend of wage and hiring restraint. In addition, staff proposed reducing transfers and subventions to public corporations by an additional ½ percent of

International Monetary Fund. Western Hemisphere Dept.

picking up in hurricane-struck countries and have remained strong elsewhere. Conditions remain favorable to growth, but risks are increasing. The fiscal position has deteriorated, reflecting lower inflows from citizenship-by-investment programs and larger reconstruction and current spending, and the ECCU debt target of 60 percent of GDP by 2030 remains elusive for most countries. Despite important progress on financial sector reform, persistent weaknesses and emerging risks weigh on growth prospects and may give rise to fiscal liabilities. External imbalances remain

Mr. Alessandro Cantelmo, Mr. Leo Bonato, Mr. Giovanni Melina, and Mr. Gonzalo Salinas
Resilience to climate change and natural disasters hinges on two fundamental elements: financial protection —insurance and self-insurance— and structural protection —investment in adaptation. Using a dynamic general equilibrium model calibrated to the St. Lucia’s economy, this paper shows that both strategies considerably reduce the output loss from natural disasters and studies the conditions under which each of the two strategies provides the best protection. While structural protection normally delivers a larger payoff because of its direct dampening effect on the cost of disasters, financial protection is superior when liquidity constraints limit the ability of the government to rebuild public capital promptly. The estimated trade-off is very sensitive to the efficiency of public investment.
International Monetary Fund. Western Hemisphere Dept.

higher reconstruction and current spending. While public debt has declined, helped by debt relief operations in some countries, the ECCU debt target of 60 percent of GDP by 2030 remains elusive for most countries. Important progress has been made in financial sector reforms, but long-standing weaknesses and emerging risks weigh on growth prospects and may entail fiscal costs. External deficits remain large, highlighting low competitiveness. Natural disasters are becoming more frequent and intense, compounding these vulnerabilities. Main Policy Recommendations

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.
International Monetary Fund
The Second Review Under the Stand-By Arrangement with St. Kitts and Nevis highlights that economic activity continued to contract in 2011 while the current account balance improved and banks remained sound. All quantitative performance criteria for end-December 2011 were met, and the structural benchmarks were completed. The authorities have made progress in a comprehensive debt restructuring, including a successful completion of the restructuring of bonds and external commercial debt on April 18, 2012, and agreement on a debt-land swap.
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.