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International Monetary Fund. Western Hemisphere Dept.

GST. CARTAC also provided support determining transitional rules and policies and good practice from other CARTAC member countries implementing GST. In close cooperation with the IRD, CARTAC organized a joint CD activity with the Fiscal Affairs and Legal Departments. The delivery modality was tailored to the needs of the IRD as the timing of the CD was flexible and periodic and allowed the IRD to reach out and request advice and support from the experts when needed. 6. The tax administration program for ECCU member countries focuses on : (i) CD in core functions

Mr. Paul Cashin and Mr. Antonio Lemus
This paper studies the nature of the shocks affecting the Eastern Caribbean Currency Union (ECCU), and examines whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure member countries of the union against asymmetric national income shocks. The empirical results suggest that a one dollar reduction in an ECCU member country's per capita personal income could trigger, through reduced income taxes and increased transfers, flows equivalent to about 7 percent of the initial income shock. Each member of the currency union could benefit as well, although the extent of shock mitigation differs across individual countries.
Mr. Paul Cashin and Mr. Antonio Lemus

buffer as compared with complete self-insurance. This paper aims to: (i) identify the type of shocks affecting ECCU-member countries; (ii) ascertain whether asymmetric and temporary shocks are an important source of risk for ECCU members; (iii) study whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure its members against asymmetric income shocks; and (iv) calculate the impact of shocks on disposable income per capita. In doing so, we replicate the analysis of Cohen and Wyplosz (1989) , run regressions in levels between the changes in

International Monetary Fund. Western Hemisphere Dept.
With ECCU economies slowly emerging from the pandemic with scars, the impact of the war in Ukraine is a setback to the nascent recovery. Higher food and energy prices, amid ongoing supply disruptions and intra-regional transportation bottlenecks, are raising inflation, eroding income, lowering output growth, worsening fiscal and external positions, and threatening food and energy security. As a result, inflation is expected to hover over 5½ percent in 2022. Real GDP is projected to grow by 7½ percent in 2022, leaving output still well below the pre-pandemic level. Fiscal deficits are projected to remain sizable, given continued pandemic- and disaster-related spending and temporary support to address rising living costs, thereby keeping gross financing needs and public debt at elevated levels in the near term. The financial system has remained broadly stable so far, with adequate capital and liquidity buffers, but nonperforming loans remain high and could rise further following the expiration of the ECCB’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new COVID variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters.