International Monetary Fund. Western Hemisphere Dept.
investment program with a focus on building resilient housing and climate proofing public infrastructure such as schools, health facilities and roads. At the same time, they expect to accomplish the commitments given on the nationally determined contributions. Our authorities continue to advocate for concessional financing and grants to finance resilience building and for debt accumulated to address response to climatic events to be treated differently.
Regaining losses of human capital is vital . The ECCURegion will require a good quality labor force to support the
A valuable, forward-looking Report…
1. This Staff Report marks a watershed. It does not lack criticisms. But a focus on the region’s opportunities and strengths, and on identifying how to exploit these for the region’s betterment, is at its core . My ECCU-region authorities deeply appreciate this focus. They thank the staff for their hard work and analytical insights. They offer their fullest cooperation in building upon this positive effort going forward. They hope – and expect – that a broadening and deepening of the kinds of analyses undertaken for this
On September 27, 2010, the Executive Board of the International Monetary Fund (IMF) concluded the 2010 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). 1
The ECCUregion has been hard hit by the global economic downturn and is faced with a protracted recovery. Real regional Gross Domestic Product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and Foreign Direct Investment (FDI) financed construction activity. Continued weakness in private consumption and
a hurricane of any category in a given year is about 18 percent for the ECCUregion . For each of the ECCU countries, Figure 1 shows the probable maximum loss from hurricanes for return periods of one in 18, 20, 30, 50, 100, 200, 250 and 500 years, respectively, as estimated by the World Bank (2006) . 4 5 As summarized in Table 3 , historical data would imply that Dominica is the most vulnerable while Grenada is the least affected by hurricanes among the ECCU countries. 6 The estimated fiscal loss caused by a hurricane with a return period of 1-in-30