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International Monetary Fund. European Dept.
KEY ISSUES Context: The union’s current account deficit—the key economic vulnerability flagged in the previous (2011) consultation—has declined over the past few years, including thanks to fiscal adjustment in Curaçao. But it remains large. Curaçao’s growth and job creation remain lackluster, due to weak competitiveness, adverse sectoral trends (e.g., in the international financial center), red tape, and rigid labor laws. Sint Maarten’s tourism-based economy is recovering but remains vulnerable to shocks and suffers from weak administrative capacity—as underscored, for example, by weakening tax collection. Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ capacity to absorb shocks may prove limited, and pressures on FX reserves and, ultimately, the peg may intensify. Policy recommendations: Fiscal policies should entrench recent gains to facilitate continued external adjustment (especially in Curaçao) and build buffers against shocks. Curaçao should extend the reform of its pension system to public sector workers, further streamline its administrative apparatus, and address weak governance and finances in state companies. Sint Maarten needs to increase revenues to support an expanding administration, including through stronger tax collection and greater contribution from its profitable state companies. The common central bank must monitor closely the deterioration in banks’ loan portfolios and refrain from direct financing of non-financial companies. It should also use more standard sterilization tools to control banks’ excess liquidity. Urgent action is required to lower the cost of doing business and remove pervasive disincentives to both supply and demand of labor.
International Monetary Fund. Western Hemisphere Dept.

(WHD) and Era Dabla-Norris (SPR) The Team that visited Nassau during March 9–20, 2015 comprised Messrs. W. Samuel (Head), J. Okwuokei, D. Kanda, and M. Lutz (all WHD). It was assisted at headquarters by F. Strodel, E. Moreno, and E. Kapijimpanga (all WHD). The team reviewed recent economic developments and the outlook and discussed the main policy issues. They met with Prime Minister Christie; Minister of Tourism Wilcombe; Minister of Environment and Housing Dorsett; Minister of State for Finance Halkitis; Central Bank Governor Craigg; Financial Secretary Rolle

International Monetary Fund. Western Hemisphere Dept.

, Lutz, and Park; it was assisted at headquarters by Mr. Stavis, Ms. Kapijimpanga, and Ms. Sirbu (all WHD). The team reviewed recent economic developments and the outlook, and discussed the main policy issues. It met with Prime Minister Christie; Minister of Tourism Wilchcombe; Minister of Financial Services Pinder; Minister of State for Finance Halkitis; Minister of State for Investments Rolle; Central Bank Governor Craigg; Financial Secretary Rolle; other senior government officials; and representatives of the opposition, the banking, tourism, and business

International Monetary Fund. Western Hemisphere Dept.

Charles Enoch and Bob Traa Discussions took place in Roseau during September 30-October 8, 2015. The team comprised of Trevor Alleyne (Head), Alejandro Guerson, Saji Thomas, Geoffrey Keim, and Ke Wang (all WHD); Wayne Mitchell (IMF Resident Representative); Andrew Ceber (CARTAC macroeconomic advisor); and Ronald James (Economist, Resident Representative Office). The mission met with Hon. Roosevelt Skerrit, Prime Minister and Minister of Finance; Hon. Johnson Drigo, Minister of Agriculture; Hon. Robert Tonge, Minister of Tourism; Financial Secretary Rosamund

International Monetary Fund

Tax System as of February 28, 2005 Tax Nature of Tax Exemptions and Deductions Rates 1. Taxes on income and profits 1.1 Personal income tax. Law 25–63, modified by decree 131–98. Decree 54–96 modified the law for nonresidents. Tax on wages and salaries, interest, and dividends of residents. Exemptions are allowed up to L 20,000, for educational and medical expenses (no proof required). Other examples include the public sector, maquila, tourism activities approved by the minister of tourism, charity and non

International Monetary Fund. Western Hemisphere Dept.

) Discussions took place in Nassau and Freeport during March 10-23, 2016. The team comprised J. Turunen (Head), J. Okwuokei, S. Cerovic (all WHD) and J. Poulain (FIN). S. Lando (LEG), M. Lutz, C. Li, E. Moreno, and H. Canales (all WHD) provided assistance at headquarters. R. Young (OED) participated in the concluding meetings. The mission met with Prime Minister and Minister of Finance, Central Bank Governor, Minister of Tourism, Minister of State for Finance, and other senior government officials, and representatives of the private sector and civil society

International Monetary Fund

met Governor Holiday, Prime Minister Wescot-Williams, Minister of Finance Shigemoto, Minister of Tourism, Economic Affairs, Transport and Telecommunication Meyers, Central Bank Governor Tromp, other senior officials, and representatives of companies and unions. Contents BACKGROUND RECENT ECONOMIC DEVELOPMENTS OUTLOOK AND RISKS POLICY DISCUSSIONS A. Monetary and Financial Sector Policies B. Fiscal Policy C. Structural Reforms STAFF APPRAISAL RECENT ECONOMIC DEVELOPMENTS APPENDIX I. DEBT SUSTAINABILITY ANALYSIS FIGURES 1

International Monetary Fund

Minister of Finance, the Governor of the central bank, the Minister of Tourism, the Minister of Transportation, the Deputy Minister of Labor, and senior officials in these institutions. In addition staff met with parliamentarians, labor unions, academics, and the private sector, and held a press conference at the end of the mission. The authorities agreed to the publication of the staff report last year, and will likely consent to the publication of this year’s report. Montenegro does not issue a currency of its own, but has been using the euro as legal tender since