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International Monetary Fund. Monetary and Capital Markets Department
The financial sector weathered COVID relatively well on the back of high pre-crisis capital and liquidity buffers, strong public and private sector balance sheets, and unprecedented public and ECB support. Immediate risks to Germany’s financial stability of Russia’s invasion of Ukraine appear to be manageable due to the banks’ limited direct exposures to Russia. However, risks associated with the economic fallout could impact some individual financial institutions, non-performing loans, and house prices. Real GDP growth was projected to regain momentum from mid-2022 onwards, but the war could hinder the recovery through supply constraints, higher-than-expected above-target inflation (with higher energy prices and supply constraints), a tightening of financial conditions, and shifts in investors’ confidence.
International Monetary Fund. Western Hemisphere Dept.
This 2014 Article IV Consultation highlights that St. Vincent and the Grenadines’ economic recovery from the global economic crisis has been curbed by a series of significant natural disasters. These, combined with the economic downturn following the global financial crisis, have prevented the economy from returning to its long-term potential real GDP growth. The overall fiscal balance is estimated to have narrowed to 4.75 percent of GDP in 2014. After an estimated 1.1 percent growth rate in 2014, growth is projected to pick up modestly to 2.1 percent in 2015 on improvements in tourism and agriculture and enhanced implementation of much-needed rehabilitation and reconstruction projects.
Monica Prasad and Mr. Harold James

spur the democratization of credit through the creation of building and loan associations and credit unions. Moreover, Prasad’s argument about poverty, while provocative, is not well developed, and she glosses over questions of distribution. Prasad asserts that “progressive interventions backfired,” but the regulatory interventions of the Progressive and New Deal eras were not intended to reduce poverty. The extension of credit may have served as an alternative to welfare, but it too was intended to fuel growth, not alleviate poverty. In addition, although European

Mrs. Ruby Randall, Mr. Jorge Shepherd, Mr. Frits Van Beek, Mr. J. R. Rosales, and Ms. Mayra Rebecca Zermeno

availability of funds during the transition period in the event that some issues are undersubscribed, and various computerization and software-related issues. Since its inception in 1995, the Eastern Caribbean Home Mortgage Bank (ECHMB) has helped mobilize liquidity for private sector investment by providing primary lenders (such as commercial banks, credit unions, building and loan associations, and development banks) with access to liquidity in exchange for the sale of their primary mortgages. The ECHMB, in addition, has expanded its scope of operations by making

International Monetary Fund. Monetary and Capital Markets Department

by interbank deposits (a significant share of which is provided by their owners, the cooperative banks) and also borrow on the capital markets. 17. The mortgage finance institutions include 16 mortgage banks (Hypothekenbanken), some of which are subsidiaries of private commercial banks or public sector banks, and 21 building and loan associations (Bausparkassen) . The mortgage banks typically specialize in public sector and commercial property lending, and also offer retail mortgage loans. They fund themselves mainly through issuance of covered bonds and by