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Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé
The pervasive use of tax incentives is costly for the Caribbean countries, yet the benefits seem limited. Better policy coordination at the regional level is needed to help overcome the collective action problems and generate more revenue to support the much-needed infrastructure investment. Using the region’s Citizenship-by-Investment (CBI) programs as an example, we also show that a price-quantity coordination mechanism can help achieve an efficient outcome with greater CBI incomes for member countries.
Mr. Alfred Schipke and Mr. Dominique Desruelle

related to pension reform and sovereign debt structures, the development of capital markets, and monetary policy. It also briefly discusses the progress that has been made with integration and regional policy coordination. 3 The subsequent chapters analyze these key issues in more depth. Recent Developments Over the past two years, a series of presidential and congressional elections in Central America have demonstrated that democracies are functioning well and that transfers of power occur smoothly. While the governments in the region continue to embrace

International Monetary Fund. Western Hemisphere Dept.

, regional policy coordination is key to ensure resources are available for member states to respond to the crisis. The authorities will monitor the economic, fiscal and financing conditions in the coming months. Should conditions deteriorate beyond expectations, they will consider requesting a follow up longer-term upper credit tranche arrangement with the Fund. The authorities are committed to meeting their 2030 public debt target and have indicated that they intend to underpin fiscal sustainability by introducing revenue-enhancing measures once the immediate crisis has

International Monetary Fund

growth. They regretted the very low degree of trade and financial integration, and pointed to the lack of infrastructure and insufficient financing for some regional institutions that continue to constrain integration. In this respect, Directors welcomed recent commitments at the highest political level to strengthen regional integration, including clearing arrears to the CEMAC and ensuring better funding of regional institutions, enhancing regional policy coordination in the face of oil-related inflows, and promoting regional projects. Directors called for a renewed

International Monetary Fund. External Relations Dept.

regional integration by encouraging strengthened national economic stability and performance, increasing the emphasis on regional issues in IMF-supported programs, intensifying regional surveillance efforts with a view to enhancing regional policy coordination and institutional harmonization, and providing technical assistance. The IMF also intends to help promote investment by facilitating the establishment of regional investment councils. Strengthening financial architecture On a much broader scale, the IMF and its members have been taking steps to strengthen

International Monetary Fund. Asia and Pacific Dept

policymakers in the region to further develop common regional financial markets should continue to be a priority. The Asian Bond Market Initiative, for example, has already led to a notable expansion of the investor base. 20 Combining these initiatives with ongoing efforts to promote convergence in macroeconomic policy objectives, such as through regional surveillance, peer review, policy discussions, and, ultimately, greater regional policy coordination, can help ensure that the benefits of financial integration are maximized for Asia. Deeper financial integration with