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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Dominica: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation discusses that the Dominican economy has recovered strongly following the pandemic shock. Real gross domestic product grew by 5.6 percent in 2022 and an estimated 4.7 percent in 2023 returning to pre-pandemic output levels. Policy responses have eroded essential fiscal buffers, despite large Citizenship by Investment (CBI) revenues, which have supported reconstruction, infrastructure development, and climate adaptation. The country remains exposed to shocks, while tight fiscal space constrains development initiatives. The ongoing economic expansion provides an opportunity to rebuild essential buffers and reorient policies toward increasing prospects for more sustained and resilient growth. Dominica’s output has recovered to its pre-pandemic level, reflecting a rebound in tourism and public investment, supported by buoyant CBI revenues. Inflation has subsided from its 2022 peak, but external imbalances have deteriorated modestly. Banks remain well capitalized and liquid although credit unions suffer from persistent weak capital and asset quality. The outlook is subject to downside risks, especially from climate change, volatile tourism receipts, commodity prices, and CBI revenues. Meanwhile, longstanding impediments to private investment and employment weigh on growth and productivity. Policy priorities are to address fiscal and external imbalances while enhancing the basis for sustained and resilient growth.
Keywords:
CBI revenue; CBI program framework; financing strategy; core price inflation; macroeconomic policy; Fiscal stance; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) focuses on efficient, sustainable, and fair pension schemes. Despite recent reform efforts, the financial sustainability of the ECCU’s defined benefit social security schemes remains under strain, largely reflecting the still relatively low contributions and generous payouts. This, coupled with a rapidly ageing population and high labor market informality, increases the need for a comprehensive review and adoption of further parametric and non-parametric reforms of the pension systems to avoid abrupt and more sizable adjustments in the future as well as to reduce the risks of old-age poverty. This annex reviews pension schemes in the ECCU, with a focus on assessing their design and performance and identifying policy options to improve their efficiency, fairness, and sustainability. Key recommendations include swift adoption of further comprehensive reforms to address design weaknesses, improving coverage, investment strategy, administrative efficiency, and transparency, and establishing automatic adjustment mechanisms.
Keywords:
NIS pension schemes Overview; labor market performance; public sector pension schemes; labor markets in the ECCU; ECCU migration; Pensions; Pension spending; Aging; Retirement; Labor markets; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2024 Staff Report for the 2024 Article IV Consultation on Common Policies of Member Countries of the Eastern Caribbean Currency Union-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation with member countries on common policies of the Eastern Caribbean Currency Union (ECCU) discusses that the economies have registered a strong recovery after successive external shocks. Fiscal and external balances have improved, but public debt and current account deficits remain high. The financial system has been stable and liquid, although it continues to be confronted with asset quality weaknesses and rising risks in the non-bank financial sector. Longstanding structural challenges affecting private investment and employment create a drag on growth going forward. The regional priority is to rebuild buffers while protecting the fiscal space for priority public investment and social spending. Social policies and institutional labor market reforms would help improve competitiveness by addressing structural constraints to employment and labor productivity. Concerted efforts to address gaps in core economic data improve transparency and strengthen resource capacity for data collection would support calibration of economic policies.
Keywords:
ECCU country; asset quality; ECCU member-country government; ECCU member country; CARTAC TA mission; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit bureaus; Credit; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Technical Assistance Report-External Sector Statistics
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Dominica focuses on external sector statistics. The Eastern Caribbean Central Bank (ECCB) and the Central Statistics Office have implemented recommendations from the previous mission regarding timeliness and data accessibility. The mission focused on improving data sources for travel credits and the Citizenship by Investment Program (CBI) flows for the balance of payments. Revised 2022 balance of payments estimates were reviewed; additional refinement is needed. The ECCB has been incorporating available cash-based data on CBI flows from the fiscal sector into the balance of payments. However, fiscal data for 2021 and 2022 show some possible misclassifications that would affect the correct recording of external flows in the balance of payments. The report highlights that follow-up on the request made to the CBI to complete the ECCB balance of payments questionnaires for 2021 and 2022 and report on the existence of foreign escrow accounts. Coordination between data-producing agencies needs to be improved. A survey of cruise passengers is required to improve the estimates of visitor expenditure; visitors that arrive by yatchs are not surveyed either.
Keywords:
Dominica; balance of payments statistics.; balance of payments statement; balance of payments estimate; business visitor; VES result; visitor expenditure questionnaire; ECCB website; Civil society organizations; External sector statistics; International investment position; Credit; Caribbean
Cover IMF Staff Country Reports
Dominica: Selected Issues