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Law > Business and Financial

You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
  • Antigua and Barbuda x
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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Technical Assistance Report-Review of Regulations to New Securities Act and Investment Funds Act
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Eastern Caribbean Securities Regulatory Commission (ECSRC), a Monetary and Capital Markets (MCM) Department mission conducted a review of a draft version of the new Investment Funds Regulations (IFR) and Securities Regulations (SR) form May 20–June 30, 2022. The two sets of regulations are a key part of the new regime to govern the capital markets in the member territories of the Eastern Caribbean Currency Union (ECCU).
Keywords:
Securities bill; ECCU member country; investment funds bill; Securities commission; IOSCO principle; Mutual funds; Securities; Securities regulation; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2016 Discussion on Common Policies of Member Countries-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This IMF Staff Report for the 2016 Discussion on Common Policies of Eastern Caribbean Currency Union (ECCU) Member Countries highlights that the regional recovery in ECCU is gaining ground, supported by continued low oil prices, strong tourism arrivals, and robust citizenship-by-investment receipts. Risks to the near-term outlook are balanced, but growth in the ECCU continues to be hindered by weak competitiveness, banking sector fragilities, susceptibility to natural disasters, and large public debt. The Executive Directors have encouraged the authorities to press ahead with sound macroeconomic policies and structural reforms to decisively address these issues and strengthen the conditions for robust long term growth.
Keywords:
ISCR; CR; Anguilla CARTAC; country authorities; ECCU; aggregate; discussion; ECCU price aggregate; ECCU well; FAD tax mission; ECCU aggregate; CARTAC framework; Natural disasters; Commercial banks; Interest rate parity; Caribbean; Global
Cover IMF Staff Country Reports
Antigua and Barbuda: Staff Report for the 2012 Article IV Consultation, Seventh Review under the Stand-By Arrangement and Financing Assurances Review, Request for Waiver of Nonobservance of Performance Criterion and Request for Waiver of Applicability
International Monetary Fund. Western Hemisphere Dept.
This article is a report of the IMF Executive Board’s program for Antigua and Barbuda. The Stand-By Arrangement program was developed as a response to the looming fiscal crisis, which resulted in large fiscal deficits and debts similar to the global crisis. The program is approved to support fiscal adjustment, debt restructuring, reduction of arrears, and financial reforms. The program attained significant progress. The Executive Board takes this potential growth as an achievement in the global competition.
Keywords:
ISCR; CR; headline inflation; debt; waiver; request; growth-enhancing expenditure; executive board's discussion; debt ratio; core inflation; central government; Arrears; Fiscal stance; Caribbean; Global
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Caribbean Regional Technical Assistance Center (CARTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Caribbean Regional Technical Assistance Center (CARTAC) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; Subaccount; contributor; terms and conditions of the Subaccount; ex ante concurrence; resources of the Subaccount; contributor's consent; concurrence of contributor; beneficiaries of CARTAC; Capital markets; Wages; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2009 Discussion on Common Policies of Members Countries: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.
Keywords:
ISCR; CR; deficit; OECS-Education Development Project; Grenada; asset; ECCU country; ECCU aggregate; core area; ECCU member; banking system; CARTAC program; Commercial banks; Credit; Caribbean; Global
Cover IMF Working Papers
Ponzi Schemes in the Caribbean
Ana Carvajal, Mr. Hunter K Monroe, Ms. Catherine A Pattillo, and Brian Wynter
In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse, and the policy response of regulators, and presents key policy lessons. The analysis and recommendations draw on country experiences in the Caribbean, and in such diverse countries as the United States, Colombia, Lesotho, and Albania.
Keywords:
WP; stay of execution; government authorities close; public offering; Antiguan government; business activity; Pyramid schemes; Ponzi schemes; Caribbean; Ponzi scheme; securities regulator; Currencies; Securities; Legal support in revenue administration
Cover IMF Staff Country Reports
Antigua and Barbuda: 2006 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of Antigua and Barbuda
International Monetary Fund
The staff report for the 2006 Article IV Consultation on Antigua and Barbuda highlights the economic backdrop and outlook for restoring sound public finances. The government of Antigua and Barbuda has adopted an ambitious reform program in its endeavor to pull the economy from decades of fiscal weakness and declining growth rates. The tax reform, including the imminent implementation of the value-added tax, is a major achievement. At the same time, it will be important to strengthen tax administration and tax compliance.
Keywords:
ISCR; CR; government; wage bill; expenditure management system; increases in capital spending; spending; government of Antigua and Barbuda; spending ceiling; Fiscal stance; Arrears; Public sector; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Staff Report for the 2006 Regional Discussions
International Monetary Fund
This paper discusses key findings of the 2006 Regional Discussions on the Eastern Caribbean Currency Union. Fiscal revenues have improved, but there has been only a modest improvement in the fiscal and debt positions. Tax revenues have strengthened with the uptick in economic activity, administrative efforts, and tax reforms. The financial system has been resilient, but additional efforts are needed to strengthen the supervisory framework in the face of emerging risks. Progress continues to be made in implementing the Financial Sector Assessment Program (FSAP) recommendations, but there is a need to ensure enforcement of the new regulatory framework.
Keywords:
ISCR; CR; ECCU country; ECCU aggregate; ECCU member; broad money; private sector; U.S. dollar; exchange rate; ECCU well; Public sector; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Staff Report for the 2004 Regional Surveillance
International Monetary Fund
The staff report for the 2004 Regional Surveillance on the Eastern Caribbean Currency Union (ECCU) focuses on the economic developments and near-term prospects. The fiscal position of the governments in the region has deteriorated sharply in recent years and resulted in a marked increase in public sector debt. Efforts in the region have focused on strengthening the supervisory and regulatory regimes in both the domestic banking sector and the offshore financial sector. Enhanced regional cooperation could also help broaden markets and provide opportunities to achieve economies of scale.
Keywords:
ISCR; CR; debt; GDP ratio; ECCU member; ECCU-region authorities; ratio; ECCU country; ECCU area; FDI inflow; Fiscal stance; Public sector; Tourism; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Staff Report Following Discussions with Regional Institutions
International Monetary Fund
This paper reviews the IMF’s discussions with Eastern Caribbean Currency Union’s (ECCU) regional institutions. Discussions focused on the outlook for 2003 and the policy responses needed to arrest the fiscal deterioration and to achieve consolidation over the medium term. Although the short-term outlook for growth appears weak given the external climate, the region can look toward benefits from deeper regional and global integration over the medium term. The IMF staff has also emphasized that structural reforms are needed to improve efficiency, in advance of new trade arrangements.
Keywords:
ISCR; CR; expenditure measure; government; IMF staff estimate; deficit; debt; debt stock; exchange rate; broad money; private sector; Public sector; Commercial banks; Credit; Caribbean; Global