Download or read book Antigua and Barbuda Staff Report for the Article IV Consultation written by and published by . This book was released on 2007 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-07-17 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context. The new government that came to power in June 2014 inherited serious fiscal and external payments problems, including arrears to the Fund and other creditors, and unresolved banking sector problems. Moreover, public debt remains at an unsustainable level of close to 100 percent of GDP, while economic activity has been weak with output still well below the level reached at the time of the 2008/09 global financial crisis. Main policy recommendations • Implement fiscal measures equivalent to 2.8 percent of GDP in 2015 to tackle cash flow problems and achieve an underlying primary surplus of 3.0 percent of GDP by 2016 to address debt sustainability challenges. Underpin measures with structural fiscal reforms. • Use Citizenship by Investment Program revenues to pay down arrears and debt and fund bank resolution. The program should be managed in line with the high standards of governance and transparency set out in the law. • Move expeditiously as planned with the resolution of ABI Bank and support initiatives underway to strengthen the regional bank resolution framework, in particular, the passage of needed legislative reforms. • Improve competitiveness by moderating labor costs; increasing energy efficiency, including by better performance of the state-owned utility company; and improving the investment climate. Authorities’ views. The authorities broadly agreed with staff’s assessment of the economic situation and risks, and its recommendations to reduce fiscal vulnerabilities and strengthen the banking system. They were more optimistic about growth prospects for 2015 based on expectations for substantial FDI. They are opposed to increases in taxes and plan to focus fiscal efforts on cutting recurrent spending. On bank resolution, they wish to work closely with the Fund and World Bank to speedily address outstanding problems. They paid the arrears to the Fund and committed to timely servicing of Fund obligations. Data provision. Data provision is adequate for surveillance and post-program monitoring although significant areas for improvement remain, in particular on labor market statistics, measurement of arrears, financial information on state-owned enterprises, and national accounts by expenditure components.
Download or read book Antigua and Barbuda written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-05-30 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Antigua and Barbuda’s economy is on a gradual recovery path, following a sharp contraction in 2020 due to the COVID-19 pandemic. Higher food and fuel prices are adding to inflation, eroding real incomes, and exacerbating fiscal and external imbalances. The economy is projected to grow by 6 percent in 2022 supported by tourism and construction activity, but output will return to pre-pandemic levels only by 2025 due to scarring effects of the pandemic. Inflation is expected to accelerate to 81⁄2 percent in 2022, reflecting the pass-through of global prices to the domestic economy. Continued fiscal consolidation efforts and the growth recovery are bringing down the primary deficit and debt-to-GDP ratio, but gross financing needs are high and arrears continue to be accrued. The financial system has adequate capital and liquidity buffers, with stable NPLs so far, but private sector credit growth is weak. Further commodity price shocks, a sharper-than-expected slowdown in key trading partners, a resurgence of COVID, tighter global financial conditions, lower citizenship-byinvestment revenues, and the ever-present threat of natural disasters all represent material downside risks.
Download or read book Antigua and Barbuda written by Markus Rodlauer and published by . This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2024-01-23 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Antigua and Barbuda’s economy continues its solid expansion with growth projected at 5.7 percent for 2023. Tourism and construction activity have both been strong, with real activity expected to return to its pre-pandemic level during 2023. After reaching 9.2 percent at end-2022, inflation fell to 6.6 percent by August of this year, with core inflation steadily declining. The current account deficit widened to an estimated 16.2 percent of GDP in 2022 with higher tourism receipts more-than-offset by an increase in goods imports and a worsening in the terms of trade. The current account deficit is expected to fall to around 12 percent of GDP this year. The rebound in nominal GDP lowered public debt to 87 percent of GDP at end-2022, from 95 percent of GDP at end-2021. Nonetheless, gross financing needs are high, and there has been limited progress in resolving arrears to creditors and domestic suppliers. Financial sector balance sheets are healthy. However, credit union lending has continued to grow rapidly, albeit from a low base, raising concerns about future credit quality.
Download or read book Antigua and Barbuda written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2013-03-22 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book St Vincent and the Grenadines Staff Report for the Article IV Consultation written by and published by . This book was released on 2003 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Grenada Staff Report for the Article IV Consultation written by and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book St Lucia Staff Report for the Article IV Consultation written by and published by . This book was released on 2008 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda written by International Monetary Fund. Western Hemisphere Dept. and published by INTERNATIONAL MONETARY FUND. This book was released on 2013-03-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Antigua and Barbuda written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dominica Staff Report for the Article IV Consultation written by and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book St Kitts and Nevis Staff Report for the Article IV Consultation written by and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda 2006 Article IV Consultation written by Ranjit Teja and published by . This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-07 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global slowdown has severely affected Antigua and Barbuda’s economy through its impact on tourist arrivals, FDI inflows and remittances, and fiscal revenue. The recession and associated fiscal crisis coincides with already weak public finances and mounting problems in the financial sector. The authorities have taken decisive action to address the fiscal crisis and set the stage for a sustained recovery. The scope for restructuring public debt with domestic banks is limited, and financial sector reform is paramount.
Download or read book 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 written by International Monetary Fund and published by . This book was released on 2007-07-11 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antigua and Barbuda written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-07-10 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2007 Article IV Consultation highlights that macroeconomic outcomes for Antigua and Barbuda have strengthened significantly in recent years. Real GDP growth averaged 5 percent during 2003–05, and is estimated to have reached 12 percent in 2006. There has been progress in implementing broad structural reforms. On fiscal issues, the authorities intend to enhance revenue performance, including the introduction of a more flexible mechanism for retail fuel pricing in 2008. They also intend to improve the investment climate, reduce skill mismatches, exports, and deregulate telecommunications.
