Dominica: First Review Under the Stand-By Arrangement and Requests for Extension of the Arrangement and for Waiver of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 293

Publication date: September 2003

ISBN: 9781451810790

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Topics covered in this book

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Banks and Banking , Exports and Imports , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , staff appraisal , staffs assessment , government , cash management system , approval of the budget , stand-by credit , Arrears , Fiscal stance , Debt service , Caribbean

Also of interest

Grenada

Peru

Nepal

Republic of Congo : 2001 Article IV

Summary

A 12-month Stand-By Arrangement was approved to help Dominica deal with external shocks, rising public debt, and a prolonged economic downturn. Discussions focused on the appropriate mix between adjustment and financing. The authorities will also continue to strengthen the public sector investment program (PSIP) and the social safety net. Dominica's debt dynamics present an important challenge that will require continued fiscal efforts and exceptional financial support. In light of the proposed strengthened program and decisive ownership, the IMF staff recommends completion of the first review and extension of the arrangement.