St. Vincent and the Grenadines [electronic resource] : 2012 Article IV Consultation.

Contributor(s):

International Monetary Fund

Material type: Text

text

Media type:

computer

Carrier type:

online resource

ISBN:

9781498355605
1498355609

Subject(s): Genre/Form:

Electronic books.

Additional physical formats: Print version:: St. Vincent and the Grenadines : 2012 article IV consultation.DDC classification:

338.9729844 23

LOC classification:

HC59.15.I15 No. 14/251eb

Online resources:

EBSCOhost

Abstract: KEY ISSUES Background: Activity is slowly recovering after a cumulative decline of about 5 percent during 2008-10. Expansionary fiscal policies--largely to counteract the impact of the global slowdown and the two successive natural disasters--led to a deterioration in fiscal balances, with public debt up by about 10 1/2 percent of GDP over this period. The fiscal deficit, however, is expected to narrow this year, largely reflecting cuts in capital spending. In the financial sector, non performing loans remain above prudential guidelines; provisioning and profitability are low; and supervision remains weak. Policy Challenges: Further fiscal consolidation--including by rebalancing government expenditure toward growth and employment generating public sector projects--is required to ensure medium-term sustained growth as well as keep public sector debt on a downward trajectory. In this regard, improving the efficiency of revenue collection and reducing current spending--specially on the wage bill, which is high relative to revenues--will be crucial to allow the government to maneuver fiscal policy. Financial sector weaknesses also need to be addressed, including through strengthening of supervisory and regulatory standards, to promote effective financial intermediation that supports private sector growth. Structural reforms, including infrastructure enhancements and labor market reforms are critical to improve competitiveness and ensure medium-term growth and current account sustainability.

Holdings ( 1 )
Title notes ( 6 )

Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode	Item holds
eBook	e-Library	EBSCO Business		Available

Total holds: 0

"August 2014."

"January 16, 2013"--Page 2 of pdf.

Includes bibliographical references.

KEY ISSUES Background: Activity is slowly recovering after a cumulative decline of about 5 percent during 2008-10. Expansionary fiscal policies--largely to counteract the impact of the global slowdown and the two successive natural disasters--led to a deterioration in fiscal balances, with public debt up by about 10 1/2 percent of GDP over this period. The fiscal deficit, however, is expected to narrow this year, largely reflecting cuts in capital spending. In the financial sector, non performing loans remain above prudential guidelines; provisioning and profitability are low; and supervision remains weak. Policy Challenges: Further fiscal consolidation--including by rebalancing government expenditure toward growth and employment generating public sector projects--is required to ensure medium-term sustained growth as well as keep public sector debt on a downward trajectory. In this regard, improving the efficiency of revenue collection and reducing current spending--specially on the wage bill, which is high relative to revenues--will be crucial to allow the government to maneuver fiscal policy. Financial sector weaknesses also need to be addressed, including through strengthening of supervisory and regulatory standards, to promote effective financial intermediation that supports private sector growth. Structural reforms, including infrastructure enhancements and labor market reforms are critical to improve competitiveness and ensure medium-term growth and current account sustainability.

Online resource; title from pdf title page (IMF Web site, viewed on August 26, 2014).

Added to collection customer.56279.3 - Master record variable field(s) change: 072