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Western Hemisphere > Dominica

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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2026 Discussion on Common Policies of Member Countries-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper presents Eastern Caribbean Currency Union’s 2026 discussion on common policies of member countries. The currency union continues to serve as a strong anchor for macroeconomic stability in a shock-prone region, despite emerging pressures. Growth moderated to an estimated 2.8 percent in 2025, supported by construction but increasingly constrained by tourism capacity limits. Growth is projected to moderate further amid elevated downside risks. Real gross domestic product growth is projected to slow to 2.4 percent in 2026 as higher fuel and other import costs triggered by the war in the Middle East weigh on activity alongside binding tourism capacity limits. Strengthening union-wide institutional mechanisms to reinforce fiscal sustainability and resilience is a key policy priority. Deeper policy coordination would help preserve space for public investment and strengthen resilience. Rationalizing costly tax exemptions, especially in tourism, and strengthening social safety nets to reduce reliance on distortionary, untargeted fiscal responses to shocks would improve fiscal performance and efficiency.
Keywords:
Eccu country; country authorities; Eccu member; Cartac mission; Imf executive board; oil price; macroeconomics engagement; disaster preparedness; currency union; credit union; Credit; Financial sector stability; Loans; Caribbean; Global; Middle East
Cover Technical Assistance Reports
St. Kitts and Nevis: Technical Assistance Report-Report on National Accounts Statistics Mission (September 22-October 1, 2025)
International Monetary Fund. Statistics Dept.
The IMF-Caribbean Regional Technical Assistance Centre (CARTAC) conducted a technical assistance mission to St. Kitts and Nevis during September 22–October 1, 2025, at the request of the Statistics Division, to support the rebasing of Gross Domestic Product (GDP) and strengthen national accounts statistics. The mission reviewed data sources and compilation methods for production based GDP, identified methodological issues affecting the consistency and transparency of estimates, and assisted in developing preliminary rebased estimates using available data. Key areas of focus included construction, accommodation services, manufacturing activities, and government services, as well as the treatment of contract manufacturing and under coverage adjustments. The mission also provided guidance on improving the use of the Household Budget Survey, the Visitor Expenditure Survey, administrative data, and on strengthening volume measurement. Priority recommendations were formulated to support completion of the rebasing exercise, enhance documentation of sources and methods, and improve the sustainability and quality of St. Kitts and Nevis’s national accounts program.
Keywords:
National accounts; Gross domestic product; GDP rebasing; Production based GDP; Supply and use tables; Capacity development.; IMF publication; GDP estimate; price value added; CARTAC mission; statistics department; Financial statements; Fiscal governance; Public expenditure review; Caribbean
Cover IMF Staff Country Reports
Grenada: 2025 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2025 Article IV Consultation discusses that Grenada’s economy has proven resilient in the aftermath of Hurricane Beryl, despite elevated global uncertainties. Growth in 2025 is estimated to have accelerated to 4.4 percent, driven by strong investment and construction activity. Inflation has continued to moderate, reflecting easing global food and fuel prices. The effectiveness of Grenada’s post-disaster financing framework and prudent savings of recent citizenship-by-investment (CBI) revenues have provided space for continued investment in key development priorities. The financial sector remains stable, with a modest post-hurricane impact. The perimeter of the primary balance rule could be better aligned with the general government debt anchor. Capturing government off-budget and public on-lending-financed investments would help ensure the rule effectively restrains debt-creating spending. Improving quality of economic data and institutional capacity is critical to support informed policymaking. Data deficiencies contribute to uncertainty in policy analysis and economic forecasts.
Keywords:
investment project; reform priority; Imf executive board; financial system; producer price index; economic activity; Cartac TA; downside risk; Fiscal stance; Global; Caribbean; South America; Central America; Africa
Cover IMF Staff Country Reports
Dominica: 2025 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Dominica is a small developing state (SDS) facing large economic imbalances, natural disasters (NDs), and substantial development needs amid slowing potential growth. Its narrow economic base (ecotourism and agriculture) with limited downstream integration leaves it exposed to external shocks, which have pushed debt well above the regional 60 percent of GDP threshold, heightening debt distress risks. The country is highly reliant citizenship-by-investment (CBI) flows—that are susceptible to abrupt halts from evolving third-party security concerns— for reconstruction and strategic investment, which has raised the current account deficit during the building phase. With no independent monetary policy, fiscal policy is the primary policy tool, but weak institutional capacity hampers policy formulation, monitoring, and execution.
Keywords:
audit computer audit technique; update assessment of the ECCB; policy formulation; evaluation report; distress risk; policy execution; IMF's holding; Policy discussion; CBI inflow; debt projection; Credit; Public sector; Caribbean; Global
Cover Selected Issues Papers
Fiscal Sustainability and Natural Disaster Risks in the ECCU: ECCU
Sophia Chen
,
SPENCER SIEGEL
, and
Camilo E Tovar Mora
ECCU countries are highly vulnerable to recurring and increasingly severe natural disasters. Evidence suggests that severe natural disaster have negative impacts on fiscal balances and debt in the region. This underscores the need for comprehensive disaster resilience strategies to mitigate immediate economic losses, finance post-disaster needs, and safeguard fiscal sustainability.
Keywords:
Caribbean; ECCU; Fiscal Sustainability; Natural Disasters; natural disaster risk; Western Hemisphere department; ECCU member states; ECCU country; finance post-disaster; Fiscal stance; Fiscal stabilization
Cover Selected Issues Papers
Property Insurance Challenges in the ECCU: ECCU
Janne A Hukka
and
Jonas Nauerz
Property insurance affordability presents a growing challenge for the ECCU. With a high reliance on global reinsurance to manage risks in high-exposure products like property, the recent tightening of global reinsurance market conditions has largely passed through to local premiums and constrained capacity to extend coverage. The rising costs exacerbate the already acute non-and under-insurance challenges in the region. These can worsen the economic and fiscal impacts of natural disasters and, if further exacerbated, raise broader macro-financial stability risks by weakening asset quality and credit conditions. Enhancing the ECCU’S readiness to manage these risks calls for concerted efforts to strengthen insurance data collection, risk analysis, and regional supervision. These would inform the appropriate design and calibration of policies to help close protection gaps, contain future market pressures, and mitigate broader financial system risks.
Keywords:
Caribbean; ECCU; Property Insurance; Insurance Premium; Financial Supervision; insurance data collection; market condition; challenges in the region; risk analysis; Insurance; Insurance companies; Global
Cover Selected Issues Papers
ECCU CBI Programs: Regional Significance and Risks
Janne A Hukka
The Citizenship-by-Investment Programs (CBI) have long been recognized in their importance to fiscal revenue in the ECCU, but there is less clarity over their broader economic contributions. At the same time, investor demand in this market can be highly unpredictable, especially as the programs have come under increased international scrutiny. This paper takes stock of recent CBI developments in the ECCU and estimates that total investments under these programs far outweigh those directly contributing to government revenue. This underscores the need for ongoing regional efforts to reduce the CBI programs’ risk susceptibility as well as to strengthen management of residual risks, including through: (i) clearer provisions for CBI revenues’ budget use to mitigate fiscal risks; and (ii) enhanced transparency standards and ex-post assessments of CBI projects to inform regional best practices, assessments of the program’s systemic significance, and development of contingency plans.
Keywords:
Caribbean; ECCU; Citizenship-by-Investment; Foreign Direct Investment; Non-tax Government Revenue; CBI programs' risk susceptibility; CBI reform initiative; government CBI revenue; post assessments of CBI; CBI investment option; Contingency planning; Monetary unions; Tourism
Cover Selected Issues Papers
Powering the Future: Energy Transition Strategies for the ECCU
Peter Nagle
,
Camilo E Tovar Mora
, and
Diego A Gutierrez
Reducing energy dependence in the ECCU entails improving energy efficiency and shifting from fossil fuels to renewable energy. This energy transition will affect the transmission of and vulnerability to shocks (e.g., from natural disasters or commodity markets) while at the same time helping to reduce economic imbalances and enhance growth potential. Policymakers need to establish frameworks to maximize the benefits of the energy transition, while ensuring it is sustainable and equitable.
Keywords:
ECCU; Caribbean; Energy Transition; Oil Dependence; Economic Resilience; energy transition Strategies; reducing energy dependence in the ECCU; Western Hemisphere department; energy dependence; Oil; Electricity; Energy prices
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper examines the impact of the energy transition (ET) and strategies to achieve it in the Easter Caribbean Currency Union (ECCU). Reducing energy dependence in the ECCU entails improving energy efficiency and shifting from fossil fuels to renewable energy (RE). This ET is expected to affect the transmission of and vulnerability to shocks while at the same time helping to reduce economic imbalances and enhance growth potential. Policymakers need to establish frameworks to maximize the benefits of the ET, while ensuring it is sustainable and equitable. It is recommended that energy security must be central to the ECCU’s ET strategy for resilient economic growth. Additionally, policies for the ET in the ECCU must balance maximizing opportunities with minimizing adverse effects. Well-designed fiscal incentives can help accelerate the ET and attract private investment, but they must be fit for the ECCU. Strengthening energy regulatory frameworks with independent energy regulators is also vital to catalyze private sector investment in the ECCU. In addition, regional cooperation can play a key role in facilitating a successful ET.
Keywords:
ECCU CBI program; CBI reform initiative; property insurance; government CBI revenue; ECCU country; Insurance; Natural disasters; Insurance companies; Electricity; Oil; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper presents a detailed review report for the 2025 Discussion on Common Policies of Member Countries of the Easter Caribbean Currency Union (ECCU). The currency union has provided a strong anchor for macroeconomic stability. The ECCU has achieved a strong rebound from successive adverse shocks. Strong tourism performance and continued infrastructure investments have supported robust post-pandemic growth, while inflation has moderated in tune with global trends. Downside risks to the outlook are significant amid a highly uncertain external environment, where increased trade and geopolitical tensions could give rise to renewed inflationary pressures and disruptions to tourism and foreign direct investment inflows. High public debt, persistent current account deficits, and weaknesses in the local financial system amplify vulnerability to recurrent natural disaster shocks alongside the uncertain outlook for future Citizenship-by-Investment inflows. Enhancing financial system resilience and reducing persistent credit-frictions can support a more conducive environment for growth-supporting local investment. Strengthening economic data could significantly improve regional policy design and risk management.
Keywords:
policy uncertainty; staff appraisal; ECCU economy; tailoring policy; ECCU country; Financial sector stability; Monetary unions; Anti-money laundering and combating the financing of terrorism (AML/CFT); Loans; Caribbean; Global