(MENAFN - Caribbean News Global)
USA/St Kitts and Nevis - The COVID-19 pandemic has hit the Eastern Caribbean Currency Union (ECCU) economy hard, and until it is brought under control, tourism activity will remain subdued and will, in turn, limit the strength of economic recovery.
The near-term policy imperative is to protect lives and livelihoods and limit potential scarring, while ensuring medium-term debt sustainability with strengthened fiscal frameworks and maintaining financial system stability, with a view to safeguarding the quasi-currency board system. Once the post-pandemic recovery takes hold, policies should focus on resuming fiscal consolidation, further strengthening the financial system, and accelerating other structural reforms to make the economy more competitive and resilient.
Government announces plans to strengthen its fiscal resilience
ST. JOHN’S, Antigua and Barbuda – 28
th January, 2021……The government of Antigua and Barbuda has developed a comprehensive fiscal strategy document designed to strengthen public finances over the medium term.
This announcement was made by Prime Minister the Hon. Gaston Browne during the presentation of the 2021 Budget to the House of Representatives on Thursday. He stated that fiscal strategy focuses on enhancing revenue performance, increasing efficiency in public spending, securing debt sustainability, and positioning the Government to meet its obligations in a more timely and predictable manner.
Key fiscal targets include:
ii. Overall deficit less than 1.5% of GDP by 2024
Date Time
IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies
The economic shock associated with the COVID-19 pandemic led to a sharp deterioration of fiscal and external balances in 2020 and is set to have long lasting effects on the regional economic outlook, with fiscal and external adjustments slower than previously anticipated.
Reforms to support a more diversified and inclusive growth, including by improving governance and the business climate, are critical to external sustainability and should gain momentum.
Washington, DC: On January 12, 2021, the IMF Executive Board concluded the annual discussions with the Central African Economic and Monetary Community (CEMAC) on Common Policies of Member Countries and Common Policies in Support of Member Countries Reform Programs [1] .
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