Dominica: Staff Report for the 2005 Article IV Consultation, Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criterion, Financing Assurances Review, and Extension of Repurchase Expectations
IMF Staff Country Reports, October 26, 2005
Source details
- Canonical URL
- Dominica: Staff Report for the 2005 Article IV Consultation, Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criterion, Financing Assurances Review, and Extension of Repurchase Expectations
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Bibliographic details
- Published: October 26, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451810912.002
Economic context and recovery
- Dominica experienced an economic and financial crisis in 2001–02 when output contracted by 10 percent.
- The reform strategy has been successful, with economic growth recovering to more than 3 percent a year.
- Growth was set to record the second straight year of above average growth in 2005.
Inflation and prices
- Inflation declined in 2004 and remains subdued in 2005 despite the higher energy prices.
Fiscal position and debt
- Reflecting strong fiscal consolidation and a collaborative debt restructuring agreement, public finances are now on a firmer footing.
Subjects and keywords (as listed in the report)
- Subject: Banking, Commercial banks, Credit, Expenditure, Financial institutions, Fiscal policy, Fiscal stance, Money, Public debt
- Keywords: adjustment program, banking system, Caribbean, Commercial banks, CR, Credit, debt restructuring process, Fiscal stance, government, ISCR, PRGF, PRGF arrangement, private sector, public finance, U.S. dollar