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IMF Publishes Conclusions Of Article IV Consultation With Barbados,
by Amanda Banks, Tax-News.com, London
Friday, August 29, 2008
The International Monetary Fund (IMF) on Thursday published the conclusions
of the Article IV consultation undertaken by its Executive Board in Barbados
earlier this year.
Following a visit to the jurisdiction by an IMF mission in June, the consultation
was concluded on July 25, 2008, the Fund announced.
Commenting on the Barbadian economy, the IMF observed that it benefits from
strong institutions and social and political stability, adding that the country
has one of the highest per capita incomes in the region, compares favorably
on a wide range of social, political, and competitiveness indicators, and enjoys
an investment grade rating.
"These factors have helped Barbados become a prime location for high-end
tourism and offshore financial services. As a small and open economy, however,
Barbados lacks scope for diversification and is vulnerable to external shocks,"
the IMF report warned.
It continued:
"Barbados has weathered the global financial turmoil well, thus far, but
a deteriorating external environment is posing significant challenges to the
new government, elected in January. Fairly solid growth in 2007 continued through
the first quarter of 2008, driven by strong tourism activity and helped by improved
competitiveness vis-ŕ-vis Europe and Canada."
"However, as the global slowdown is increasingly taking hold of Barbados'
main trading partners, economic growth is expected to decline by 1 percentage
point to 2.25% in 2008. Inflation, which was kept low by price controls, is
projected to accelerate this year."
The IMF directors stated that they saw the main role for monetary policy as
containing the risk of entrenching inflation expectations, and deemed the current
policy stance to be appropriately tight.
The Financial Sector Assessment Program (FSAP) update was singled out for praise
by the IMF officials, who found that "the financial system remains resilient
in the face of the global turmoil".
To ensure that Barbados's financial sector continues to thrive, they encouraged
the authorities to address the identified weaknesses in its prudential oversight
and to implement the key recommendations of the FSAP update mission. In addition
to a number of important provisions to strengthen banking regulation and cross-border
cooperation, Directors recommended that priority be given to removing the gaps
in the supervision of the nonbank sector.
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