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,

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

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 384

Publication date: October 2005

ISBN: 9781451810912

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , government , adjustment program , PRGF arrangement , public finance , PRGF , U , S , dollar , private sector , debt restructuring process , banking system , Fiscal stance , Credit , Commercial banks , Caribbean

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Republic of Congo : 2001 Article IV

Summary

This 2005 Article IV Consultation highlights that Dominica is recovering from the aftermath of an economic and financial crisis in 2001–02 when output contracted by 10 percent. The reform strategy has been successful. Economic growth has recovered to more than 3 percent a year and is set to record the second straight year of above average growth in 2005. Inflation declined in 2004 and remains subdued in 2005 despite the higher energy prices. Reflecting strong fiscal consolidation and a collaborative debt restructuring agreement, public finances are now on a firmer footing.