The impact of the 2009 tsunami on tourism and on the Samoan economy is likely to be substantial. The effectiveness of monetary transmission in Samoa has improved over time; however, it is still below international standards. The adverse impact of the crisis on the functioning of the banking...

St. Lucia faces significant policy challenges in the aftermath of Hurricane Tomas. It is experiencing an urgent balance of payments need that would result in a severe economic disruption. The government is focused on achieving medium-term debt sustainability. The policies outlined tackle urgent...

Sri Lanka’s 2005 Article IV Consultation reports that the fiscal deficit exceeded budget targets, and with a significant amount of government financing provided by the central bank, the growth in monetary aggregates increased, contributing to higher inflation. The near-term economic...

This paper reviews the Maldives’s Use of IMF Resources and Request for Emergency Assistance. The authorities have requested a purchase of an amount equivalent to SDR 4.1 million (50 percent of quota) under the IMF’s policy on emergency assistance related to natural disasters. The...

This paper evaluates Sri Lanka’s Request for Emergency Assistance. The Sri Lankan authorities have requested a purchase in an amount of SDR 103.35 million under the IMF’s policy for emergency assistance related to natural disasters. In line with IMF policy for Poverty Reduction and...

The January 2010 earthquake represented a major setback for Haiti, after several years of improved economic performance. Executive Directors commended the authorities for quickly restoring basic government functions and maintaining sound policies during the crisis. Directors welcomed the...

The fiscal impact of these policies will be significant, but donor support, improved revenue, and budget reallocations will contain domestic financing. The authorities have introduced several policies in response to the disasters. IMF staff supports the authorities’ request for a purchase...

This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the...

The Executive Board of the IMF has approved a disbursement of an amount equivalent to SDR 2.075 million under the Rapid Credit Facility for St. Vincent and the Grenadines to help the country manage the economic impact of Hurricane Tomas. The Board’s approval enables the immediate...

The Executive Board of the IMF on July 25, 2011, has approved a disbursement of an amount equivalent to SDR 1.245 million under the Rapid Credit Facility (RCF) for St. Vincent and the Grenadines to help the country meet the urgent balance-of-payments need caused by torrential rains, flooding,...