Dominica : Country Financial Accountability Assessment
Over the past five years, Dominica has experienced rising fiscal deficits and increasing debt levels, associated mainly with slow adjustment to declining growth rates, and an increase in commercial borrowing to finance public investments. In an eff...
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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/07/5348795/dominica-country-financial-accountability-assessment http://hdl.handle.net/10986/14506 |
| Summary: | Over the past five years, Dominica has
experienced rising fiscal deficits and increasing debt
levels, associated mainly with slow adjustment to declining
growth rates, and an increase in commercial borrowing to
finance public investments. In an effort to stabilize the
economy, the government entered into a Standby Arrangement
with the IMF in late August 2002. The implementation of the
stabilization program under this agreement was intended to
achieve a reduction in the government's deficit and to
eliminate all domestic arrears by the end of FY2003, however
performance to date has been questionable. With the IMF
Standby Arrangement in place, the rules governing financial
management are key to ensure that government spending
remains within the fiscal constraints currently facing the
economy. In tandem with this program, Dominica has requested
technical and financial assistance from the World Bank in
the form of an Economic Recovery Support Operation (ERSO).
This operation, currently under preparation, would support
the government's effort to regain economic
sustainability and promote growth while mitigating the
impacts of adjustment and protecting past social gains. |
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