St. Vincent and the Grenadines: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for St. Vincent and the Grenadines

International Monetary Fund

No 2021/157, IMF Staff Country Reports from International Monetary Fund

Abstract: An explosive volcanic eruption that began on April 9 is hitting St. Vincent and the Grenadines hard, creating an urgent balance of payments need and a humanitarian crisis as the country continues to deal with the fallout from the global pandemic. The economy is estimated to have contracted in 2020 by 3.8 percent as tourism activity fell 70 percent. Before the eruption, economic growth was expected to be flat in 2021, as the global pandemic continued, and tourism remained depressed. While there is considerable uncertainty about the evolution of the eruption, staff estimate the infrastructure damage to exceed 20 percent of GDP and for the economy to contract by 6.1 percent in 2021 with agriculture and related sectors severely affected.

Keywords: St. Vincent and the Grenadines economy; Vincentian authorities; IMF support; expenditure measure; authorities plan; COVID-19; Balance of payments need; Natural disasters; Caribbean; Global (search for similar items in EconPapers)
Pages: 58
Date: 2021-07-19
New Economics Papers: this item is included in nep-isf and nep-mac
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