Kingdom of the Netherlands-Aruba: 2010 Article IV Consultation Discussions-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of the Netherlands-Aruba

International Monetary Fund

No 2010/334, IMF Staff Country Reports from International Monetary Fund

Abstract: Aruba has an open economy with a history of stability-oriented macroeconomic policies. Adverse external shocks have led to a decline in tourism and disruption of oil refinery operations. Serious fiscal challenges need to be addressed and a fiscal adjustment program is needed to safeguard the sustainability of the public finances. Expenditure cuts and the central bank’s switch from a credit ceiling to an unremunerated reserves requirement as key policy tool is commended. The new monetary policy framework will likely increase the challenges to prudential regulation and supervision.

Keywords: ISCR; CR; discussion; staff appraisal; Aruba; Netherlands; letters to Aruba's commercial banks; policy stance; IMF staff representative; market share; Commercial banks; Loans; Tourism; Caribbean; Global (search for similar items in EconPapers)
Pages: 54
Date: 2010-10-29
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