St. Kitts and Nevis: Fifth and Sixth Reviews Under the Stand-By Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Request for Waiver of Applicability; Staff Report; Press Release

International Monetary Fund

No 2014/049, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses St. Kitts and Nevis’ Fifth and Sixth Reviews under the Stand-By Arrangement (SBA), Request for Waiver of Nonobservance of Performance Criterion (PC) and Request for Waiver of Applicability. All fiscal program targets were met through the end of March 2013, partly thanks to strong receipts from the Citizenship by Investment program. However, the continuous PC on the nonaccumulation of government and guaranteed external arrears was missed by a minor amount because of temporary delays in payments. Three structural benchmarks were met at the end of December 2012 and the end of March 2013, while two benchmarks were met with delay. The IMF staff supports the authorities’ request for the completion of the fifth and sixth reviews under the SBA and the waiver of applicability.

Keywords: ISCR; CR; debt; Stand-by Arrangement; St. Kitts and Nevis' IMF quota; disbursement of an amount equivalent; waiver; Executive Board's discussion; liquid asset; debt service; short-term debt; Credit; Arrears; Caribbean (search for similar items in EconPapers)
Pages: 55
Date: 2014-02-18
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