The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean

The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean
Author: Charles Amo Yartey
Publisher: International Monetary Fund
Total Pages: 48
Release: 2017-07-08
Genre: Business & Economics
ISBN: 1475536119

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This paper examines debt dynamics in the Caribbean and discusses policy options for reducing the high debt levels. Based on empirical studies of factors underlying global large debt reduction episodes, important policy lessons are drawn for the Caribbean. The analysis shows that major debt reductions are associated with strong growth and decisive and lasting fiscal consolidation efforts. Since growth in the current environment is virtually nonexistent, significant fiscal consolidation is inevitable in the region. Better control of the public wage bill, increasing public sector efficiency and tackling transfers are the obvious targets to reduce spending. On the revenue side, there is ample room to reduce tax expenditures, eliminate distortions while broadening the tax base. Fiscal consolidation needs to be complemented by a comprehensive debt reduction strategy including tax policy reforms and structural reforms to boost competiveness.


The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean
Language: en
Pages: 48
Authors: Charles Amo Yartey
Categories: Business & Economics
Type: BOOK - Published: 2017-07-08 - Publisher: International Monetary Fund

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This paper examines debt dynamics in the Caribbean and discusses policy options for reducing the high debt levels. Based on empirical studies of factors underly
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Caribbean economies face high and rising debt-to-GDP ratios that jeopardize prospects for medium-term debt sustainability and growth. This book provides a compr
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Categories: Business & Economics
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This paper presents background on Caribbean small states as context for the main paper, “Macroeconomic Issues in Small States and Implications for Fund Engage
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Type: BOOK - Published: 2018-04-26 - Publisher: International Monetary Fund

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