working of financial system

May 28th, 2015
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Given the number of countries and extent of the problems the region requires a broad regional program of capacity building to strengthen public finance management to control fiscal deficits and debt. It is within this context that this project would seek to strengthen the capacity of the small island developing states of the Caribbean to effectively manage their public expenditure, revenue and debt to reduce the challenge that they present to achievement of the Internationally Agreed Development Goals (IADGs). At the last two Caribbean Development and Cooperation Committees (CDCC) intergovernmental meetings and Caribbean Development Roundtable (CDR), a number of ministers requested ECLAC’s assistance in dealing with challenge of fiscal imbalance and large debt burdens. Six countries were chosen as beneficiaries of the project (Antigua and Barbuda, Barbados, Belize, Guyana, Jamaica and St. Kitts and Nevis), based on the seriousness of their fiscal imbalances and debt, and limitations in

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AG. Strengthening the technical capacity of public finance managers in select Caribbean Small Island Developing States to manage their public finances ECLAC ($492,000)Background1.The recent global economic crisis was particularly severe on the economies of the Caribbean, especially those that depend heavily on services for their economic growth. The aggregate cost of the crisis for the region has been estimated at 13.5 per cent of Gross Domestic Product (GDP) in 2009 and for many economies, positive growth only occurred in 2011. Unlike many countries in Latin and Central America, governments of the region could not employ significant fiscal stimuli because they are constrained by limited fiscal space.2.It is important to note, however, that the reduced fiscal space has been a long standing problem that has only been aggravated by recent economic conditions. Chronic fiscal deficit leading to high public debt is one of the most important development challenges facing Caribbean Small Island Developing States (SIDS). For instance, the average fiscal deficit and public debt levels were 3.4 per cent and 84.4 per cent of GDP, respectively from 2000 to 2007. Moreover f

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