Upload
julian-patrick
View
219
Download
0
Embed Size (px)
Citation preview
8/13/2019 IMF Caribbean Small States
1/22
8/13/2019 IMF Caribbean Small States
2/22
!"#$%%&"' )*"++ ),",&)
! $','",$-'"+ *-'&,"#. /0'1
"2234567 %8"#$%&''& )*&+,-.
9362:367 ;8 63? @6AB=2C636 162:3>A6?>
)/012013
4015/67)14/0 "06 /8258429 ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ;
3126 ?")13 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: @
)"54AA2"0B3C2)4?4) 87=025"A4=41423 :::::::::::::::::::::::::::::::::::::::::::::::::::::::: D
E5/91F "06 )/GC21414820233 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: HI
)F"===20E23 /? 62A1 40 1F2 )"54AA2"0 :::::::::::::::::::::::::::::::::::::::::::::::::: HJ
)/0)=734/03 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: !I
52?2520)23 ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: !!
A/K
DE /:BFG36 4H #6IB4?:F $?=G3:?J6 !4A2:?B6= ::::::::::::::::::::::::::::::::::::::::::::::::::::::: K
?4E7523
DE 1656F42A6?>= B? >C6 !:3B;;6:? :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: L
ME !:3B;;6:?N +4O 9347GJ>B5B>8 :?7 @BIC !4=>= ::::::::::::::::::::::::::::::::::::::::::::::::: DM
PE !:3B;;6:?N 9G;FBJ 16;> !4A24=B>B4? QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
1"A=23
DE +:>B? "A63BJ: :?7 >C6 !:3B;;6:? #6IB4?N )6F6J>67 $?7BJ:>43=R MSDM T934U6J>B4?=V ::::::::::::: W
ME !:3B;;6:? #6J6?> )45636BI? 16;> #6=>3GJ>G3B?I= :::::::::::::::::::::::::::::::::::::::::::: DX
8/13/2019 IMF Caribbean Small States
3/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 !
"#$%&'()$" +#' &,-%,"-.23 $/01 23245 25414671 839:;5
8/13/2019 IMF Caribbean Small States
4/22
!"#$%%&"' )*"++ ),",&)
@ $','",$-'"+ *-'&,"#. /0'1
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
_E "- -*& ,+M& -%M&U M+'. RPS'-$%&, %' -*& $&V%P' ,*+$& ,%M%N+$ &RP'PM%R R*+$+R-&$%,-%R,E,C68 :36 =A:FF 6J4?4AB6=R 5638 426? >4 B?>63?:>B4?:F >3:76R :?7 CBICF8 6Y24=67 >4 ?:>G3:F 7B=:=>63=
:?7 6J4?4ABJ =C4J`=E )A:FF?6== J4?=>3:B?= >C6 :JCB656A6?> 4H 6J4?4AB6= 4H =J:F6 :?7 6J4?4ABJ=26JB:FB[:>B4?E $? A4=> J4G?>3B6=R 6YJC:?I6 3:>6 36IBA6= :36 6HH6J>B56F8 HBY67R :?7 >CB= :33:?I6J4?=>B>G>6= : `68 24FBJ8 :?JC43E &Y>6?=B56 6ABI3:>B4? B? 36J6?> 76J:76= C:= F67 >4 >C6 3:2B7 I34O>4H 23B5:>6 36AB>>:?J6=R OCBJC B? =4A6 J4G?>3B6= 6YJ667 >C6 5:FG6 4H 6Y243>=E " ?GA;63 4H J4G?>6=26JB:FF8 >C6 =635BJ6Z;:=67 6J4?4AB6= :?7 &!!0R H:J6 5638 CBIC 76;> F656F= :?7 F4O I34O>CR OCBF6=4A6 B?7BI6?4G= ;:?`= C:56 =BI?BHBJ:?> J:2B>:F =C43>H:FF=E
1+LN& HT =+-%' "M&$%R+ +'# -*& )+$%LL&+' 5&V%P'W 3&N&R- 4'#%R+-P$,U !IH! XC$PY&R-%P',Z
-G>2G> ,3:76\19 263 )C:36 4H #6:F \19 !9$ !G336?> \34== 9G;FBJ \34== -26?6== )45636BI?
\19 942GF:>B4? !:2B>: +"! #6IB4? \34O>C $?HF:>B4? D] "JJ4G?> 16;> #6=6356= M] Tab*R !367B>T0) R ;BFEV TABFEV T0) V T263J6?>V T263J6?>V T263J6?>V Tc 4H \19V Tc 4H \19V Tc 4H \19V c 4H \19V #:>B?I P]
1*& )+$%LL&+' @[ DDT\ ]TI \UJ@@ ITH HT@ ;T\ B!;TH ]IT; !ITD HD@TH TTT%:C:A:=R ,C6 XEM SEW MPRWDd SED MEL DEL ZD_ES LME_ DSEP DSMEP %%%%:3;:74= WEL SEP D_RPSd SED SEd _EW ZdEK dSEW DdES K_EX %%%Z%6FB[6 DEL SEP WRPX_ SES MEP DEK ZMEP XDES DXEX DP_EP !\G8:?: MEX SEX PRLK_ SES PEd WE_ ZDWES _SEW PSE_ DWMEd EEEe:A:BJ: DLEP MEX LRLM_ SEP SEK dEM ZDDEd DWPEP KEL XSEX %Z)G3B?:A6 LED SEL KRPPK SED WES LEd ZSED DXE_ DdEL DDXEM %%Z,3B?B7:7 :?7 ,4;:I4 MPEX DEP DdRKPL SEW SEd KES XED PLEd WMED KXEK "Z&:=>63? !:3B;;6:? !G336?J8 0?B4? L] LE_ SE_ KRSPP SED SEd ME_ ZMSEL XKEX DKEd KLES EEE
"?IGBFF: SEP SES DdRPSd SES SEL WEd ZDDSES MDEM DPEL XdLEd EEE"?>BIG: :?7 %:3;G7: DEM SED DPRWSD SES DES PES ZDDEW KdEX DWEd DSdED EEE14AB?BJ: SEL SED dRSMM SES SEW PE_ ZDPEP dMEP DdE_ KMEW EEE\36?:7: SEK SED XRDPP SES SEL MEW ZMMEP DSLEW DPEK dDES %Z*4?>=633:> SED SES DMRXML SES MES WES ZddEd WEP P_EK M_KEW EEE)>E fB>>= :?7 '65B= SEd SED DMRX_K SES SES DEK ZDdED DWWEK PLEW dLEL EE)>E +GJB: DEP SEM dRLSK SES SEd MEM ZMWES dXEd DdE_ DDMES EEE)>E gB?J6?> :?7 >C6 \36?:7B?6= SEd SED _RLPd SES DEM SEX ZMdEP _XEP DPEX XMEL %b
=+-%' "M&$%R+ +'# -*& )+$%LL&+' JU]!! J^@T; \U]\! HIITI ;T! JT^ BHT] @\TH H;T\ @@TJ EEE
)4G3J6=N F44` T/:FF MSDMVh $?>63?:>B4?:F /B?:?JB:F )>:>B=>BJ=h :?7 $*/ =>:HH J:FJGF:>B4?=E
D] &?7Z4HZ263B47R DMZA4?>C 263J6?> JC:?I6EM] +:>6=> :5:BF:;F6 7:>:EP] *67B:? 3:>B?I= 2G;FB=C67 ;8 *4478i=R )j9R :?7 /B>JCEW] ,C6 !:3B;;6:? B?JFG76= ,C6 %:C:A:=R %:3;:74=R %6FB[6R \G8:?:R e:A:BJ:R )G3B?:A6R ,3B?B7:7 :?7 ,4;:I4R :?7 &!!0E \19 :?7 242GF:>B4? :36 =GA= 4H
B?7B5B7G:F J4G?>3B6=E -G>2G> =C:36 4H +"! 36IB4?R 36:F \19 I34O>CR !9$ B?HF:>B4?R JG336?> :JJ4G?>R I34== 2G;FBJ 76;>R I34== 36=6356=R :?7 >3:76 426?6== :36=BA2F6 :563:I6=E
L] &!!0 B?JFG76= "?IGBFF:R "?>BIG: :?7 %:3;G7:R 14AB?BJ:R \36?:7:R *4?>=633:>R )>E fB>>= :?7 '65B=R )>E +GJB:R :?7 )>E gB?J6?> :?7 >C6 \36?:7B?6=E
8/13/2019 IMF Caribbean Small States
5/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 J
?%VS$& HT 6&O&NP_M&'-, %' -*& )+$%LL&+'
)4G3J6=N F44` T/:FF MSDMVh $?7BJ:>43=h 1B36J>B4? 4H ,3:76)>:>B=>BJ=h !:3B;;6:? ,4G3B=A -3I:?B[:>B4?h :?7 $*/ =>:HH J:FJGF:>B4?=E
SEDS
SEDL
SEMS
SEML
SEPS
SEPL
SEWS
DKXS DKXW DKXX DKKM DKK_ MSSS MSSW MSSX 934UEMSDM
&!!0->C63 !:3B;;6:? T>4G3B=A Z;:=67V->C63 !:3B;;6:? TJ4AA47B>8 6Y243>63=V
E6C _&$ )+_%-+ XCCCZT3:>B4 >4 0E)E \19 263 J:2B>:V
Z_
ZW
ZM
S
M
W
_
X
MSSX MSSK MSDS MSDD 934UE MSDM
&!!0
,4G3B=AZ ;:=67 6J4?4AB6=
5&+N E6C E$P`-*T263J6?>V +:>B? "A63BJ: :?7 >C6!:3B;;6:?
!4AA47B>86Y243>63=
Z_
ZW
ZM
S M W _ X
DS
MSSS MSSD MSSM MSSP MSSW MSSL MSS_ MSSd MSSX MSSK MSDS MSDD
1PS$%,- "$$%O+N, E$P`-* T263J6?>V
S
D
M
P
W
L
_
d
X
K
DS
+:>B? "A63BJ:j !:3B;;6:? +4O $?J4A6 *B77F6$?J4A6 &!!0 ->C63!:3B;;6:?
9P$a&$,b 5&M%--+'R&, 5&R&%OU !IHI T263J6?> 4H \19V
S
MS
WS
_S
XS
DSS
DMS
DWS
D_S
DXS
MSS
",\ %@) %#% %+k 1*" \#1 \0. e"* f'" +!" g!, )0# ,,-
2c_P$- G+$a&- 3*+$&U !IHHT263J6?> 4H O43F7 BA243>=R DKKSlDSSV
ZPL
ZML
ZDL
ZL
L
DL
ML
MSSD MSSM MSSP MSSW MSSL MSS_ MSSd MSSX MSSK MSDS MSDD 934UEMSDM
"?>BIG: %:C:A:= %:3;:74=14AB?BJ: \36?:7: )>E gB?J6?>
)S$$&'- "RRPS'- A+N+'R&T263J6?> 4H \19V
!"#$%%&"' )"* %&&' +&,,$'+ -..# ./ #&0&', 1&0"1&*2 3#.4,) )"* %&&' &56*$/& $' '.' 7 0.88.1$,9 -#.160$'+
*,",&*2
:.6#$*8 +#.4,) )"* %&&' #",$0 "'1 4.#*&'&1 %9 #&0&', *).0;*2
8/13/2019 IMF Caribbean Small States
6/22
!"#$%%&"' )*"++ ),",&)
D $','",$-'"+ *-'&,"#. /0'1
)"54AA2"0B3C2)4?4) 87=025"A4=41423*GJC 4H >C6 236==G36 4? >C6 36IB4?m= HB?:?J6= J:? ;6 FB?`67 >4 ?:>G3:F 43 HB?:?JB:F 7B=:=>63=E
0+-S$+N 6%,+,-&$,
dE 1*& )+$%LL&+' %, P'& PQ -*& MP,- #%,+,-&$B_$P'& $&V%P', %' -*& `P$N#TW #:=AG==6?TMSS_V HB?7= >C:> >C6 =BY &!!0 J4G?>3B6= 3:?` B? >C6 >42 DS A4=> 7B=:=>63 234?6 J4G?>3B6= B? >O43F7 OC6? J4?=B763B?I 7B=:=>63= 263 F:?7 :36: 43242GF:>B4?E ,C6 36=> 4H >C6 !:3B;;6:? B= ?4> H:3;6CB?7R OB>C :FF >C6 J4G?>3B6= :A4?I >C6 >42LS C4> =24>=E -563 >C6 F:=> _S 86:3=R >C6 !:3B;;6:?J4G?>3B6= C:56 =GHH6367 H34A DXd ?:>G3:F 7B=:=>63=RA4=> 4H >C6A >342BJ:F J8JF4?6= TG=G:FF8
CG33BJ:?6=VR :?7 HF447=EL
,C6 H36nG6?J8 4H7B=:=>63= 5:3B6= =BI?BHBJ:?>F8 OB>CB? >C6 !:3B;;6:?ROB>C e:A:BJ: :?7 >C6 %:C:A:= C:5B?I >C6 CBIC6=>234;:;BFB>8 4H : CG33BJ:?6 =>3B`B?I B? :?8 IB56?86:3E_ @4O6563R H43 A4=> J4G?>3B6= >C6 234;:;BFB>84H : CG33BJ:?6 B= CBICR :;456 DS 263J6?> 263 86:3E
XE 1*& RP,-, +,,PR%+- `%-* -*& Q$&dS&'- $&RS$$&'R& PQ '+-S$+N #%,+,-&$, +$& *%V*T )B?J6>C6 6:3F8 DK_S=R >C6 !:3B;;6:? C:= 6Y263B6?J67 F4==6= 6nGB5:F6?> >4 :FA4=> D 263J6?> 4H \19 4?:563:I6 B? 7:A:I6= 6:JC 86:3E $? :77B>B4?R DEL 263J6?> 4H >C6 242GF:>B4? C:= ;66? :HH6J>67 6:JC86:3R :?7 ?:>G3:F 7B=:=>63= C:56 >:`6? >C6 FB56= 4H DRPWL 2642F6 4563 >C6 2:=> _S 86:3=E ,C6 6J4?4AJ4=>= 4H >C6 7B=:=>63= B= 4? >C6 3B=6E +4==6= C:56 3B=6? H34A SEK 263J6?> 4H \19 263 86:3 B? >C6 D:?7 DKKS= >4 DEP 263J6?> 4H \19 B? >C6 MSSS=Ed
W $? >CB= :?:F8=B=R >C6 !:3B;;6:? B= J4A23B=67 4HN "?>BIG: :?7 %:3;G7:R ,C6 %:C:A:=R %:3;:74=R %6FB[6R 14AB?BJ:R\36?:7:R \G8:?:R e:A:BJ:R )>E fB>>= :?7 '65B=R )>E +GJB:R )>E gB?J6?> :?7 >C6 \36?:7B?6=R )G3B?:A6R :?7 ,3B?B7:7 :?7,4;:I4EL ,C6 7:>: 4? ?:>G3:F 7B=:=>63= J4A6= H34A &*Z1",E /43 : 7B=:=>63 >4 ;6 B?JFG767 B? >CB= 7:>:;:=6 :> F6:=> 4?6 4H >C6H4FF4OB?I J3B>63B: AG=> ;6 A6>N TBV :> F6:=> DS 2642F6 `BFF67R TBBV :> F6:=> DSS 2642F6 :HH6J>67R 43 TBBBV : =6A63I6?J8 O:= 76JF:367 43 : J:FF H43 B?>63?:>B4?:F :==B=>:?J6 O:= A:76E
_ ,C6 234;:;BFB>8 4H : 7B=:=>63 B= J:FJGF:>67 :==GAB?I >C:> >C6 CG33BJ:?6 :33B5:F 234J6== H4FF4O= : 94B==4? 7B=>3B;OB>C :33B5:F 3:>6 R OC636 B= >C6 :563:I6 ?GA;63 4H CG33BJ:?6= 263 86:3 =B?J6 DKLSEd ,:;F6 W B? >C6 A:B? 2:263 =C4O= >C:> >C6 :563:I6 F4== B? =A:FF 63? @6AB=2C636 J4G?>3B6= O:= PEP 263J6?> 4H\19 7G3B?I >C6 DKXdoMSDD 263B47E ,C6 7BHH636?J6 OB>C >C6 ?GA;63= 236=6?>67 C636 J:? ;6 6Y2F:B?67 ;8 >O4 H:J>43=BV ,:;F6 W J:FJGF:>6= =BA2F6 :563:I6= OCBF6 >C6 ?GA;63= 236=6?>67 :;456 :36 O6BIC>67 :563:I6= H43 >C6 !:3B;;6:?RBBV B> B= 24==B;F6 >C:> >C6 :G>C43= 4H >C6 A:B? 2:263 B?JFG767 0)^D ;BFFB4? B? 7:A:I6= >4 )>E +GJB: B? DKXX >C:>&*Z1", 7:>:;:=6 ;G> B= 6334?64G=E
WEddE_
XEKXEK
DSEMDSEM
DMEdDLEDDLED
DdEMDdEM
MSEMMPE_
S L DS DL MS ML
*4?>=633:>"?IGBFF:\36?:7:
,3B?B7:7 :?7 ,4;:I4%:3;:74=
)>E fB>>= :?7 '65B=)>E gB?J6?>
"?>BIG: :?7 %:3;G7:14AB?BJ:
%6FB[6)>E +GJB:
%:C:A:=e:A:BJ:
C$PL+L%N%-. PQ + FS$$%R+'& 3-$%a%'V P' + E%O&' V
)4G3J6=N &*Z1",h :?7 $*/ =>:HH J:FJGF:>B4?=E
8/13/2019 IMF Caribbean Small States
7/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 ]
KE 3%M%N+$N.U -*& &QQ&R-, PQ '+-S$+N #%,+,-&$, P' V$P`-* +'# #&L- +$& +N,P ,%V'%Q%R+'-T $?36J6?> =>G7B6= 4? >C6 !:3B;;6:?R )>34;F TMSDMV HB?7= >C:> >C6 :563:I6 CG33BJ:?6 367GJ6= 4G>2G> ;?6:3F8 D 263J6?>E "J65674 TMSDPV =C4O= >C:> A4763:>6 =>43A= 367GJ6 I34O>C ;8 C:FH : 263J6?>:I624B?>R OCBF6 =65636 4?6= C:56 :? BA2:J> JF4=6 >4 D 263J6?>:I6 24B?>E "J65674 :F=4 HB?7= >C:> B? >C6&!!0R >C6 76;> >4 \19 3:>B4 I34O= H:=>63R ;8 :FA4=> L 263J6?>:I6 24B?>= >C6 86:3 : =>43A =>3B`6=ROB>C : JGAGF:>B56 76;> B?J36:=6 4H L 263J6?> 4H \19 H6O 86:3= F:>63E
?%'+'R%+N 3&R-P$ 4,,S&,
DSE 1*& Q%'+'R%+N ,&R-P$ %' -*& )+$%LL&+' %, N+$V& $&N+-%O& -P &RP'PM%R ,%e& +'# %,#PM%'+- L. L+'a,T ,4>:F :==6>= 4H >C6 HB?:?JB:F =8=>6A= B? >C6 36IB4? :563:I67 PMS 263J6?> 4H\19R OB>C DWK 263J6?> 4H \19 C6F7 ;8 ;:?`=E "J34== >C6 36IB4?R >C636 B= : =>34?I 236=6?J6 4H!:?:7B:? ;:?`=R OCBJC 4263:>6 := =G;=B7B:3B6=R := O6FF := 36IB4?:F HB?:?JB:F J4?IF4A63:>6= OB>CC6:7nG:3>63= B? %:3;:74= :?7 ,3B?B7:7:?7 ,4;:I4E )4A6 J4G?>3B6= =>:?7 4G> :=
C:5B?I F:3I6 J367B> G?B4? =6J>43=T*4?>=633:>R 14AB?BJ:VR 43 5638 F:3I64HH=C436 ;:?`B?I =6J>43 T*4?>=633:>R%:3;:74=R "?>BIG:R )>E +GJB:VE $? >C6&!!0R >C636 :36 =65636 F4?IZ=>:?7B?IO6:`?6==6= :J34== :FF =G;Z=6J>43= 4H >C6HB?:?JB:F =8=>6AR A4=> 4H >C6A 344>67 B?2443 =G2635B=B4?E $? >C6 36=> 4H >C6!:3B;;6:?R HB?:?JB:F =6J>43 O6:`?6==6=:36 F:3I6F8 2365:F6?> B? >C6 B?=G3:?J6
=6J>43R OCBJC 36=GF>67 H34A >C6 MSSKJ4FF:2=6 4H : F:3I6 HB?:?JB:FJ4?IF4A63:>6R !+ /B?:?JB:FE
:)& %"';$'+ *9*,&8
DDE 4' -*& L+'a%'V ,.,-&MU -*& Q+%NS$& PQ %'#%V&'PS, L+'a, %' -*& 2))7 %, -*& M+%' $%,a -P-*& $&V%P'f, Q%'+'R%+N ,&R-P$U +'# + M+YP$,PS$R& PQ ,-$&,, -P -*& RS$$&'R. S'%P'T ,C674AB?:?J6 4H H436BI? ;:?`=R A4=>F8 ;3:?JC6=4H !:?:7B:? ;:?`=R C:= ;66? : =4G3J6 4H=>:;BFB>8 7G3B?I >C6 IF4;:F HB?:?JB:F J3B=B= 7G6 >4J4?=635:>B56 ;:?`B?I :?7 =4G?7 =G2635B=B4?:?7 36IGF:>B4?E $? J4?>3:=>R B?7BI6?4G= ;:?`=:36 =>3GJ>G3:FF8 O6:`E 9443 3B=` A:?:I6A6?>23:J>BJ6=R J4G2F67 OB>C B?:76nG:>6 =G2635B=B4?:?7 36IGF:>B4?R C:56 F67 >4 J:2B>:F =C43>H:FF= B?A4=> B?7BI6?4G= ;:?`= >C636;8 B?J36:=B?I
S
L
DS
DL
MS
% 6 F B [ 6
) > E +
G J B :
" ? >
B I G :
% : C : A : =
% : 3
; : 7 4 =
1 4 A
B ? B J :
) > E f
B > > =
\ 3 6 ? :
7 :
* 4 ? > = 6 3 3 : >
) G 3 B ? : A 6
) > E g
B ? J 6 ?
>
e : A : B J :
\ G 8 : ? :
, 3 B ? B 7 : 7
0P'BC&$QP$M%'V =P+',U !IH! g; HT$? 263J6?> 4H >4>:F F4:?=V
D 1:>: H43 %:C:A:= B= := 4H MSDM pMh 7:>: H43 %:3;:74= :?7 )G3B?:A6 B= := 4H MSDM pDE
S
DSS
MSS
PSS
WSS
LSS
_SS
dSSXSS
" ? I G B
F F :
" ? >
B I G :
1 4 A
B ? B J :
\ 3 6 ? :
7 :
* 4 ?
> = 6 3 3 :
>
) > E f
B > > =
) > E +
G J B :
) > E g
B ? J 6 ? >
% 6 F B [ 6
\ G 8 : ? :
e : A : B J :
, 3 B ? B 7 : 7
) G 3 B ? : A 6
% : 3 ; : 7 4 =
%:?`=!367B> G?B4?=$?=G3:?J6 J4A2:?B6=-HH=C436 ;:?`=
)+$%LL&+'W ?%'+'R%+N 3&R-P$ 3-$SR-S$&H[ !"# %&'() *+ ,-./ )*)01 022&)2/ 45657
8*9'(&2: ;
8/13/2019 IMF Caribbean Small States
8/22
!"#$%%&"' )*"++ ),",&)
^ $','",$-'"+ *-'&,"#. /0'1
HB?:?JB:F =6J>43 5GF?63:;BFB>B6=E #6HF6J>B?I >C6 BA2:J> 4H >C6 HB?:?JB:F J3B=B=R :==6>= C:56 ;6BA2:B367 ;8 O6:` :J>B5B>8R 6Y24=G36= >4 F:3I6 ;4334O63= :?7 B? 4?6 J:=6 H3:G7GF6?> :J>B5B>8E ,C6F:3I6=> B?7BI6?4G= ;:?` TB? "?>BIG:V O:= 36J6?>F8 B?>6356?67E $? >C6 36=> 4H >C6 !:3B;;6:?R >C6 ;:?`=C:56 O6:>C6367 >C6 J3B=B= :?7 36A:B? 5638 O6FF J:2B>:FB[67R :F>C4GIC B?J36:=B?I '9+= J4?>B?G6 >463476 >C6B3 J:2B>:F ;:=6E
DME 1*& 4?4, +'# -*& 2))7 +S-*P$%-%&, *+O& S'#&$-+a&' +' %'B#&_-* +,,&,,M&'- PQ -*&L+'a%'V ,&R-P$ %' -*& 2))7 +'# PQ -*& $&QP$M, '& -P ,-$&'V-*&' %-T " U4B?> HB?:?JB:F >:=`H43J6 O:= =6> G2 B? '456A;63 MSDD >4 :==6== >C6 =4G?7?6== 4H >C6 HB?:?JB:F =6J>43 :?7 A:`636J4AA6?7:>B4?= H43 BA2345B?I >C6 36IGF:>438 :?7 =G2635B=438 H3:A6O43` H43 ;:?`=R 36=4F5B?IJG336?> ;:?` O6:`?6==6= :?7 =>36?I>C6?B?I >C6 J3B=B= A:?:I6A6?> H3:A6O43`E ,C6 >:=` H43J6B==G67 B>= 36J4AA6?7:>B4?= B? MSDM :?7 >C6 /G?7 C:= G3I67 >C6 &:=>63? !:3B;;6:? !6?>3:F %:?`T&!!%V :G>C43B>B6= >4 >:`6 76JB=B56 :J>B4?= >4 BA2F6A6?> >C6=6 36J4AA6?7:>B4?=E
DPE /-*&$ RPS'-$%&, %' -*& $&V%P' +N,P '& -P ,-$&'V-*&' L+'a $&VSN+-P$. +'# ,S_&$O%,P$.
Q$+M&`P$a,R B?JFG7B?I ;8 B?>347GJB?I J4?=4FB7:>67 =G2635B=B4? 4H HB?:?JB:F J4?IF4A63:>6= :?7=>36?I>C6?B?I :==6> JF:==BHBJ:>B4? :?7 2345B=B4?B?I ?43A= >4 36HF6J> A436 J4336J>F8 >3G6J:2B>:FB[:>B4?E $? =4A6 J:=6=R =G2635B=438 23:J>BJ6= :36 C:A26367 ;8 B?=GHHBJB6?> ?GA;63= 4H =`B=G2635B=43=R H36nG6?> >G3?4563 4H =>:HHR :?7 F:J` 4H B?7626?76?J6 H34A 24FB>BJ:F F6:763=E
:)& '.'%"';$'+ *9*,&8
DWE )$%- S'%P', +$& %M_P$-+'- _N+.&$, %' -*& Q%'+'R%+N ,&R-P$ #S& -P -*&%$ *%V*_&'&-$+-%P' +'#U %' ,PM& RPS'-$%&, N+$V& +,,&-,T ,C636 :36 4563 PWS J367B> G?B4?= B? >C6 36IB4?ROB>C 4563:FF :==6>= 4H :34G?7 X 263J6?> 4H 36IB4?:F \19 :> 6?7ZMSDSE -563 4?6 >CB37 4H >C6 36IB4?m
242GF:>B4? B= : A6A;63R :?7 ?6:3F8 >O4 >CB37= B? &!!0 J4G?>3B6=E $? >63A= 4H :==6>=R J367B> G?B4:36 5638 F:3I6 B? =6F6J>67 J4G?>3B6=R B?JFG7B?I *4?>=633:> T__ 263J6?> 4H \19VR 14AB?BJ: TPK 263J64H \19VR OCBF6 >C6B3 :==6>= B? %6FB[6R %:3;:74=R \36?:7:R )>E gB?J6?> :?7 )>E +GJB: 3:?I6 H34ADPoDK 263J6?> 4H \19E
DLE 1*& %',S$+'R& ,&R-P$ %, N+$V& $&N+-%O& -P _P_SN+-%P'E ,C6 F:3I6=> B?=G3:?J6 =6J>43= :36 B?%:3;:74=R e:A:BJ:R :?7 ,3B?B7:7 :?7 ,4;:I4R :F>C4GIC B?=G3:?J6 HB3A= :36 OB76=236:7 B? >C6 &!!0T_D B?=G3:?J6 J4A2:?B6=R 43 DS 263 DSSRSSS B?C:;B>:?>=R DS >BA6= >C6 3:>B4 4H !:?:7:R e:A:BJ: 439:?:A:VE ,C636 :36 J4?J63?= :;4G> >C6 =4G?7?6== :?7 234HB>:;BFB>8 4H >C6 B?=G3:?J6 J4A2:?B6= B?>C6 &!!0R :?7 OC6>C63 >C6 B?7G=>38 J:? ;6 234263F8 =G2635B=67E
D_E 4' M+'. ,M+NN )+$%LL&+' ,-+-&,U 'P'L+'a %',-%-S-%P', +$& V&'&$+NN. _PP$N. R+_%-+N%eUL+#N. ,S_&$O%, +'# *+O& $S#%M&'-+$. $%,a M+'+V&M&'- _$+R-%R&,T BJGF:3F8 ;8 >C6 MSSK H:BFG36 4H : F:3I6 36IB4?:F B?=G3:?J6 J4?IF4A63:>6 T%4Y DV=>6A H34ACB>C63>4 2443 36IGF:>B4? :?7 =G2635B=B4? ;8 >C6 J4G?>38 :G>C43B>B6=R 2443F8 >3:B?67 =>:HH :?7 26?H43J6A6?>E ,C6 36IB4? C:= 4?F8 36J6?>F8 =>:3>67 >4 A:`6 234I36== B? :7736==B?I 36IGF:>438 :?7=G2635B=438 O6:`?6==6= B? >C6 ?4?;:?` =6J>43E )G2243>67 ;8 6Y>6?=B56 >6JC?BJ:F :==B=>:?J6 H34A!"#,"! :?7 4>C63 74?43=R A4=> 4H >C6 !:3B;;6:? J4G?>3B6= C:56 A4567 >4 =>36?I>C6?N TBV >C6
8/13/2019 IMF Caribbean Small States
9/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 \
36IGF:>438 H3:A6O43` H43 J367B> G?B4?= T&!!0Vh TBBV >C6 36IGF:>438 H3:A6O43` H43 >C6 B?=G3:?JF6IB=F:>B4? >4 :7736== >C6 O6:`?6==6= >C:> F67 >4 >C6 J4FF:2=6 4H !+$!- :?7 %"$!- T&!!0R ,3B?B7:7:?7 ,4;:I4Vh :?7 TBBBV >C6 =G2635B=438 H3:A6O43` H43 :FF ?4?;:?`=R OB>C >C6 =6>oG2 4H >C6 /B?:?JB)635BJ6= "G>C43B>B6= >C:> O4GF7 36IGF:>6 :FF ?4?;:?`B?I B?=>B>G>B4?= T&!!0R %:3;:74=VE @4O656=A:FF =J:F6 B? OCBJC >C6 =G2635B=438 :G>C43B>B6= 4263:>6 A6:?= >C68 H:J6 =65636 CGA:? 36=4G3J6J4?=>3:B?>= :?7 J4?>B?G67 6Y24=G36 >4 24FB>BJ:F B?>63H636?J6R :?7 OBFF FB`6F8 23656?> J4?=4FB7:>=G2635B=B4? 4H >C4=6 B?=>B>G>B4?= >C:> C:56 J34==Z;43763 236=6?J6E
APc HT ?+%NS$& PQ 5&V%P'+N 4',S$+'R& )PM_+'%&,
1*& j+'S+$. !II\ RPNN+_,& PQ -*& 1$%'%#+# +'# 1PL+VPBL+, )= ?%'+'R%+N E$PS_ `+, + M+YP$Q%'+'R%+N ,*PRa -P -*& )+$%LL&+' $&V%P'T !+ /B?:?JB:Fm= B?=G3:?J6 =G;=B7B:3B6=q!4F4?B:F +BH6 $?=G3:?J6!4A2:?8 T!+$!-V :?7 %3B>B=C "A63BJ:? $?=G3:?J6 !4A2:?8 T%"$!-V O636 :J>B56 B? :FF DL !"#$!-*=>:>6= 6YJ62> H43 e:A:BJ: :?7 @:B>BE ,C6=6
=G;=B7B:3B6= 4HH6367 7624=B>ZFB`6 :??GB>8 2347GJ>=OB>C 5638 CBIC 36>G3?= OCBF6 65:7B?I =>3BJ>63;:?`B?I 36IGF:>B4? :?7 =G2635B=B4?R :?7 B?56=>67>C6=6 36=4G3J6= B? 36:F 6=>:>6 :?7 4>C63 :==6>= >C:>O636 :7563=6F8 :HH6J>67 ;8 >C6 3:2B7F876>63B43:>B?I IF4;:F 6J4?4ABJ J4?7B>B4?= B? MSSXE,C6 J4FF:2=6 36HF6J>67 : O6:` B?=G3:?J6 36IGF:>4386?5B34?A6?> :?7 >C6 3:2B7 76>63B43:>B4? B? >C6IF4;:F 6J4?4A8R :?7 F6H> : C4F6 4H :;4G>Pr 263J6?> 4H \19 4? :563:I6 :J34== !:3B;;6:?J4G?>3B6=R ;G> := CBIC := DM 263J6?> B? ,3B?B7:7 :?7,4;:I4 :?7 DS 263J6?> 4H \19 B? &!!0 J4G?>3B6=E
1*& $&,PNS-%P', PQ )=4)/ +'# A"4)/ +$& ,-%NN P'VP%'V +'# ,-$+-&V%&, *+O& #%QQ&$ +MP'VRPS'-$%&,T $? UG3B=7BJ>B4?= OB>C =A:FF 6Y24=G36= T%:C:A:=R %6FB[6R \G8:?:R )G3B?:A6VR >C6 H:BF67J4A2:?B6= O636 6B>C63 FBnGB7:>67 43 =4F7E $? J4G?>3B6= OB>C F:3I63 6Y24=G36=N TBV !+$!- ,3B?B7:7 :?7,4;:I4 C:= 36J6?>F8 ;66? 36=4F567R OB>C F4?IZ>63A ;4?7= B==G67 ;8 >C6 I4563?A6?> 4H ,3B?B7:7 :?7,4;:I4 >4 C4F763= 4H B>= 7624=B>ZFB`6 4;FBI:>B4?= Ts:??GB>B6=tVh TBBV >C6 36=4FG>B4? 4H !+$!- %:3;:74=>:FF67 :H>63 =6563:F 42>B4?= J4?=B76367 >4 7:>6 >G3?67 4G> >4 ;6 B?H6:=B;F6R :?7 >C6 :G>C43B>B6= :36 ?7B=JG==B?I :F>63?:>B56 36=4FG>B4? 42>B4?=h :?7 TBBBV >C6 >3:7B>B4?:F B?=G3:?J6 243>H4FB4 4H %"$!- ,:?7 ,4;:I4 ;6B?I =4F7 >4 : F:3I6 36IB4?:F B?=G3:?J6 J4A2:?8 :?7 B>= :??GB>8 4;FBI:>B4?= :36 6Y26J>67 >4;6 HGFF8 362:B7q;4>C OB>C HB?:?JB:F :==B=>:?J6 H34A >C6 I4563?A6?> 4H ,3B?B7:7 :?7 ,4;:I4E
ZL
L
DL
ML
PL
WL\34== 6Y24=G36'6> 6Y24=G36
2c_P,S$&, -P A"4)/ +'# )=4)/W 2))7 +'# A+$L+#P,TMSDMR 263J6?> 4H \19V
)4G3J6=N &!!0 J4G?>38 :G>C43B>B6=E
8/13/2019 IMF Caribbean Small States
10/22
!"#$%%&"' )*"++ ),",&)
HI $','",$-'"+ *-'&,"#. /0'1
E5/91F "06 )/GC21414820233DdE E$P`-* %' -*& )+$%LL&+' *+, ,-+V'+- %'-*& N+,- -`P #&R+#&,U &cR&_- %' RPMMP#%-.
&c_P$-&$,T ,C6 F:=> 3:2B7 I34O>C =2G3> B? >C6 DKXS=O:= HG6F67 A:B?F8 ;8 6Y2:?=B4? 4H >4G3B=AR ;:?:?:2347GJ>B4?R :?7 2G;FBJ B?56=>A6?>=E ,C6 =F4O74O?=>:3>B?I B? >C6 DKKS= O:= >3BII6367 ;8 >C6 F4== 4H >3:76236H636?J6= >4 &G3426:? A:3`6>= :?7 76>63B43:>B4? 4H>C6 >63A= 4H >3:76R 367GJ67 HB=J:F =2:J6R :?776A4I3:2CBJ >36?7=R B?JFG7B?I 6ABI3:>B4? 4H =`BFF67F:;43E #6JG33B?I ?:>G3:F 7B=:=>63= :F=4 J4?>3B;G>67 >4F4O63 I34O>C :?7 B?J36:=67 HB=J:F 5GF?63:;BFB>B6=E
DXE 3NP`&$ &RP'PM%R V$P`-* $&QN&R-, #&&_B$PP-RPM_&-%-%O&'&,, _$PLN&M,T ,C6=6 C:56 >3:?=F:>67 B?>4 CBICJG336?> :JJ4G?> 76HBJB>=R F:3I6 B?76;>67?6== 5B=ZuZ5B= >C6 36=> 4H>C6 O43F7R :?7 A436 I6?63:FF8 G?=G=>:B?:;F6 6Y>63?:F 24=B>B4?=N
,C6 6Y>63?:F JG336?> :JJ4G?>= 4H >C6 >4G3B=AZ;:=67J4G?>3B6= C:56 76>63B43:>67 J4?=B=>6?>F8 =B?J6 >C6 6:3F8 >4AB7ZDKKS=qH34A : 26:` 4H d 263J6?> 4H \19 B? DKKP >4=4A6 DX 263J6?> B? MSDSE *4=> 4H >CB= 76>63B43:>B4? B= 7G6>4 >C6 23B5:>6 =6J>43 :?7 C:= ;66? HB?:?J67 B? F:3I6 2:3> ;8/1$ B?HF4O=E ";4G> : >CB37 B= 7G6 >4 O6:` 2G;FBJ HB?:?J6=E!G336?>F8R >C6 2G;FBJ =6J>43 :JJ4G?>= H43 :;4G> : >CB37 4H>C6 6Y>63?:F BA;:F:?J6 B? >C6 !:3B;;6:?R :?7 B= >C6 F:3I6=>J4?>3B;G>43 >4 >C6 76HBJB> B? : H6O J4G?>3B6=E
"> >C6=6 F656F=R >C6 JG336?> :JJ4G?> 76HBJB>= C:56 F67 >4 :263=B=>6?> 76>63B43:>B4? B? >C6 6Y>63?:F 24=B>B4? B? A4=>J4G?>3B6= 6YJ62> J4AA47B>8 6Y243>63=R OCBJC C:56 ;66?:JJGAGF:>B?I ?6> H436BI? :==6>=E
DKE /-*&$ %'#%R+-P$, +N,P ,SVV&,- -*+- RPM_&-%-%O&'&,,
*+, &$P#U S'#&$N%'%'V -*& #&-&$%P$+-%P' %' -*& &c-&$'+N_P,%-%P',W TBV : 76JFB?6 B? >C6 !:3B;;6:? O43F7 =C:36= 4H I4476Y243>=R OB>C :?6J74>:F 65B76?J6 4H A:?GH:J>G3B?I FB?6=JF4=B?I 7G6 >4 >C6 7BHHBJGF>8 4H J42B?I OB>C CBIC B?2G> J4=>=R6=26JB:FF8 6F6J>3BJB>8h TBBV : 76JFB?6 B? >C6 =C:36 4H >4G3B=A:33B5:F= :?7 36J6B2>=h :?7 TBBBV : 76JFB?6 B? >4>:F H:J>432347GJ>B5B>8 T/BIG36 MVE
LS
DSS
DLS
MSS
MLS
PSS
PLS
LS
DSS
DLS
MSS
MLS
PSS
PLS
D K K S
D K K M
D K K W
D K K _
D K K X
M S S S
M S S M
M S S W
M S S _
M S S X
M S D S
M S D M
5&+N E6CTB?76Y6=R DKKS l DSSV
&A63IB?I :?7 7656F42B?I 6J4?4AB6=->C63 =A:FF B=F:?7=,4G3B=AZ;:=67 !:3B;;6:?!4AA47B>8Z6Y243>B?I !:3B;;6:?
ZPS
ZML
ZMS
ZDL
ZDS
ZL
S
DKXS DKXL DKKS DKKL MSSS MSSL MSDS
93B5:>6 =6J>43 !"9G;FBJ =6J>43 !"!G336?> :JJ4G?> ;:F:?J6 T!:3B;;6:?V!G336?> :JJ4G?> ;:F:?J6 T&!!0V
)+$%LL&+'W )S$$&'- "RRPS'- L. 3&R-P$T963J6?> 4H \19V
ZMSS
ZDLS
ZDSS
ZLS
S
D K X S
D K X M
D K X W
D K X _
D K X X
D K K S
D K K M
D K K W
D K K _
D K K X
M S S S
M S S M
M S S W
M S S _
M S S X
M S D S
!:3B;;6:?,4G3B=AZ;:=67 !:3B;;6:?!4AA47B>8Z6Y243>B?I !:3B;;6:?
)+$%LL&+'W 0&- ?P$&%V' ",,&-, X0?"Z!"#$%#&' )* +,"-
8/13/2019 IMF Caribbean Small States
11/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 HH
MSE 9*%N& M+'. PQ -*& RP,- #%,+#O+'-+V&, +$& ,-$SR-S$+NU ,PM& +$& _PN%R. #$%O&'T+:;43J4=>= :36 CBIC B? >C6 !:3B;;6:?R B? 2:3> 36HF6J>B?I : CBIC 76I366 4H G?B4?B[:>B4?R :?7 C:56 I34O?H:=>63 >C:? 2347GJ>B5B>8E &F6J>3BJB>8 J4=>= :36 :F=4 :A4?I >C6 CBIC6=> B? >C6 O43F7R 36HF6J>B?B?6HHBJB6?JB6=R F:J` 4H B?56=>A6?>=R :?7]43 A4?424F8 24O63= 4H I6?63:>43= :?7 7B=>3B;G>43=E ,3:7234>6J>B4?B=A B= CBICR ?4> 4?F8 >C34GIC >:3BHH= ;G>:F=4 ?4?Z23BJ6 36=>3BJ>B4?=E ,C6 CBIC J4=> 4H J367B>763B56= H34A 2443 >3:?=AB==B4? 4H 6:=8 A4?6>:3824FBJB6= B? >C6 0E)ER 7624=B> 3:>6= HF443= B? =6F6J>67J4G?>3B6=R B?H43A:>B4? :=8AA6>3B6= 7G6 >4 >C6:;=6?J6 4H J367B> ;G36:G= :?7 F6?I>C8 J367B>36J45638 234J6==6= 7G6 >4 UG7BJB:F 234J67G36=E!\Z;:=67 6=>BA:>6= J4?HB3A =4A6 76I366 4H45635:FG:>B4?R 2:3>BJGF:3F8 :A4?I &!!0 J4G?>3B6=E"5:BF:;F6 J4A2G>:>B4?= =C4O >C:> >C6 #& B=45635:FG67 ;8 DW 263J6?> 4? :563:I6 H43 >C6
!:3B;;6:? :?7 MP 263J6?> H43 >C6 &!!0 6J4?4AB6=EX
MDE 3-$SR-S$+N RPM_&-%-%O&'&,, %, +N,P +LP--N&'&Ra -P ,-$P'V&$ V$P`-*T *4=>!:3B;;6:? J4G?>3B6= 3:?` 2443F8 4? >C6 B>B56?6== $?76YE%G=B?6== JFBA:>6 :==6==A6?>= B?7BJ:>6 >C:>B?:77B>B4? >4 CBIC J4=>=R OCBJC B? A4=> J:=6= =C4OG2 := A:U43 BA267BA6?>= >4 74B?I;G=B?6== O6:`?6==6= B?JFG76 FBAB>67 :JJ6== >4
HB?:?J6R O6:`?6==6= B? 234263>8 36IB=>3:>B4?RJ4?>3:J> 6?H43J6A6?>R :?7 36=4F5B?I B?=4F56?J8E,C636 :36 :F=4 =6JG3B>8 J4?J63?= B? =4A6J4G?>3B6=E
X )>:HH :36 B?56=>BI:>B?I OC6>C63 >C6=6 J4A2G>:>B4?= J:2>G36 >C6 >3G6 6Y>6?> 4H 4563Z5:FG:>B4?E )26JBHBJ:FF8R 63:>6 :==6==A6?>= ;:=67 4? CB=>43BJ:F JG336?> :JJ4G?> 7:>: 74 ?4> 2BJ` G2 >C6 ?667 H43 :? 6nGBFB;3BGA 6YJC:?I6 3:>6>4 JF4=6 G?=G=>:B?:;F6 BA;:F:?J6= I4B?I H43O:37E
ZMS
S
MS
WS
_S
*:J34 ;:F:?J6 D] &Y>63?:F=G=>:B?:;BFB>8 M]
9G3JC:=B?I 24O632:3B>8 P]
C & $ R & '
-
5&+N 2QQ&R-%O& 2cR*+'V& 5+-& X5225Z 5&N+-%O& -P 0P$M
,4G3B=AZ;:=67 !:3B;;6:?!4AA47B>8Z6Y243>B?I !:3B;;6:?*B?BAGA Z *:YBAGA
'4>6N ";456 [634 B?7BJ:>6= 45635:FG:>B4?h ;6F4O [634 =GII6=>= G?7635:FG:>B4?ED] #& :7UG=>A6?> 36nGB367 >4 ;3B?I JG336?> :JJ4G?> ;:F:?J6 B? FB?6 OB>C HG?7:A6?>:F=EM] #& :7UG=>A6?> 36nGB367 >4 ;3B?I JG336?> :JJ4G?> ;:F:?J6 >4 =G=>:B?:;F6 F656FEP] #6F:>B56 >4 %:F:==:Z):AG6F=4? 2367BJ>B4?h :563:I6 4H MSSdZSKE
S
D
M
P
W
L
_
d
! C B F 6
% : 3
; : 7 4 =
9 : ? : A :
% 3 : [
B F
! 4 = > :
# B J :
! 4
F 4 A
; B :
, 3 B ? B 7 : 7
& F ) : F 5 :
7 4 3
& J G :
7 4 3
% 4
F B 5 B :
e : A : B J :
\ G 8 : ? :
) G 3 B ? : A 6
' B J : 3 : I G :
% 6
F B [ 6
@ : B
> B
)4G3J6N C6 =J436R >C6 A436 J4A26>B>B56 >C6 J4G?>38 B=E
ENPL+N )PM_&-%-%O&'&,, 4'#&cU !IHHB!IH!H
8/13/2019 IMF Caribbean Small States
12/22
!"#$%%&"' )*"++ ),",&)
H! $','",$-'"+ *-'&,"#. /0'1
?%VS$& !T )+$%LL&+'W =P` C$P#SR-%O%-. +'# F%V* )P,-, H[
:)& $* +&'"5 0.'*&'*6* ,)", 5.4 "'1 1&05$'$'+
-#.160,$/$,9 )"* %&&' " 8"@.# 1#"+ .' +#.4,) $' ,)&
!"#$%%&"'2 AB
3..1* "'1 */$0&* &?-.#,* )"/& %&&' 5.*$'+ +#.6'1 ,.
0.8-&,$,.#*C 4$,) 8"'9 8"'6="0,6#$'+ 5$'&* 05.*$'+ 16&
,. $'"%$5$,9 ,. 0.-& 4$,) )$+) $'-6, 0.*,* .
>5&0,#$0$,9 0.*,* "#& -"#,$065"#59 )$+)C $' 8"'9 0"*&*
#&=5&0,$'+ &0.'.8$&* .= *0"5& 0.'*,#"$',*C D
D "'1 8"'9 =$#8* $1&',$=9 ,)$* "* " 8"@.# 0.'*,#"$', ,.
1.$'+ %6*$'&**2
E,) )$+) 0.*,* $'0561& 4"+&*C $' -"#, #&=5&0,$'+ *,#.'+
%"#+"$'$'+ -.4 .= ,#"1& 6'$.'* D
D )$+) ,"#$==*C D
S
D
M
P
W
DKdDZ DKXS DKXDZDKKS DKKDZ MSSS MSSDZ MSSd
E $ P `
- * % ' _ & $ R & '
-
3&N&R- )+$%LL&+' )PS'-$%&,H
,/9 +:;43
!:2B>:F -G>2G>
)4G3J6=N @6=>4?R )GAA63= :?7 ">6? TMSSKVh :?7 $*/ =>:HH J:FJGF:>B4?=ED] "?>BIG: :?7 %:3;G7:R 14AB?BJ:R \36?:7:R )>E fB>>= j '65B=R )>E +GJB:R )>E gB?J6?> j \36?:7B?6=R
>C6 %:C:A:=R %:3;:74=R %6FB[6R \G8:?:R e:A:BJ:R :?7 )G3B?:A6E
S
D
M
P
W
SES
SEM
SEW
SE_
SEX
D K X S
D K X M
D K X W
D K X _
D K X X
D K K S
D K K M
D K K W
D K K _
D K K X
M S S S
M S S M
M S S W
M S S _
M S S X
M S D S
\447= 6Y243>=/1$ B?HF4O=gB=B>43 6Y26?7B>G36 T3C=V)>:84563 >4G3B=> :33B5:F= T3C=V
)+$%LL&+'W G+$a&- 3*+$&,T963J6?> =C:36 >4 O43F7 >4>:FV
)4G3J6=N $*/ T$/) :?7 %-9 )>:>B=>BJ=V :?7 0'!,"1 4?FB?6 7:>:;:=6=R :JJ6==67 4? P]X]MSDM
SESSED
SEM
SEP
SEW
SEL
SE_
SEd
SEX
SEK
DES
) > E g
B ? J 6 ? >
) > E +
G J B :
* 4 ?
> = 6 3 3 :
>
" ? >
B I G :
e : A : B J :
1 4 A
B ? B J :
\ 3 6 ? :
7 :
% : C : A : =
% : 3 ; : 7 4 =
! C B F 6
& 0 " 5 6 3 : I 6
% 6 F B [ 6
1 #
e : 2 : ?
) B ? I : 2 4 3 6
$ = 3 : 6 F 0
)
) G 3 B ? : A 6
, C : B
F : ? 7 !
#
* 6 Y
B J 4
, : B O : ?
! : ? : 7 :
$ ? 7 4 ? 6 = B :
, 3 B ? B 7 : 7
FPS,&*PN# 2N&R-$%R%-. 1+$%QQ,U _&$ a`* X73 #PNN+$, ZU jS'& !IHH
)4G3J6=N 0>BFB>8 !4A2:?B6=R $?>63?:>B4?:F &?63I8 "I6?J8R 0E)E &?63I8 $?H43A:>B4?"7AB?B=>3:>B4?R &G3426i= &?63I8 943>:FE
S
DSMS
PS
WS
LS
_S
dS
XS
KS
1 4 A
B ? B J :
) > E f
B > > =
1 #
) > E +
G J B :
g 6 ? 6 [ G 6
F :
% : 3 ; : 7 4 =
" ? >
B I G :
\ G 8 : ? :
% 3 : [
B F
! 4 F 4 A
; B :
% 4 F B 5 B :
% 6 F B [ 6
e : A : B J :
! C B F 6
) > E g
B ? J 6 ? >
% : C : A : =
\ G :
> 6 A : F :
) G 3 B ? : A 6
\ 3 6 ? :
7 :
, 3 B ? B 7 : 7
9 : ? : A :
)4G3J6N 6323B=6 )G3568E
C&$R&'- PQ ?%$M, 4#&'-%Q.%'V 2N&R-$%R%-. +, " G+YP$ )P',-$+%'-TMSDSV
8/13/2019 IMF Caribbean Small States
13/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 H;
?%VS$& !T )+$%LL&+'W =P` C$P#SR-%O%-. +'# F%V* )P,-, XRP'-%'SZ
D "'1 )$+) $8-.#, 0.*,* .
>==&0,$/& %6*$'&** ,"? #",&* "#& "5*. )$+) $' 8"'9
&0.'.8$&*C 4$,) " *$+'$=$0"', *)"#& .= =$#8* $1&',$=9$'+
,)& ,"? %6#1&' "* " %.,,5&'&0; ,. 1.$'+ %6*$'&**2
:)& %6*$'&** 0.886'$,$&* $' 8.*, !"#$%%&"' 0.6',#$&* %5"8& "00&** ,. =$'"'0& "* " 8"@.# 0.'*,#"$', ,. 1.$'+ %6*$'&**C
-.**$%59 " #&*65, .= )$+) #&"5 $',&*, #",&* F4)$0) $' 8"'9 0"*&* #&=5&0, 8"'1",&1 =5..#* .' 1&-.*$, $',&*,G2
D] ,C:J`63R 'B>:h "J65674R )6;:=>B:?h :?7 96336FFBR #4;63>4R H43>CJ4AB?IR s!:3B;;6:? \34O>C B? :? $?>63?:>B4?:F 963=26J>B56N ,C6
#4F6 4H ,4G3B=A :?7 )B[6t $*/ E g
B ? J 6 ? >
) F 4 5 6 ?
B :
f 4 3 6 :
) > E +
G J B :
1 6 ? A : 3
`
\ 3 6 ? :
7 :
% 6 F I B G A
) 2 : B ?
$ = 3 : 6 F
! : ? : 7 :
' 6 >
C 6 3 F : ?
7 = 0 )
/ 3 : ? J 6
) O B > [ 6 3
F : ? 7
/ B ? F : ?
7
" G =
> 3 : F
B : $ > : F 8
" G =
> 3 B :
e : 2 : ?
\ 6 3 A : ? 8
) > E f
B > > =
\ 3 6 6 J 6
9 4 F : ? 7
9 4 3 > G I : F
@ G ? I : 3 8
" ? >
B I G :
& = > 4 ? B :
) O 6 7 6 ?
) F 4 5 : `
' 4 3 O : 8
! [ 6 J C
+ G Y 6 A
; 4 G 3 I
)4G3J6=N ':>B4?:F 26?=B4? J4A2:?B6= H43 &!!0 J4G?>3B6= :?7 -&!1E)>:> H43 >C6 36=>E
9+V&, +, 3*+$& PQ C&$ )+_%-+ 4'RPM&TMSDSV
S
L
DSDL
MS
ML
PS
% 6 3 A G 7 :
% : C : A : =
% : 3 ; : 7 4 =
" ? >
B I G :
) > E f
B > > =
) G 3 B ? : A 6
, 3 B ? B 7 : 7
+ 4 O
$ ? J 4 A 6
) > E +
G J B :
e : A : B J :
\ 3 6 ? : 7 :
) > E g
B ? J 6 ? >
) 4 G >
C " = B :
1 4 A
B ? B J :
) G ; Z ) : C : 3 : ?
" H 3 B J :
\ G 8 : ? :
% 6 F
B [ 6
+ 4 O 6 3
* B 7 7 F 6 $ ? J 4 A 6
* B 7 7 F 6
$ ? J 4 A 6
+ : > B ? ! : 3
B ; ; 6 : ?
0 2 2 6 3
* B 7 7 F 6
$ ? J 4 A 6
& : = >
" = B :
j 9 : J B
H B J
& G 3 4 2 6
j ! 6 ?
> 3 : F
" = B :
< 4 3
F 7
@ B I C $ ? J 4 A 6
& G 3 4 2 6 : ?
0 ? B 4 ?
3PS$R&W 9P$N# A+'a 9P$N# 6&O&NP_M&'- 4'#%R+-P$, 6+-+L+,&T
2QQ&R-%O& 1+$%QQ 5+-&,T"563:I6 4H :FF 2347GJ>=R F:>6=> :5:BF:;F6V
S
LSS
DSSS
DLSS
MSSS
MLSS
PSSS
) > E +
G J B :
) > E f
B > > = : ?
7 ' 6 5
B =
\ 3 6 ? :
7 :
% 6 F
B [ 6
< 4 3
F 7
" ?
> B I G : : ?
7 % : 3
; G 7 :
) > E g
B ? J 6 ? >
j \ 3 6 ? = E
* : 7 : I : = J : 3
@ : B
> B
* : F
7 B 5 6 =
e : A : B J :
g : ? G :
> G
% : C : A : = R ,
C 6
1 4 A
B ? B J :
9 G 6 3
> 4 # B J 4
, 3 B ? B 7 : 7 : ?
7 , 4 ; : I 4
) 4 F 4 A 4 ?
$ = F : ? 7 =
! 4 A 4 3 4 =
1 4 A
B ? B J : ?
# 6 2 G ;
F B J
& G 3 4
" 3 6 :
f B 3 B ; : >
B
$ ? 7 B :
! : 2 6
g 6 3
7 6
* : 3 = C : F
F $ = F : ?
7 =
) G 3 B ? : A 6
) 6 8 J
C 6 F
F 6 =
\ G 8 : ? :
9 : 2 G :
' 6 O
\ G B ? 6 :
% 3 G ? 6
B 1 : 3 G = = : F : A
$ ? 7 4 ? 6 =
B :
! C B ? :
) B ? I : 2 4 3 6
)P,- -P 4M_P$-TMSDSR 0)^ 263 MS /44> !4?>:B?63V
3PS$R&W 9P$N# A+'aU 6P%'V AS,%'&,, 4'#%R+-P$,
S
L
DS
DL
MS
ML
PS
PL
WS
WL
LS->C63= !:3B;;6:?
E&'&$+N EPO&$'M&'- 1+c 5&O&'S&,U !IHH!/#$%#&' )* +,"0 *12%34 5#3$26 7)$48 239/4# )* :;< %)=&'$1#2-
)4G3J6=N F44`E
,,-
%#% +!"
%+k
1*"
g!,\0.
f'"
)0#",\
\#11-* @,$
ZMS
ZDS
S
DS
MS
PS
WS->C63=
!:3B;;6:?
5&+N 4'-&$&,- 5+-&,!/#$%#&'0 >?:?6 7)$48 239/4# )* :>@ %)=&'$1#2-
)4G3J6=N $?7BJ:>43=E
,,-
%+k
@,$
1*"
1-*
\#1 \0.+!"f'"
g!,
",\
)0#
8/13/2019 IMF Caribbean Small States
14/22
!"#$%%&"' )*"++ ),",&)
H@ $','",$-'"+ *-'&,"#. /0'1
MME ?S'# &'V+V&M&'- `%-* RPS'-$. +S-*P$%-%&, P' `+., -P %M_$PO& NP'VB-&$M V$P`-* +'#RPM_&-%-%O&'&,, %, %'-&',%Q.%'VU %'RNS#%'V -*$PSV* RPNN+LP$+-%P' %-* P-*&$ 4?4,E )>:HH :75BJ6 >4>:J`F6 J4A26>B>B56?6== JC:FF6?I6= C:= H4JG=67 4? >C6 ?667 H43 34;G=> =>3GJ>G3:F 36H43A= :?7 24FB42>B4?= >4 367GJ6 36F:>B56 J4=>=E "?:F8>BJ:F O43` 4? I34O>C :?7 J4A26>B>B56?6== B= 7B=JG==67 7G3"3>BJF6 $g J4?=GF>:>B4?=R :?7 O:= 36J6?>F8 >C6 H4JG= 4H : CBICZF656F !:3B;;6:? H43GA B? ,3B?B7:7 :?,4;:I4E -2>B4?= B?JFG76 B?>63?:F 765:FG:>B4? 5B: HB=J:F :7UG=>A6?>R HB=J:F 765:FG:>B4? T>C4GIC >=J426 H43 >CB= B= FBAB>67 ;6J:G=6 2:834FF >:Y6= :36 36F:>B56F8 AB?43VR :?7 6YJC:?I6 3:>6 :7UG=>A%8 :?7 F:3I6R >C6 :G>C43B>B6= 6Y236==67 : =>34?I 236H636?J6 >4 36J4563 J4A26>B>B56?6== 5B: HB=J::7UG=>A6?> :?7 =>3GJ>G3:F 36H43A 3:>C63 >C:? ;8 G=B?I >C6 6YJC:?I6 3:>6 >44FE ,4 >38 >4 :FF65B:>6 >BA2:J> 4H >CB= =>3:>6I8 4? I34O>CR /G?7 234I3:A= OC636563 24==B;F6 IB56 23B43B>8 >4 234>6J>B?I H=2:J6 H43 2G;FBJ B?56=>A6?>E )>:HH B= :F=4 2:3>BJB2:>B?I B? >C366 36J6?> B?B>B:>B56= T$*/]&!!% \3:?7 16;> ,:=` /43J6R >C6 C /43GAR :?7 >C6 /G?7m= \34G2 4? )A:FF$=F:?7 )>:>6=V OCBJC :36 G?763>:`B?I :77B>B4?:F :?:F8>BJ:F :?7 J4?=GF>:>B56 O43` 4? I34O>C :?7J4A26>B>B56?6==E
4?4 3S__P$- -P -*& E$P`-* "V&'#+
MPE ?S'# Q%'+'R%+N +,,%,-+'R& -P -*& )+$%LL&+'\ #S$%'V -*& VNPL+N Q%'+'R%+N R$%,%, %'R$&+,,SL,-+'-%+NN.T ,C6 =J:F6 4H F4:?= :2234567 O:= =BABF:3 B? >63A= 4H \19 >4 >C6 36=> 4H >C6 C6AB=2C63:?7 B? &G3426R :?7 =G;=>:?>B:FF8 I36:>63 >C:? B? "H3BJ:E @4O6563R :A4G?>= 7B=;G3=67 :> 6?7ZMSDDO636 H:3 F:3I63 B? 36F:>B4? >4 \19 B? >C6 !:3B;;6:? >C:? B? >C4=6 36IB4?= T=66 JC:3>VE ,C6 J4G?>3B6=>C:> 36J6B567 >CB= :==B=>:?J6 :36 e:A:BJ:R@:B>BR >C6 14AB?BJ:? #62G;FBJR :?7 :FF =BY&!!0 /G?7 A6A;63=R OB>C :J>G:F7B=;G3=6A6?>= 6nGB5:F6?> >4 :;4G>
Wr 263J6?> 4H >C4=6 J4G?>3B6=m \19 T=BA2F6:563:I6VE ,C6 =J:F6 4H /G?7 HB?:?JB?I >4"?>BIG: :?7 %:3;G7:R e:A:BJ:R :?7 )>E fB>>=:?7 '65B=R B? 2:3>BJGF:3R O:= F:3I63 := :=C:36 4H \19 >C:? >4 :?8 4>C63 J4G?>3B6= B?>C6 36=> 4H >C6 C6AB=2C636 B?JFG7B?I *6YBJ4:?7 @:B>BEDS
K $?JFG76= OB763 !:3B;;6:?R ?4> UG=> =A:FF =>:>6=EDS \36?:7: :?7 @:B>B 36J6B56 J4?J6==B4?:F HB?:?JB?Ih "?>BIG: :?7 %:3;G7:R >C6 14AB?BJ:? #62G;FBJR e:A:BJ:R :?7 )>EfB>>= :?7 '65B= C:56 G?763>:`6? )>:?7Z%8 "33:?I6A6?>=R :?7 =6563:F 4>C63 J4G?>3B6= C:56 ;6?6HB>>67 H34A ?:>G3:F7B=:=>63 :==B=>:?J6E
S
M
W
_
X
DS
DM
DW
/.SL /.S_ /.Sd /.SX /.SK /.DS /.DD
)+$%LL&+'W ?S'# )$%- /S-,-+'#%'VTB? 263J6?> 4H \19V
)4G3J6N $*/E
8/13/2019 IMF Caribbean Small States
15/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 HJ
S
LSS
DRSSS
DRLSS
MRSSS
MRLSSPRSSS
PRLSS
MSSd MSDD
O66? DKKd :?7 MSSWR >C6 :563:I6 76;> >4 \19 3:>B4 B? >C6 36IB4? B?J36:=67 H34ALW 263J6?> >4 XW 263J6?> 73B56? A:B?F8 ;8 76>63B43:>B?I 23BA:38 ;:F:?J6=E C6 ;GBF7ZG2 J:? ;6 >3:J67 >4 >C6 J4=> 4H ?:>G3:F 7B=:=>63=R =GJJ6==B56 86:3= 4H HB=J:F 76HBJB6?>6323B=6 ;4334OB?I :?7 4HHZ;:F:?J6Z=C66> =26?7B?IR B?JFG7B?I H43 HB?:?JB:F =6J>43 ;:BF4G>=R :FFJ4?>3B;G>67 >4 CBIC 76;>E 93B43 >4 >C6 4?=6> 4H >C6 IF4;:F J3B=B=R A4763:>6 I34O>C 3:>6= C6F267 =J4G?>3B6= >4 ;34:7F8 =>:;BFB[6 :?7 367GJ6 >C6B3 76;> 3:>B4=R :F;6B> :> CBIC F656F=E
S
D
M
P
W
L
_
d
X
K
"H3BJ: &G3426 !:3B;;6:? +:>B? "A63BJ:
MSSLZSX
MSSKZDM
?S'# "$$+'V&M&'-, "__$PO H[ T263J6?> 4H \19V
)4G3J6N $*/ED] )BA2F6 :563:I6 4563 J4G?>3B6= OB>C :33:?I6A6?>=E &YJFG76= 4?6Z4HH7B=;G3=6A6?>= 4H 6A63I6?J8 :==B=>:?J6 B?JFG7B?I ?:>G3:F 7B=:=>63 36FB6HE
SES
SEM
SEW
SE_
SEX
DES
DEM
DEW
DE_
DEX
MES
"H3 BJ: & G34 26 !: 3B; ;6: ? +: >B? "A63 BJ:
&?7ZMSSX &?7ZMSDD
?S'# )$%- /S-,-+'#%'V H[ T263J6?> 4H \19V
)4G3J6N $*/ED] )BA2F6 :563:I6 4563 :FF J4G?>3B6=E
8/13/2019 IMF Caribbean Small States
16/22
!"#$%%&"' )*"++ ),",&)
HD $','",$-'"+ *-'&,"#. /0'1
MdE 1*& VNPL+N Q%'+'R%+N R$%,%, `P$,&' -*& +N$&+#. *%V* #&L- LS$#&', %' -*& )+$%LL&+'T ,C6 J3B=B= :?7 =G;=6nG6?> =F4O 36J45638 B? :75:?J67 6J4?4AB6= C:7 : =BI?BHBJ:?> :7563=6 6HH6J> 4?>C6 A436 >4G3B=AZ7626?76?> J4G?>3B6= 4H >C6 !:3B;;6:?R G?763AB?B?I I34O>C :?7 6Y24=B?I ;:F:?J6=C66> 5GF?63:;BFB>B6= ;GBF> G2 4563 A:?8 86:3=E ,C6=6 5GF?63:;BFB>B6= 43BIB?:>67 H34A : =>3:>6I8B?J36:=B?I 2G;FBJ =26?7B?I >4 J4G?>63:J> 76JFB?B?I >3:76 263H43A:?J6 T2:3>F8 7G6 >4 >C6 634=B4? 4H>3:76 236H636?J6=VR :?7 H34A 36;GBF7B?I J4=>= :H>63 H36nG6?> ?:>G3:F 7B=:=>63=E "= : 36=GF>R >C2G;FBJ 76;> >4 \19 B?J36:=67 ;8 :;4G> DL 263J6?>:I6 24B?>= ;6>O66? MSSX :?7 MSDSE %8 J4?>3:=>R!:3B;;6:? J4AA47B>8 6Y243>63= 36;4G?767 3:2B7F8 :H>63 >C6 J3B=B=R ;G4867 ;8 CBIC J4AA47B>823BJ6=R :?7 >C6B3 76;> 3:>B4= C:56 =>:;BFB[67 :> 36F:>B56F8 F4O F656F=E
MXE C+,- +--&M_-, +- -+RaN%'V *%V* #&L- %' -*& $&V%P' *+O& 'P- .%&N# N+,-%'V V+%',T )6563:FJ4G?>3B6= C:56 A:76 :>>6A2>= :> 367GJB?I 76;>R A:B?F8 >C34GIC :7 C4J 36=>3GJ>G3B?I 43 HB=J:FJ4?=4FB7:>B4?E "= A4=> J4G?>3B6= C:56 ?4> :742>67 J4A236C6?=B56 6J4?4ABJ 36H43A= >4J4A2F6A6?> >C6=6 :7UG=>A6?> 6HH43>=R >C6 B?B>B:F I:B?= C:56 ;66? >44 =A:FF 43 C:56 ?4> ;66?=G=>:B?67E /G3>C63R ;6J:G=6 4H >C6B3 AB77F6 B?J4A6 =>:>G=R >C6 A:U43B>8 4H >C6 36IB4? C:= ?4>
:;F6 >4 ;6?6HB> H34A B?>63?:>B4?:F 76;> 36FB6HEDD
*4364563R 4?F8 : H6O !:3B;;6:? J4G?>3B6= =>BFF nG:FBH8H43 J4?J6==B4?:F ;4334OB?I :> >C6 F8R !:3B;;6:? 6J4?4AB6= C:56 ;66? B? :CBIC 76;>ZF4O I34O>C >3:2 H43 >C6 2:=> >O4 76J:76=q: =BF6?> 76;> J3B=B=E
MKE 5SR%'V -*& *%V* _SLN%R #&L- %, R$SR%+NT ,CB= B= ?4> 4?F8 ;6J:G=6 4H >C6 3B=` 4H : HB=J:FJ3B=B=R ;G> :F=4 ;6J:G=6 4H >C6 J4=>= 76;> BA24=6= 4? >C6 6J4?4A8q`662B?I ;4334OB?I J4=>= CBICR7B=J4G3:IB?I 23B5:>6 B?56=>A6?>R :?7 J4?=>3:B?B?I HB=J:F HF6YB;BFB>8E &A2B3BJ:F 65B76?J6 24B?>?4?ZFB?6:3 36F:>B4?=CB2 ;6>O66? 2G;FBJ 76;> :?7 I34O>CR =GII6=>B?I >C:> 2G;FBJ 76;> ;684?7 J63>:B?>C36=C4F7= J:? C:56 ?6I:>B56 6HH6J>= 4? 6J4?4ABJ :J>B5B>8E \366?B7I6 6> :FE TMSDMV =C4O >C:>R H!:3B;;6:?R :> 76;> F656F= F4O63 >C:? PS 263J6?> 4H \19R B?J36:=6= B? >C6 76;> >4 \19 3:>B4 :36
:==4JB:>67 OB>C H:=>63 6J4?4ABJ I34O>CE @4O6563R >C6 6HH6J> 4? I34O>C 7BAB?B=C6= 3:2B7F8 := 3B=6= ;684?7 PS 263J6?> 4H \19R :?7 ;684?7 LL 263J6?> 4H \19 76;> ;6J4A6= : 73:I 4? I34O>CE
PSE 3%'R& V$P`-* %' -*& RS$$&'- &'O%$P'M&'- %, O%$-S+NN. 'P'&c%,-&'-U ,%V'%Q%R+'- Q%,R+NRP',PN%#+-%P' %, %'&O%-+LN&U LS- M+. 'P- L& &'PSV* -P L$%'V #P`' ,SR* *%V* #&L- N&O&N,TgB6O=7BHH63 36I:37B?I >C6 A4=> :223423B:>6 34G>6 >4 H4FF4OR IB56? >C:> >C6 ?667 >4 367GJ6 76;> J4A6= B7BHHBJGF> 6?5B34?A6?> 4H H3:IBF6 I34O>C :?7 >6?=B4?= B? B?>63?:>B4?:F HB?:?JB:F A:3`6>=E %:=67=G3568 4H J4G?>38 6Y263B6?J6=R HB=J:F J4?=4FB7:>B4? ;:=67 4? 6Y26?7B>G36 367GJ>B4?= >6?7 >4 ;6 A6HH6J>B56 >C:? >:YZ;:=67 J4?=4FB7:>B4?=E @4O6563R H43 J4G?>3B6= OB>C F:3I6 :7UG=>A6?> ?667=RJ4?=4FB7:>B4? A:8 ?667 >4 ;6 : ;:F:?J67 J4A;B?:>B4? 4H =26?7B?I JG>= :?7 3656?G6 B?J36:=6=
T%:F7:JJBR \G2>:R *GF:=Z\3:?:74=R MSDSVR :F4?I OB>C 76;> 36=>3GJ>G3B?IE
PDE E%O&' -*& +N$&+#. ,%e+LN& _SLN%R ,&R-P$U MP,- PQ -*& Q%,R+N RP',PN%#+-%P' `PSN# *+O& -RPM& Q$PM $&,-$+%'%'V ,_&'#%'VU `*%N& -+a%'V M&+,S$&, -P LPP,- $&O&'S&,T %6>>63 J4?>34F 4H>C6 2G;FBJ O:I6 ;BFFR BA23456A6?>= B? 2G;FBJ =6J>43 6HHBJB6?J8 :?7 3:>B4?:FB[:>B4? 4H >3:?=H63
DD @4O6563R : H6O J4G?>3B6= C:56 ;6?6HB>>67 H34A 76;> 36FB6H B? >C6 MSSS=R =66 F:>63 =6J>B4? gE
8/13/2019 IMF Caribbean Small States
17/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 !"
23456758 9:4 ;2 ?9:84?2 ?; :46>@4 23456758A ,B424 @;5?:;C2 D>2? 4 2764 ?B4:4 72 27857F7@95? 3;?45?79C F;: :46>@758?9E 4E34567?>:4H 4C7D759?758 672?;:?7;52 956 :758H 956 8:;K?BG45B95@758 2?:>@?>:9C :4F;:D2A
LMA #$ &'()* +, *)- .-/* 0+12+3'*'+$ 41+3*&5 .+1-3*'067 8$5 8**-12* *+ 9-3*9:0*:9- .-/*;'&& /- 0+3*&5:758 K;>C6 5446 ?; C ;F ?B4 7D39@? ;5 ?B4 F7595@79C 2I2?4D2H KB7@B 75 2;D4@9242 9:4 9C:496I K49OA
LLA =$*'(:8 8$. >89/:.87 ?818'087 8$. @*< A'**3 8$. B-C'3 89- 9-0-$* 083-D3*:.'-3 +,
3+C-9-'($ .-/* 9-3*9:0*:9'$(5?:742Q 64:758 3:;=7646 27857F7@95?64
8/13/2019 IMF Caribbean Small States
18/22
!"#$%%&"' )*"++ ),",&)
H $','",$-'"+ *-'&,"#. /0'1
PWE 4''PO+-%O& +,_&R-, PQ -*&,& $&,-$SR-S$%'V, RPSN# L& S,&QSN +N,P &N,&`*&$& %' -*& $&V%P'T$? >C6 J:=6 4H e:A:BJ:R =26JBHBJ :>>6?>B4? O:= IB56? >4 A:B?>:B?B?I HB?:?JB:F =6J>43 =>:;BFB>8R OBJ36:>B4? 4H : HB?:?JB:F =6J>43 =G2243> HG?7R :? :2234:JC :F=4 :742>67 B? )>E fB>>= :?7 '65B=E ,CB= HG
O:= J36:>67 >4 2345B76 FBnGB7B>8 =G2243> >4 B?=>B>G>B4?= B? >C6 656?> 4H ?6I:>B56 =2BFF4563= H76;> 6YJC:?I6E "? :77B>B4?:F B??45:>B4? B? >C6 J:=6 4H )>E fB>>= :?7 '65B= O:= >C6 G=6 4H : !1%IG:3:?>66 T0)^DM ABFFB4?V H43 >C6 ?6O 76;> B?=>3GA6?>m= B?>636=> :?7 23B?JB2:F 2:8A6?>=E
PL 3&O&$+N N&,,P', R+' L& #$+`' Q$PM -*&,& #&L- $&,-$SR-S$%'V P_&$+-%P',W
" R$%LN& &RP'PM%R _$PV$+M B= 36nGB367 >4 2345B76 : H3:A6O43` H43 >C6 76;> 36=>3GJ>G3B?I:?7 I:B? J367B>43 J4?HB76?J6 >C:> 76;> =G=>:B?:;BFB>8 OBFF ;6 36=>4367E
/`'&$,*%_ PQ &RP'PM%R _PN%R%&, B= J3B>BJ:F H43 =GJJ6==HGF 4G>J4A6=E "?>BIG: :?7 %:3;G7: :?7)>E fB>>= :?7 '65B= C:56 36A:B?67 J4AAB>>67 >4 HB=J:F :7UG=>A6?>R 656? B? >C6 H:J6 4H =65636J4?>3:J>B4?= B? \19R OCBF6 B? e:A:BJ: 24FBJ8 =FB22:I6= B? >C6 H:J6 4H 6Y4I6?4G= =C4J` 36563=67=4A6 4H >C6 B?B>B:F I:B?= B? 76;> =G=>:B?:;BFB>8E
GSN-%N+-&$+N ,S__P$-R B?JFG7B?I :? $*/ :7UG=>A6?> 234I3:AR O:= `68 >4 >C6 =GJJ6== 4H >C636J6?> :?7 4?I4B?I 76;> 36=>3GJ>G3B?I=E $? :77B>B4? >4 HB?:?JB?IR >C6 /G?7 I:56 24FBJ8 :75BJ6R:==6==67 >C6 =G=>:B?:;BFB>8 4H 7BHH636?> 24FBJ8 42>B4?=R :?7 JF:3BHB67 >C6 HB?:?JB?I I:2=E -AGF>BF:>63:F= C:56 :F=4 A:76 BA243>:?> J4?>3B;G>B4?=R =GJC := 2345B7B?I : IG:3:?>66 4?36=>3GJ>G367 B?=>3GA6?>= B? )>E fB>>= :?7 '65B=R :?7 HB?:?JB?I : J4?>B?I6?J8 HG?7 >4 =:H6IG:37HB?:?JB:F =6J>43 =>:;BFB>8 B? e:A:BJ: :?7 )>E fB>>= :?7 '65B=E
2QQ&R-%O& RPMMS'%R+-%P' 4H >C6 I4563?A6?>m= 6J4?4ABJ 24FBJ8 :?7 =>3:>6I8 B= J3GJB:F >4=GJJ6==HGF 76;> 36=>3GJ>G3B?IE ,CB= O:= 2:3>BJGF:3F8 J3B>BJ:F B? e:A:BJ: :?7 B? )>E fB>>= :?7 '6OC636 >C6 :G>C43B>B6= 6Y2F:B?67 >4 ;4?7C4F763= >C6 6J4?4ABJ =B>G:>B4? :?7 >C6 42>B4?=:5:BF:;F6R :F4?I OB>C >C6 J4=> 4H 6:JCE
"OP%# ,_%NNPO&$, +'# RP'-+V%P' &QQ&R-, 6=26JB:FF8 B? >C6 J4?>6Y> 4H : JG336?J8 G?B4? FB`6 >C6&!!0R 43 : JF4=6F8 B?>6I3:>67 >3:7B?I :33:?I6A6?>R OC636 =2BFF4563= >4 4>C63 ;:?`= H34A 76;>36=>3GJ>G3B?I B? 4?6 J4G?>38 J4GF7 J36:>6 : =8=>6ABJ 36IB4?:F ;:?`B?I J3B=B=E
,:;F6 ME !:3B;;6:? #6J6?> )45636BI? 16;> #6=>3GJ>G3B?I=
/B?:F ,4>:F 16;> !G> B? /:J6 '9g @:B3JG>9366A2>B56 43 &YJC:?I6 $*/ &YJC:?I67 g:FG6 &=>BA:>6
!:=6 94=>Z16H:GF> 16H:GF> 1:>6 -HH63 934I3:A T0)^ ;BFFB4?=V T263J6?>V T263J6?>V
"?>BIG: :?7 %:3;G7: 94=>Z16H:GF> )B?J6 >C6 DKKS= MSSK .6= DES M_c e:A:BJ: 9366A2>B56 e:?E MSDS .6= _Ed SESc MD 263J6?>)>E fB>>= :?7 '65B= 9366A2>B56 /6;E MSDM .6= SEW MMc _L >4 dP 263J6?>
)4G3J6N $*/ =>:HHE
8/13/2019 IMF Caribbean Small States
19/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 H\
?%VS$& ;T )+$%LL&+'W CSLN%R 6&L- )PM_P,%-%P'U !IHI H[
)4G3J6=N ':>B4?:F :G>C43B>B6=h :?7 /G?7 =>:HH 6=>BA:>6=D] ",\ =>:?7= H43 "?>BIG: :?7 %:3;G7:R %@) H43 >C6 %:C:A:=R %#% H43 %:3;:74=R %+k H43 %6FB[6R 1*" H4314AB?BJ:R \#1 H43 \36?:7:R \0. H43 \G8:?:R e"* H43 e:A:BJ:R f'" H43 )>E fB>>= j '65B=R +!" H43 )>E +GJB:Rg!, H43 )>E gB?J6?> :?7 >C6 \36?:7B?6=R :?7 ,,- H43 ,3B?B7:7 :?7 ,4;:I4E
&Y>63?:F 76;>WDc
14A6=>BJ76;>LKc
)PM_P,%-%P' PQ CSLN%R 6&L-T263J6?> V
S
MS
WS
_S
XS
DSS
DMS
DWS
D_S
DXS
MSS
f ' "
e " *
% # %
\ # 1
" , \
% + k
1 * "
g ! ,
+ ! "
\ 0 .
% @ )
, , -
) 0 #
&Y>63?:F 76;>
14A6=>BJ 76;>
2c-&$'+N 6&L- O,T 6PM&,-%R 6&L-T263J6?> 4H \19V
S
MS
WS
_S
XS
DSS
DMS
DWS
f ' "
e " *
% # %
\ # 1
" , \
% + k
1 * "
g ! ,
+ ! "
\ 0 .
% @ )
, , -
) 0 #
!4AA63JB:F ;:?`=!6?>3:F ;:?`='4?;:?` HB?:?JB:F B?=>B>G>B4?=)4JB:F =6JG3B>8 =JC6A6=->C63
FPN#&$, PQ 6PM&,-%RCSLN%R 6&L-T263J6?> 4H \19V
S
DS
MS
PS
WS
LS
_S
dS
XS
KS
DSS
f ' "
e " *
% # %
\ # 1
" , \
% + k
1 * "
g ! ,
+ ! "
\ 0 .
% @ )
, , -
) 0 #
*GF>BF:>63:F
!4AA63JB:F :?7 4>C63=
%BF:>63:F
FPN#&$, PQ 2c-&$'+N CSLN%R 6&L-T263J6?> 4H \19V
!6?>3:F %:?`dc
!4AA63JB:F%:?`=P_c
'4?Z;:?`HB?:?JB:F
B?=>B>G>B4?=Mdc
)4JB:F=6JG3B>8=JC6A6=
MSc
->C63=DSc
)PM_P,%-%P' PQ 6PM&,-%R 6&L-T263J6?>V
*GF>BF:>63:FPWc
%BF:>63:F
DWc
!4AA63JB:FW_c
->C63=_c
)PM_P,%-%P' PQ 2c-&$'+N 6&L-T263J6?>V
H.8&*,$0 1&%, "00.6',* =.# ./ ,)#&&7=$=,)* .= ,)&!"#$%% &"'I* ,.,"5 -6%5$0 1&%,222
222 "5,).6+ ) ,)& *)"#& .= &?,'"5 1&%, $* 5"#+ $' *.8&0.6',#$&* $'0561$'+ 3#&'"1"C J&5$K&C "'1 369"'"2
:)& 5"#+&*, *)"#& .= &?,'"5 1&%, $* ,. 0.88$"50#&1$,.#*222
222 #&160$' + ,)& *0.-& =.# ,#"1$ ,$.'"5 1&%, #&*,#60,6#$'+$' *.8& 0.6',#$&* 4$ ,) )$+) 1&%,2
:)& *)"#& .= 1.8&*,$0 1&%, )&51 %9 =$'"'0$"5$'*,$ ,6,$.'* $* ./ LM -&',222
222 "'1 ,) ", *)"#& $* -" #,$065"#59 5"#+& $' )$+)71&%,0.6',#$&*2
8/13/2019 IMF Caribbean Small States
20/22
!"#$%%&"' )*"++ ),",&)
!I $','",$-'"+ *-'&,"#. /0'1
)+,&B,_&R%Q%R M&'S, PQ P_-%P', AG=> ;6 B76?>BHB67R H43 : 76;> 36=>3GJ>G3B?I >4 ;6 =GJJ6==HGF"J>B4?= :?7 JC4BJ6= AG=> ;6 =6F6J>67 >4 >:`6 B?>4 :JJ4G?> >C6 7BHH636?> 24FBJ8 J4?=>3:B?>= B?6:JC J4G?>38 T6EIER 7626?7B?I 4? >C6 5GF?63:;BFB>B6= 4H 5:3B4G= 76;>ZC4F763=VR =4 >C:> >C6 42:J`:I6 B= J:FB;3:>67 >4 76FB563 42>BA:F 36=GF>= T>C6 I36:>6=> 24==B;F6 36FB6H OB>C4G> B?>4F6J4?4ABJ 7:A:I6VE
4- %, RP,-N. QP$ #&L- $&,-$SR-S$%'V -P L& k-PP ,M+NNfT ,C636 B= : F4O FBAB> >4 C4O 4H>6? : J4G?>38J:? G?763>:`6 76;> 36=>3GJ>G3B?IE @6?J6R 2:3>B:F 36=>3GJ>G3B?I >C:> I6?63:>6= 4?F8 AB?43 I:B?=OCBF6 6FBAB?:>B?I HG>G36 36?6I4>B:>B4? 24==B;BFB>B6= =C4GF7R OC636 24==B;F6R ;6 :54B767
P_E 3%'R& !IIIU %' +##%-%P' -P #&L- $&,-$SR-S$%'VU + 'SML&$ PQ )+$%LL&+' RPS'-$%&, *+O&$&R&%O #&L- $&N%&QT ,C6=6 C:56 B?54F567 : J4A;B?:>B4? 4H 76;> O3B>6Z4HH=R 76;> 36=>3GJ>G3B?IR 76=O:2=R :?7 76;> ;G8Z;:J`=E ,C6=6 4263:>B4?= C:56 >:`6? 2F:J6 :> 7BHH636?> >BA6=R :?7 C:56;6?6HB>>67 7BHH636?> J4G?>3B6=E
PdE 1*$&& RPS'-$%&, *+O& L&'&Q%-- Q$PM #&L- $%-&BPQQ, #S$%'V -*& !III,T $? >C6 6:3F8MSSS=R \G8:?: 36J6B567 :77B>B4?:F 76;> 36FB6H G?763 >C6 6?C:?J67 @$9! $?B>B:>B56 :?7 >C6 *1#$RB?JFG7B?I H34A >C6 $*/E $? MSSWR e:A:BJ: 36J6B567 =4A6 76;> 36FB6H H34A >C6 0f G?763 >C6!4AA4?O6:F>C 16;> $?B>B:>B56E $? MSSdR ;4>C "?>BIG: :?7 %:3;G7: :?7 )>E gB?J6?> :?7 >C6\36?:7B?6= T0)^L_ ABFFB4?V ;6?6HB>>67 H34A :? $>:FB:? 76;> O3B>6Z4HH B?B>B:>B56E
PXE 6&L- ,`+_, +'# #&L- LS.BL+Ra, *+O& L&&' S, L. A&N%e& +'# L. "'-%VS+ +'#A+$LS#+T %6FB[6 ;6?6HB>>67 H34A : 76;> =O:2 :33:?I6A6?> T0)^X ABFFB4?V OB>C >C6 0)" I4563?A6?>E$? MSSLR "?>BIG: :?7 %:3;G7: 6?I:I67 B? : 76;> ;G8Z;:J` 4263:>B4? OB>C 23B5:>6 J367B>43=R OCBJCF4O6367 B>= 6Y>63?:F 76;> ;8 :2234YBA:>6F8 0)^LSS ABFFB4?E
)/0)=734/03PKE G+'. )+$%LL&+' ,M+NN ,-+-&, +$& +- + R$%-%R+N YS'R-S$& +'# LPN# ,-$+-&V%&, -P +##$&,,-*& R*+NN&'V&, +$& &,,&'-%+NT ,CB= 2:263 CBICFBIC>67 >C6 A:U43 234;F6A= >C:> ?667 >4 ;6 >:J`F67qCBIC 76;>R F4O I34O>CR AB>BI:>B4? 4H 5GF?63:;BFB>B6= :?7 =>36?I>C6?B?I HB?:?JB:F =8=>6A=E \B56A:I?B>G76 4H >C6 6HH43> 36nGB367R ?4 =B?IF6 ;GFF6> 6YB=>= >4 :7736== :FF 4H >C6 JC:FF6?I6= B? >!:3B;;6:?E
43 76A:?7 OB>C =6FHZHB?:?JB?I 23B5:>6 =6J>43 76A:?7E
/G3>C63 O43` B= ?66767 T:?7 B= 4?ZI4B?IV >4 :==6== >C6 :223423B:>6?6== 4H >C6&cR*+'V& $+-&%',-$SM&'- := :? 6F6A6?> B? UGA2Z=>:3>B?I I34O>CE
8/13/2019 IMF Caribbean Small States
21/22
!"#$%%&"' )*"++ ),",&)
$','",$-'"+ *-'&,"#. /0'1 !H
\B56? >C6 6YJ62>B4?:FF8 CBIC J4=>= 4H ?:>G3:F 7B=:=>63=R =A:FF =>:>6= B? >C6 !:3B;;6:? =C4GF7 =66? := H34?>FB?6 J:?7B7:>6= H43,S__P$- Q$PM RN%M+-&BR*+'V& QS'#%'VR := IF4;:F =>3:>6IB6= H43AB>BI:>B4? :?7 :7:2>:>B4? >4 JFBA:>6 JC:?I6 ;6J4A6 4263:>B4?:FE
62267 G2R ;4>C >4 :?>BJB2:>6 TB76?>BH8 :?7 2345B=B4? H43V >C6 JG336?>
5GF?63:;BFB>B6= 4H >C6 HB?:?JB:F =8=>6A >4 >C6 G?:54B7:;F6 36;:F:?JB?I 4H >C6 >34G;F67 6J4?4AB:?7 >4 ,-$&'V-*&' -*& ,S_&$O%,P$. +'# $&VSN+-P$. Q$+M&`P$a >4 367GJ6 F4?IZ3G?5GF?63:;BFB>B6=E
/B?:FF8R#&L- $&,-$SR-S$%'V F44`= 6Y>36A6F8 FB`6F8 >4 ;6 2:3> 4H J4G?>3B6=m =>3:>6I8 >4 36>G3? >4=G=>:B?:;BFB>8R IB56? >C6 A:I?B>G76 4H >C6 BA2FB67 HB=J:F 6HH43> 4>C63OB=6E @4O6563R B>C6 36IB4? C:= ;66? 2:3>B:F :?7 B?:76nG:>6h B? =4A6 J:=6=R J4G?>3B6= C:56 IB56? G2 BA243>:?>76I366= 4H H36674A B? 2:3>B:F 36=>3GJ>G3B?I= OB>C4G> J4?J4AB>:?> BA23456A6?>= B? =G=>:B?:@6?J6R A436 O43` B= ?66767 >4 JF:3BH8 OC6? 76;> 36=>3GJ>G3B?I OBFF]OBFF ?4> ;6 O43>COCBF6O6FF := >4 G?763=>:?7 >C6 =J426 H43R :?7 7:?I63= 4HR J4?=B763B?I 76;> 36=>3GJ>G3B?I := 2:3> 4H:?8 263A:?6?> =4FG>B4?E
WSE 1*%, +ML%-%PS, +V&'#+ VP&, L&.P'# ?S'# +$&+, PQ &c_&$-%,&U +'# `PSN# '& -P%'OPNO& +NN #&O&NP_M&'- _+$-'&$, +- -*& %'-&$'+-%P'+N +'# $&V%P'+N N&O&NT ,C6 O43` :I6?7::;456 6?GA63:>6= : J4A;B?:>B4? 4H =>3:>6IB6= >:3I6>67 :> 6:JC 6F6A6?> 4H >C6 36IB4?m= 234;F6A=RBA2F6A6?>67 :> >C6 =:A6 >BA6 >4 I6?63:>6 A:YBAGA ;6?6HB>E @6?J6R B> OBFF ;6 BA243>:?> H43 >C6/G?7 >4 J4FF:;43:>6 JF4=6F8 OB>C 4>C63 $/$= TB?JFG7B?I >C6 /3:A6O43`R := 7B=JG==67 B? >C6 A:B? 2:263VE ,CB= J4FF:;43:>B4? C:= :F36:78 =>:3>67R OB>C =>:HH2:3>BJB2:>B4? B? \34O>C /43GA 6Y63JB=6=R :?7 : 2F:??67 U4B?> \34O>C !4?H636?J6 B? MSDPE
WDE )PS'-$%&, PSN# *+O& -P PO&$RPM& %M_P$-+'- _PN%-%R+N &RP'PM. RP',-$+%'-, -PRPNN+LP$+-& `%-* -*& ?S'# %' ,SR* + #%QQ%RSN- +#YS,-M&'- &c&$R%,&T ,C6 J4FF:;43:>B4? OB>C 4>C63B?=>B>G>B4?= 6?5B=:I67 :;456 =C4GF7 C6F2 :FF65B:>6 :?8 v=>BIA:m :>>:JC67 >4 /G?7 234I3:A=E /G3>C6>C636 B= : J:=6 H43 : !:3B;;6:?ZOB76 36IB4?:F =G356BFF:?J6 6Y63JB=6 T;GBF7B?I 4? >C6 &!!0 A476F 43!6?>3:F "A63BJ:? 4?6VEDL ,C6 =GJJ6== 4H !"#,"! H43 76FB563B?I >6JC?BJ:F :==B=>:?J6 B? : 36IB4?:FH3:A6O43` =GII6=>= >C:> >C6 !:3B;;6:? 236H63= >CB= :2234:JCE " 36IB4?ZOB76 :2234:JC O4GF7 >:`6>C6 =24>FBIC> 4HH :?8 B?7B5B7G:F J4G?>38m= H:BFG36 >4 =GJJ667 :?7 J4GF7 A:3=C:F 2663 =G2243>R J4G?>3B6= >4 F6:3? H34A 6:JC 4>C63 :?7 >4 H43A : G?B>67 H34?> :I:B?=> 24FB>BJ:F 4;=>:JF6=E ,C6=66HH43>= J4GF7 ;6 =G2243>67 :F=4 ;8 : 36IB4?:F 36=B76?> 36236=6?>:>B56 >4 4563=66 :?7 J4437B?:>6 :36IB4?:F =>3:>6I8E
DL ,C6 nG6=>B4? 4H OC6>C63 >4 B?JFG76 J4AA47B>8Z6Y243>63= O4GF7 ?667 >4 ;6 36=4F567E
8/13/2019 IMF Caribbean Small States
22/22
!"#$%%&"' )*"++ ),",&)
52?2520)23"J65674R )ER MSDPR s16;>R \34O>C :?7 ':>G3:F 1B=:=>63=N " !:3B;;6:? ,3BF4I8Rt ,C6 \643I6
4? 0?B563=B>8 TG?2G;FB=C67VE
"A4Z.:3>68R !ER *E ':3B>:R \E 9E 'BJC4FF=R eE !E -`OG4`6BR "E 96>63 :?7 ,E ,G3?63Ze4?6=R s,C6!C:FF6?I6= 4H /B=J:F !4?=4FB7:>B4? :?7 16;> #67GJ>B4? B? >C6 !:3B;;6:?t $*/ 63?:>B4?:F *4?6>:38 /G?7VE
%:F7:JJBR &ER )E \G2>:R :?7 !E *GF:=Z\3:?:74=R MSDSR s\6>>B?I 16;> G?763 !4?>34FRt /B?:?J6 :?71656F42A6?>R g4FE WdR '4E WR 16J6A;63 T4?N $?>63?:>B4?:F *4?6>:38 /G?7VE
&*Z1",N ,C6 -/1"]!#&1 $?>63?:>B4?:F 1B=:=>63 1:>:;:=6ooOOOE6A7:>E;6oo0?B563=B>w !:>C4FBnG676 +4G5:B? o %3G==6F= o %6FIBGAE
\4F7R eER @E *4?346R \E 9E 'BJC4FF= :?7 eE 9:3`R s,C6 #4F6 4H >C6 $*/ B? >C6 $?>63?:>B4?:F !4AAG?B>236=6?>67 B? ,3B?B7:7 j ,4;:I4 :> ,C6 $*/]!1% @BIC +656F /43GA 4? >C6 !:3B;;6:?R)62>6A;63R MSDME
\366?B7I6R fER #E !3:BIO6FFR !E ,C4A:=R :?7 +E 13:`6=R MSDMR s,C36=C4F7 &HH6J>= 4H )45636BI? 16;&5B76?J6 H34A >C6 !:3B;;6:?Rt $*/ G3:F 1B=:=>63= :?7 ,C6B3 *:J346J4?4ABJ $A2FBJ:>B4?=Rt 22E DXDoMSLR B?
!:3B;;6:?N /34A gGF?63:;BFB>8 >4 )G=>:B?67 \34O>CR 67E ;8 #E ):C:8R 1E #4;B?=4? :?7 9E!:=CB? T4?N $?>63?:>B4?:F *4?6>:38 /G?7VE
)>34;FR &ER MSDMR s,C6 6J4?4ABJ I34O>C BA2:J> 4H ?:>G3:F 7B=:=>63= B? 7656F42B?I J4G?>3B6=N &H34A CG33BJ:?6 =>3B`6= B? >C6 !6?>3:F "A63BJ:? :?7 !:3B;;6:? 36IB4?=Rx e4G3?:F 4H1656F42A6?> &J4?4ABJ=R g4FE KdR 22E DPSoDWDE