ECCB
ANNUAL REPORT 2014/2015
18
EASTERN CARIBBEAN CENTRAL BANK
In addition, the Bank assisted Grenada in developing
its “Home Grown Adjustment Programme” which
facilitated the signing of the Extended Credit Facility
arrangement with the IMF on 26 June 2014. The
Bank remains engaged in this process and is
represented on the National Monitoring Committee,
and has participated in the official reviews conducted
by the IMF. The Bank also participated in the IMF’s
staff visits and Article IV consultations to Antigua
and Barbuda, St Kitts and Nevis, St Vincent and
the Grenadines and Saint Lucia. The missions to
St Kitts and Nevis mainly involved the completion of
the final set of reviews for the 36-month Stand-By
Arrangement (SBA) which was approved on 27 July
2011, while the one to Antigua and Barbuda focused
on the Post Programme Monitoring discussions.
In collaboration with the World Bank, the Bank
also participated in the OECS Regional Partnership
Strategy (RPS) consultations which were held in three
member countries; the Commonwealth of Dominica,
Antigua and Barbuda and Grenada over the period 29
to 31 January 2014, as well as, the Caribbean Growth
Forum First Accountability Workshops held in
St Vincent and the Grenadines and Saint Lucia. Other
notable accomplishments included; participation in
the Center for Latin American Monetary Studies
(CEMLA) missions to Grenada and Saint Lucia,
where the main objectives were the assessment of
debt sustainability issues and the development of a
comprehensive debt relief strategy. Further technical
assistance was provided to all member countries
through various networking meetings, seminars and
conferences.
The Bank will continue to work towards adjusting the
surveillance system to meet new demands brought
on by a changing economic landscape. This will
involve strengthening the human capacity in the
requisite Units, both at the Bank and in member
countries, through upgrading their diagnostic
and forecasting skill sets and also formalising the
institutional arrangements across the currency union.
I
nformation
S
torage
and
D
issemination
Statistics
The core deliverables of the Statistics Department are
(i) Debt Management Advice and Capacity Building;
(ii) Banking and Balance of Payments Statistics based
on international standards; and (iii) Facilitation of
effective and efficient statistical systems.
Debt Management Advice and Capacity Building
Through continued funding from the Department of
Foreign Affairs, Trade and Development (DFATD)
Canada, the Bank was able to extend its support to
member countries in the area of debt management
through the Canada-Eastern Caribbean Debt
Management Advisory Service (CANEC-DMAS)
Project. The CANEC-DMAS Project was originally
scheduled to conclude in October 2014 but the DFATD
approved an extension of the project to June 2017.
Training and technical assistance were provided to
member countries to build capacity in some of the core
areas of debt management such as: Debt Sustainability
Analyses (DSA); formulation of Medium Term Debt
