Author: Staff

Published 26 November 2017

Buckie Got It, St. Kitts and Nevis News Source

ECCU expects deterioration in the fiscal performance of Anguilla, Antigua and Barbuda and the Commonwealth of Dominica due to hurricanes 

Basseterre, St. Kitts, November 25, 2017 – The St. Kitts-based Eastern Caribbean Currency Union has received the Governor’s Report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union (ECCU) as at 30 June 2017.

The report, received at the 89^th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) via videoconference, on 20 October 2017, assessed recent trends in monetary and credit conditions, within the context of the bank’s broader objectives of ensuring the stability of the exchange rate and the financial system.

According to the communiqué, “Council was apprised that there is likely to be deterioration in the fiscal performance of Anguilla, Antigua and Barbuda and the Commonwealth of Dominica, in the short to medium term, as a direct consequence of the impact of Hurricane Irma on Anguilla and Antigua and Barbuda and Hurricane Maria on the Commonwealth of Dominica. As a consequence, the council noted, that the hurricane affected countries may need some flexibility in their debt servicing arrangements.”

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