Dominica : 2018 Article IV Consultation-Press Release and Staff Report
Author/Editor:
International Monetary Fund. Western Hemisphere Dept.
Publication Date:
September 5, 2018
Electronic Access:
Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Category 5 Hurricane Maria hit Dominica on September 18, 2017 while it was still recovering from tropical storm Erika, which had damaged the island on August 27, 2015. While Erika had caused severe damage, estimated at 96 percent of GDP, Maria was Dominica’s worst natural disaster with damage estimated at US$1.3 billion (226 percent of GDP). Prior to the disaster, the government had been making progress on fiscal consolidation commitments associated with the October 28, 2015 disbursement under the Rapid Credit Facility (SDR 6.15 million), which had sought to generate primary surpluses adequate to reduce the debt to GDP ratio to 60 percent by 2030.
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