Wednesday, July 24, 2024

IMF: High debt constrains OECS

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The IMF has said that member countries of Organization of Eastern Caribbean States (OECS) have little room for fiscal stimulus packages because of high public debt levels.

An International Monetary Fund team is visiting OECS nations during this month. A statement from the Fund, issued after a series of meetings in St Kitts and Nevis, cited the two-island federation as an example of carrying “formidably high” debt.

The island’s debt stands at 170 percent of its Gross Domestic Product. The IMF said that growth in Eastern Caribbean nations would remain flat during this year, because of the global economic downturn. The islands experienced 2.5 percent growth last year.

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