Kingdom of the Netherlands-Aruba: 2010 Article IV Consultation Discussions-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of the

2010 Article IV Consultation Discussions-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of the Netherlands-Aruba

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Volume/Issue: Volume 2010 Issue 334
Publication date: October 2010
ISBN: 9781455208302
$20.00
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Topics covered in this book

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Banks and Banking , Exports and Imports , Labor , Public Finance , Industries - Hospitality Travel and Tourism , ISCR , CR , discussion , staff appraisal , Aruba , Netherlands , letters to Aruba's commercial banks , policy stance , IMF staff representative , market share , Commercial banks , Loans , Tourism , Caribbean , Global

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Summary

Aruba has an open economy with a history of stability-oriented macroeconomic policies. Adverse external shocks have led to a decline in tourism and disruption of oil refinery operations. Serious fiscal challenges need to be addressed and a fiscal adjustment program is needed to safeguard the sustainability of the public finances. Expenditure cuts and the central bank’s switch from a credit ceiling to an unremunerated reserves requirement as key policy tool is commended. The new monetary policy framework will likely increase the challenges to prudential regulation and supervision.

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