2019-2020 Annual Report and Statement of Accounts

GROWTH, COMPETITIVENESS AND EMPLOYMENT Provide technical assistance, policy advice and consultations to ECCU member countries on how to expand existing and attract new sectors and improve regional competitiveness and ease of doing business In its quest to improve client relations and to share relevant information with partner institutions, the Bank coordinated one-on-one meetings with commercial banks and government officials. The Bank also coordinated the meetings of its networking and consultative partners, to encourage sharing of ideas and best practices. The Bank was also a major player in providing technical support and policy advice through its participation in a number of missions and symposia in member countries. In particular, support was provided to seven member countries in the execution of IMF Article IV consultations and staff visit missions. During the review period, the Governor’s country outreach missions provided another platform for the Bank to make presentations to policy- makers in country on topical policy issues that resulted from robust research work and specific policy briefs. The prosecution of the research agenda during the review period was dominated by work on chapters for the Bank’s book project titled: Transforming the ECCU Together . Notwithstanding this mandate, significant progress was made in executing other critical research initiatives. Of notable mention was the completion of a flagship document titled: The Medicinal Cannabis (R)evolution – Challenges in Banking a Budding Industry in the ECCU , for the Monetary Council consideration. The Bank also participated in annual research seminars held by the central banks of Barbados and Trinidad and Tobago as well as the inaugural symposium hosted by Saint Lucia. In addition, the Bank was engaged in the analyses of economic issues beyond the ECCU and prepared sections of the Caribbean Economic Review (May and November 2019 editions). During the financial year, technical assistance was provided to the ECCU member countries in the compilation and/or review of the ECCU Gross Domestic Product (GDP) estimates. On request, three in-country compilation missions were conducted in Antigua and Barbuda, the Commonwealth of Dominica and Montserrat. The other member countries were reviewed remotely. Additionally, there was collaboration on the bi-annual revision of the annual GDP projections for the ECCU member countries. To supplement macro-economic analysis, the Bank continued with the administration and conduct of the bi-annual Business Outlook Survey and the management of real sector and national accounts statistics. On the development front, the Bank held discussions with regional partners such as the Caribbean Regional Technical Assistance Center (CARTAC) and the Project for the Advancement of Statistics in the Caribbean (PRASC) regarding the rebasing of the GDP estimates. It is necessary to rebase the GDP estimates because an old base year diminishes the relevance and accuracy of the estimates. In the case of the ECCU, this update occurs roughly every 10 years and the last exercise occurred during 2009 and 2010. A tentative work programme was developed and further discussions with member countries and development partners are expected in the new financial year.

Round One - Governor’s Country Outreach Mission 2020

Engagement with Social Partners - Commonwealth of Dominica

Engagement with Members of Bankers’ Association - Saint Lucia

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