ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

Consultative Meetings with ECCU Development Banks and Financial Secretaries During the course of the financial year, the Bank engaged key stakeholder groups: the Development Banks and the Financial Secretaries. While the Development Banks are not regulated by the ECCB, they inhabit an important place within the wider ECCU financial space, playing a critical role in the development of the member countries. The Bank held two consultative meetings with the Development Banks: the first meeting in July 2022 focused on the theme, “Fostering Resilience and Innovation in Development Banking in the Eastern Caribbean Currency Union”, while the second meeting in January 2023 was held under the theme: Building Resilient Development Banks to Support the Transformation of the Eastern Caribbean Currency Union . In a similar vein, the Bank met twice with the Financial Secretaries who are at the forefront of policy development and implementation in their countries. The July 2022 meeting explored the theme: The Fiscal Dilemma: Building Fiscal Resilience while Supporting Economic Recovery and Growth ; which highlighted the complexity of the current policy environment and the difficult policy choices confronting the member countries. The October 2022 meeting reflected on the theme: Distilling Lessons, Leveraging Fiscal Solutions, and Calibrating Fiscal Management Post-COVID-19 . International Monetary Fund 2022 ECCU Common Policies Consultation The 2022 International Monetary Fund (IMF) Annual Common Policies Consultation with the ECCB took place virtually for a second consecutive year due to concerns at the time about the ongoing pandemic.

affords the Bank an opportunity for peer exchange with the IMF staff, and provides support for the policies of the member countries, since the IMF is a major source of support to the Region. The IMF mission team engaged the Executive, management and staff of the Bank on the policy priorities for the Region, including the need to address pandemic “scars” and to bolster the region’s recovery. The mission also provided a forum for a joint research seminar for the ECCB to make a seminal presentation on the topic: National Fiscal Rules and the COVID-19 Pandemic: The Case of Grenada . The presentation delved into Grenada’s fiscal rules as a model for fiscal governance for small developing countries. The IMF Staff Report on the 2022 Consultation can be accessed on the IMF website. New Website The ECCB made great progress on the re-design of its website. The new, state-of-the-art website will create an interactive and more user-friendly experience for users as they navigate the site. Users will also be afforded the opportunity to interact with a new statistical module where they will be able to manipulate the data to create various charts, graphs and tables from various datasets from the eight ECCB Member Countries. Work toward finalising the project continued with an expected completion date of 30 June 2023.

The Consultation took place in May 2022. This annual engagement is a key event in the Bank’s calendar as it

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