ECCB persuades states to relax fiscal stance
IMF supports move to deal with pandemic’s effects, warning against “drastic fiscal consolidation”
The Eastern Caribbean Central Bank has successfully recommended that the eight island states it serves loosen their fiscal restraints to deal with the Covid-19 pandemic.
The ECCB’s monetary council accepted a recommendation from the central bank governor that the eight members postpone the date for achieving their targeted “fiscal anchor”. ECCB members will now aim to reduce their total debt to 60% of collective GDP by 2035 rather than by 2030, the council announced on February 12. The move was
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