Dominica

In this study, the authorities outlined a two-stage strategy and explained the need for requesting the cancellation of Stand-By Arrangement and the approval of a Three-Year Arrangement Under the Poverty Reduction Growth Facility (PRGF). The objective of the three-year program is to review growth by addressing the debt overhang and structural weaknesses. The underlying concept of fiscal reform is to support the achievement of the medium-term primary surplus target. The authorities will implement a number of initiatives to strengthen the investment climate in the economy.Poverty Reduction and Growth Facility;Stand-by arrangement cancellations;debt strategy, external debt, debt restructuring, debt service, public debt, central bank, current account, capital expenditure, public sector debt, balance of payments, fiscal adjustment, debt sustainability, fiscal reform, fiscal measures, public finances, fiscal effort, debt obligations, external financing, tax policy, fiscal policy, payment arrears, debt reduction, current account deficit, debt stock, current account balance, government revenue, tax collections, debt dynamics, tax base, primary deficit, domestic financing, fiscal objectives, external payment, domestic debt, fiscal target, fiscal consolidation, tax system, fiscal years, fiscal package, fiscal balance, debt overhang, foreign debt, repayments, fiscal position, debt, tax reform, structural adjustment, external loans, debt problem, budget support, debt ratio, public expenditure, external borrowing, fiscal situation, nonconcessional debt, interest expenditure, domestic currency, debt burden, fiscal institution, debt data, debt structure, fiscal targets, debt stocks, fiscal responsibility, fiscal issues, domestic borrowing, short-term debt, taxation, fiscal adjustment effort, debt situation, fiscal accounts, external public debt, fiscal responsibility law, external payments arrears, external payments, general resources account, amortization payments, fiscal action, tax increases, budget allocation, domestic debt data, fiscal consolidation effort, net present value of debt, fiscal prudence, total external debt, external debt sustainability, external debt data, fiscal measure, fiscal consolidation efforts, repurchases, external shocks, expenditure reform, debt restructuring operation, debt unit, debt servicing, debt service obligations, tax collection, fiscal performance, debt outstanding, expenditure cuts, debt management, fiscal program, debt sustainability analysis, medium-term debt sustainability, structural ? fiscal, debt negotiations, debt accumulation, fiscal deficit, budgetary flows, credit tranche, structural fiscal, debt rescheduling, budgetary process, fiscal adjustment package, publicly-guaranteed, long-term debt, expenditure ratio, tax rates, capital expenditures, tax administration, debt problems