The purpose of the project was to contribute to the development and implementation of harmonization and coordination of monetary and fiscal policy framework in the CARICOM, through the initiatives by COFAP.
This included; elaboration of various proposal within the context of the responsibilities of the Council for Finance and Planning and taking into account the status of various initiatives, for:
- a fiscal policy harmonisation framework as well as the scope of initiatives to be advanced in this regard by CARICOM Member States; and
- an enhanced monetary cooperation programme for the Caribbean Community which contains provisions for intra-regional exchange control liberalisation, currency convertibility and the advancement of initiatives towards monetary integration.
In implementing the project the Consultants provided recommendations on fiscal and monetary coordination policy initiatives in the CARICOM. This meant an assessment of current proposals under COFAP. In addition, the team will identified gaps to coordination, identified other on-going and possible areas of macro economic collaboration and coordination and recommend initiatives to build upon such coordination. Legislative and regulatory analysis was a key focus area for the Consultants, who also assessed the legislative frameworks necessary for macroeconomic harmonisation, and the current framework in place.
Imani consultants undertook the following activities:
- Assessed the legislative, regulatory and institutional framework for monetary and fiscal harmonisation in CARICOM
- Reviewed literature, reports and other published data
- Field visits/ Interviews and consultations
- Reviewed the institutional, regulatory and institutional framework for monetary and fiscal regulation in some other regional groupings- European Community (EC) and Eastern Caribbean Currency Union (ECCU).
- Gap Analysis