Project profile — Enhancing Public Financial Management in the Caribbean

• Antigua and Barbuda (0.89%)
• Barbados (1.09%)
• Bahamas (0.03%)
• Belize (6.80%)
• Dominica (3.08%)
• Grenada (7.11%)
• Guyana (0.03%)
• Jamaica (16.82%)
• Saint Kitts and Nevis (5.98%)
• Saint Lucia (2.89%)
• Montserrat (0.03%)
• Suriname (0.03%)
• Trinidad And Tobago (0.03%)
• Saint Vincent And The Grenadines (2.81%)

• West Indies, regional (52.38%)

• Public finance management:
Public finance management (15111) (60.00%)
Domestic Revenue Mobilisation (15114) (30.00%)
• Banking And Financial Services: Financial policy and administrative management (24010) (10.00%)

• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (significant objective)
• Gender equality (significant objective)

The Enhancing Public Financial Management in the Caribbean initiative promotes improvements in public financial management capacity of target countries during a period of rising financial vulnerabilities. This initiative provides support to Caribbean countries that are facing crises and are prepared to deal with long-standing weaknesses in their fiscal and economic management through a fiscal reform program supported by the International Monetary Fund (IMF). The IMF works with governments, providing short, medium and long-term advice and training designed to respond by country to the precarious financial situation or the conditionalities of IMF extended fund facility arrangements. The fund supports 2 packages of technical assistance. The first, valued at $5 Million to respond to Jamaica’s extended fund facility arrangement with the IMF which is to help support its four-year macroeconomic adjustment program to undertake necessary fiscal and economic reforms. The second valued at $10 million is to respond largely to tourism-dependent Eastern Caribbean countries undergoing deepening financial vulnerabilities and potentially subject to extended fund facility arrangements with the IMF in view of their debt burdens.

The expected outcomes for this project include: (1) improved macroeconomic and public financial management in the context of rising financial vulnerabilities; and (2) increased regional cooperation/integration to foster economic growth in the Caribbean region.

Results achieved at the end of the project (July 2025) include: (1) supported over 15 ministries, customs departments, and statistical offices across 13 Caribbean countries and delivering training to hundreds of officials in public financial management, macroeconomic analysis, and customs operations; (2) introduced gender-responsive budgeting tools in Grenada and strengthened national macroeconomic frameworks; (3) established a new monthly economic index in Dominica tracking imports, tax revenues, public sector wages, electricity generation, tourist flows, and cement sales to improve forecasting and fiscal administration; (4) modernized Jamaica’s treasury operations and debt management systems, contributing to an approximately 45?% reduction in the country’s debt-to-GDP ratio over the project’s duration; (5) improved efficiency in Barbados’ revenue management and public administration through updated customs legislation, adoption of internationally aligned national accounting standards, and automation of customs processes; and (6) supported the implementation of a sales tax in Anguilla to enhance fiscal resilience to shocks.

• Proactive disclosure