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Friday, August 19, 2022

CBI PROGRAM IS A POTENTIAL “RACE TO THE BOTTOM” WITHOUT REGIONAL COORDINATION SAYS IMF

The International Monetary Fund (IMF) in January 2020 statement said:

Regional coordination of selected revenue policies could create fiscal space for ECCU’s public investment. The ongoing “race to the bottom” in competing for tax incentives and CBI program conditions limits the potential to raise revenue that could be channelled to productive spending, including resilience building”.

“This highlights scope for the ECCU countries to coordinate tax incentives and CBI program conditions, while achieving the objective of making FDI more attractive through better infrastructure”.

“In this context, the authorities’ ongoing collaboration on CBI programs’ financial integrity to improve their transparency and governance could help lower negative perceptions about the use of CBI programs”.

“Such collaboration could support region-wide sustainability of these flows and financial stability”.

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