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The Structural Adjustment Technical Assistance Programme
(SATAP)

In the context of slow economic growth and a weakening of the fiscal position of member countries of the Currency Union in 2001, the Monetary Council agreed that all countries should implement Structural Adjustment Programmes. The Structural Adjustment Technical Assistance Programme (SATAP) was therefore implemented with the following objectives:
   
to strengthen the technical capabilities of national officials for developing, implementing and monitoring country adjustment and stabilisation programmes, through hands-on training and guidance from consultants provided by CARTAC; and
to provide, where necessary, technical support in developing an adjustment and stabilisation programme with quantitative targets and macroeconomic and structural policy measures.


The Structural Adjustment Technical Assistance Programme (SATAP) commenced in 2002 and is ongoing in all the member countries of the currency union, except Montserrat. The programme started with St Kitts and Nevis as the pilot country and St Kitts has been successfully implementing the programme over the last two years. The development phase of the programme has been completed for all the independent countries.

As part of SATAP, the technical staff of the Ministries of Finance and the Central Bank in consultation with the consultants have developed projected scenarios of economic performance, based on current policies, and an adjustment scenario which includes new policy measures. It is anticipated that these policy measures will form part of the national budgets of the countries, and that economic performance relative to the programme will be monitored on a quarterly basis.
   
Through this programme countries are expected to aim at achieving the fiscal convergence targets of :
Current account fiscal surplus of 4.0 per cent of GDP.
An overall fiscal deficit not to exceed 3 per cent of GDP.
A debt to GDP ratio not to exceed 60 per cent of GDP.
A debt servicing to current revenue ratio (excluding rescheduling) not to exceed 15 per cent.
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