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ECCB Partners with IMF to Co-host Fuel Price Reform Workshop

4 April 2024, Basseterre, St Kitts and Nevis – The Eastern Caribbean Central Bank (ECCB), in collaboration with the International Monetary Fund (IMF), is hosting a workshop on “Fuel Pricing and Carbon Taxation” for Eastern Caribbean Currency Union countries over the period  4 – 5 April 2024 at the ECCB Headquarters in Saint Christopher (St Kitts) and Nevis.  The workshop is co-funded by the Caribbean Regional Technical Assistance Centre (CARTAC).

The workshop brings together practitioners from the Ministries of Finance and Trade from each of the eight ECCU countries.  Participants will engage IMF technical experts on issues relating to fuel pricing mechanisms and carbon taxation. This practical, hands-on workshop is intended to support member countries in their broader efforts towards fiscal sustainability and climate resilience.

The workshop will provide an overview of recent developments in international oil prices while drawing lessons from a review of global policy responses to fuel price shocks. In addition, it will provide a forum for discussion on the various fuel pricing mechanisms, design features, and their components. 

Participants will be exposed to international best practices in managing international fuel price volatility through automatic pricing mechanisms to preserve fuel tax revenues while mitigating the impact of fuel price increases on vulnerable households. Finally, a dedicated session on carbon taxation will round out the workshop's programme.  Participants will have the opportunity to share country experiences to foster peer learning and policy discussions.

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