A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia PDF Download
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Author: Mr.Edward R Gemayel
Publisher: International Monetary Fund
ISBN: 1484337166
Category : Business & Economics
Languages : en
Pages : 55
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Book Description
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.
Author: Mr.Edward R Gemayel
Publisher: International Monetary Fund
ISBN: 1484337166
Category : Business & Economics
Languages : en
Pages : 55
Get Book Here
Book Description
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.
Author: Mr.Edward R Gemayel
Publisher: International Monetary Fund
ISBN: 1484350871
Category : Business & Economics
Languages : en
Pages : 55
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Book Description
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484305140
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Author: Nikoloz Gigineishvili
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 74
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Book Description
Raising long-term growth and resilience and improving living standards and inclusion are the top economic policy priorities for countries in the Caucasus and Central Asia (CCA). The region responded strongly to the COVID shock, which unavoidably caused a contraction in output and an increase in poverty and inequality. While the region is at the crossroads between the West and the East as it is facing heightened uncertainty due to Russia's war in Ukraine and the rising risk of global fragmentation. Climate change is an additional challenge that could have a significant negative impact on CCA countries in the long term. These challenges, however, also offer an opportunity for the region to develop a new growth model that could strengthen long-term resilience, accelerate income convergence with more advanced country peers, and improve human development and social outcomes. The paper argues that a more market-based allocation of limited resources is needed to channel capital and labor to their most productive use. The private sector needs to become a key driver of economic activity while the state provides a competitive and market-friendly business environment, delivers essential public goods and services, addresses externalities and market failures, and mitigates systemic risks. The state also retains a critical role in mobilizing public support and resources for climate policies and protecting the vulnerable. Well-designed social safety nets play a key role in reducing poverty and inequality and are essential to the new economic growth model to support human capital development and alleviate the impact of structural reforms on the most vulnerable.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484366336
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress. Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.
Author: MissMercedes Vera Martin
Publisher: International Monetary Fund
ISBN: 148436077X
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress. Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.
Author: Ms.Mercedes Vera-Martín
Publisher: International Monetary Fund
ISBN: 1498315070
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
CCA countries achieved gains in inclusiveness over the past 20 years as incomes increased and poverty, inequality, and unemployment declined. Most of the progress occurred before the 2008–09 global financial crisis. Since then, poverty rates have barely moved and, for oil importers, remain elevated.
Author: Mr.Peter J Kunzel
Publisher: International Monetary Fund
ISBN: 1484358171
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484380185
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emerging market economies in MENAP and could have more severe implications should financial market sentiment suddenly deteriorate. Escalating global trade tensions will have a limited direct and immediate impact on these regions but could impart significant strains over time through negative effects on trading partners and through market confidence effects.
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292626558
Category : Business & Economics
Languages : en
Pages : 158
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Book Description
Meeting the 2030 Agenda requires unprecedented investment from different sources of finance, ambitious strategies, and structural reform. In recent years, total available development finance in Kazakhstan stagnated and decreased significantly as a share of gross domestic product. This publication presents a comprehensive analysis of trends in public and private finance, along with existing policies and partnerships in place. It discusses the feasibility for Kazakhstan to establish a financing mechanism to maximize development finance and resource allocation to achieve the Sustainable Development Goals.
