Mongolia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia PDF Download
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Author: International Monetary
Publisher: International Monetary Fund
ISBN: 161635593X
Category : Business & Economics
Languages : en
Pages : 115
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Book Description
A strong export-led recovery is underway. Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed. An export-led recovery which began in mid-2020, is gathering steam due to booming prices for Mongolia’s exports. Nevertheless, domestic demand, labor markets and the business sector remain weak. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been compromised. On the plus side, external and fiscal buffers have been built, helped by the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota), and the rollover of large external liabilities has increased policy space.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 161635593X
Category : Business & Economics
Languages : en
Pages : 115
Get Book Here
Book Description
A strong export-led recovery is underway. Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed. An export-led recovery which began in mid-2020, is gathering steam due to booming prices for Mongolia’s exports. Nevertheless, domestic demand, labor markets and the business sector remain weak. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been compromised. On the plus side, external and fiscal buffers have been built, helped by the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota), and the rollover of large external liabilities has increased policy space.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513586033
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout. Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021, underpinned by a recovery in domestic demand and a positive contribution from net exports. The uncertainty surrounding the outlook is larger than usual.
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1513514180
Category : Business & Economics
Languages : en
Pages : 75
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Book Description
This 2019 Article IV Consultation with Mongolia discusses that economy growth accelerated to 8.6 percent in the first quarter of 2019, over fiscal balance turned into surplus in 2018, and gross international reserves have increased by $2 1/2 billion since 2016. The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand. Notwithstanding the progress, Mongolia remains vulnerable to external shocks given its high debt levels and the economy’s dependence on mineral exports. Structural reforms progressed in several key areas: the budget process is more resilient to political pressure and quasi-fiscal activities were curtailed. In order to achieve sustainable and inclusive growth, it is necessary to advance the current reform efforts by strengthening the rule-based fiscal policy framework, ensuring financial sector soundness and improving governance. Risks are tilted toward the downside in the near term. Shocks to mineral demand can lead to sharp fall in exports, weakening growth outlook and fiscal accounts. A slowdown in growth could trigger financial instability given still inadequate capital buffers at some banks and overindebted households.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Activity returned to its pre-COVID level in 2021. Inflation remains well above the NBK’s 4–6 percent target band, and spillovers from sanctions on Russia will exacerbate price pressures and weaken economic growth in 2022. Kazakhstan benefits from strong fiscal and external buffers but risks to the outlook are elevated due to the uncertain impact on Kazakhstan of the sanctions on Russia and heightened domestic tensions since the January social unrest episode. In the medium term, non-oil growth under the baseline is expected to converge to about 4 percent. Sustainable growth will require greater economic diversification. Climate-related challenges are acute for Kazakhstan given its outsized hydrocarbon sector, high per-capita greenhouse gas emissions, and low domestic energy prices.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513596020
Category : Business & Economics
Languages : en
Pages : 93
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Book Description
Sultan Haitham ascended to the throne in January 2020 and has committed to implementing strong fiscal and structural reforms to address longstanding vulnerabilities. In addition to persistent fiscal deficits arising from incomplete adjustment to lower oil prices since 2015, Oman faced twin shocks from the COVID-19 pandemic and a collapse in oil prices in 2020 that amplified fiscal and external vulnerabilities. The authorities moved rapidly to contain the spread of COVID-19 infections and provided broad-based policy measures to limit its impact on the economy. In addition, frontloaded fiscal consolidation has been implemented in the 2021 budget as part of the authorities’ Medium-Term Fiscal Plan (MTFP) which aims to eliminate the fiscal deficit over the medium term. Banks have high capital buffers and liquidity, but credit risk is a concern going forward. Structural reforms have been accelerated under Oman Vision 2040 to boost non-oil private sector growth and facilitate job creation.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 135
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Book Description
Malaysia’s economy is showing signs of a gradual yet steady recovery thanks to the authorities’ impressive vaccine rollout, swift and coordinated implementation of multi-pronged support measures. The recovery nevertheless remains uneven and the output gap sizeable, with significant downside risks. Going forward, the authorities should calibrate macroeconomic policies to the pace of the recovery, while preserving policy space given pandemic-related uncertainties, and simultaneously accelerate structural reforms.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513592041
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
The economic and social impact of the COVID-19 pandemic over the past year has been well-managed by the authorities. Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock. Sound economic policies helped deliver macroeconomic stabilization, safeguard debt sustainability, and preserve investor confidence. While growth is expected to rebound in FY2021/22, the outlook is still clouded by uncertainty related to the pandemic and the pace of vaccinations. High public debt and large gross financing needs leave Egypt vulnerable to external shocks or changes in financial market conditions for EMs. Near-term fiscal and monetary policies should thus continue to support the recovery without accumulating undue imbalances.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513593250
Category : Business & Economics
Languages : en
Pages : 84
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Book Description
Although Timor-Leste has made considerable progress in many areas since its independence in 2002, it faces significant medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 65
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Book Description
Growth is estimated to have reached 4.8 percent in 2023 and is projected to slow to 3.1 percent in 2024. Inflation declined to 9.8 percent in 2023, still well above the National Bank of Kazakhstan (NBK)’s target of 5 percent. Risks to the outlook are tilted to the downside. The state’s footprint in the economy remains large and structural reform implementation has been slow in recent years. Despite strong buffers, the economy needs to be better prepared for future shocks in both the short term (e.g., from war spillovers, inflation, and global economic and financial conditions) and the medium term (e.g., from geo-economic fragmentation, climate events, and global decarbonization).
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
After suffering a recession during the pandemic, the Cambodian economy was on a steady recovery path, but is facing new pressures in 2022 that have buffeted external demand and increased inflation rates. The authorities have largely continued with crisis policy responses and have pressed on with policy reforms. The recovery is projected to continue, notwithstanding external stresses. Risks of public debt distress remain low. However, the level of private debt raises concerns about potential debt overhang.
