Safeguards Assessments Policy - External Expert Panel's Advisory Report PDF Download
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344178
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2010. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, Fund and World Bank staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344178
Category : Business & Economics
Languages : en
Pages : 39
Get Book Here
Book Description
This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2010. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, Fund and World Bank staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484354451
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
This 2018 Article IV Consultation highlights that the economy of Malawi recently rebounded from two years of drought. Growth picked up from 2.3 percent in 2016 to an estimated 4.0 percent in 2017 owing to a recovery in agricultural production. Inflation has been reduced below 10 percent owing to the stabilization of food prices, prudent fiscal and monetary policies, and a stable exchange rate. Economic growth is expected to increase gradually, reaching over 6 percent in the medium term. Growth will be supported by enhanced infrastructure investment and social services as well as an improved business environment, which will boost confidence and unlock the economy’s potential for higher, more broad-based, and resilient growth and employment.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498390773
Category : Business & Economics
Languages : en
Pages : 106
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Book Description
This 2016 Article IV Consultation highlights that growth in Tanzania has remained strong and inflation moderate during the past two years. Real GDP grew by 7 percent in 2015, with activity particularly buoyant in the construction, communication, finance, and transportation sectors. Inflation remained in single digits throughout 2015, averaging 5.6 percent, despite the significant exchange rate depreciation in the first half of 2015. Inflation in April 2016 was 5.1 percent, close to the authorities’ target of 5 percent. The banking system appears sound overall, but there is wide variation within the system. The level of financial development has improved in recent years, though at a gradual pace.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475549512
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
KEY ISSUES Background. The Gambian economy is facing urgent balance of payments needs triggered mostly by the impact of the regional Ebola outbreak on tourism. Although the country remains Ebola free, the regional outbreak is expected to cut by more than half tourism receipts for the 2014/15 season. During 2014?15, the impact of the shocks on the balance of payments, offset in part by lower global fuel prices, is estimated to be $40 million (over 5 percent of 2015 GDP). Policy slippages and persistent financial difficulties in public enterprises have exacerbated the problems and pushed The Gambia’s ECF arrangement off track. In their Letter of Intent the authorities have notified the Fund of their decision to cancel the arrangement. Request. The authorities are requesting support under the RCF—in an amount of SDR 7.775 million or equivalent to 25 percent of quota—to cope with the urgent balance of payments needs and a one-year staff-monitored program (SMP) to guide policy implementation before returning to a successor ECF arrangement, provided policies remain on track. Main policy commitments. The authorities have taken a number of upfront policy actions. The approved 2015 budget envisages lowering net domestic borrowing (NDB) to 1 percent of GDP in 2015 from 121⁄4 percent in 2014, anchored by a set of revenue and expenditure measures, and complemented by some $22 million in external budget support. The authorities have taken steps to resolve the financial problems of key public enterprises and intend to take measures to secure their medium-term fiscal consolidation and poverty reduction objectives. Staff’s view. Staff supports the authorities’ request. Staff views the package of measures articulated in the attached letter of intent as representing a considerable effort. The RCF disbursement would augment the authorities’ own strong adjustment efforts, help catalyze additional donor financing, and give the authorities the time needed to develop their medium-term adjustment plans. The SMP will provide the Gambian authorities an opportunity to establish a track record before moving to a successor ECF to which they aspire. A period of monitoring will also allow the time needed to assess the impact of the shocks fully and hence better tailor the objectives of a successor ECF arrangement.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484311485
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
This report reviews Guinea’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement. Guinea was declared free of the Ebola epidemic at end-2015, and after two years of stagnant activity, growth is expected to rebound this year. After solid performance in 2014, ECF program implementation weakened in 2015. Following last October’s Presidential elections, there has been a concerted effort to bring the ECF-supported program back on-track. Macroeconomic policies for 2016 aim to improve reserves coverage to three months of imports, and keep inflation within single digit figures as envisioned in the 2015 ECF-supported program. The 2016 budget envisions a significant broad-based fiscal contraction.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 149834626X
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
A moderate economic recovery is taking hold in St. Lucia. Favorable international conditions have contributed to improved demand for tourism, St. Lucia’s main economic sector, and the external current account deficit has narrowed significantly. The authorities have made some progress in addressing a weak fiscal position. However, the financial sector continues to be impaired by nonperforming loans, public debt keeps rising, and unemployment remains very high, while external sector competitiveness continues to be weakened by an overvalued exchange rate, economies of scale disadvantages, and structural bottlenecks.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451827016
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
This 2009 Article IV Consultation highlights that the global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard. The loose macropolicies and tightly managed exchange rate pursued during the preceding boom years had made the economy particularly vulnerable, and the situation deteriorated markedly in early 2009. The authorities are making progress toward restoring health to public finances. Executive Directors have supported the authorities’ policy priorities to restore health to public finances, rebuild international reserves while maintaining a flexible exchange rate, bolster confidence in the banking system, and protect the poor.
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1484386558
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
This paper discusses economic performance, outlook, and risks of Sri Lankan economy. Macroeconomic performance in 2015 reflected a mix between positive underlying growth momentum, the negative impact of unbalanced domestic policies, and an increasingly difficult external environment. The government fiscal deficit expanded to 6.9 percent of GDP in 2015. The overall balance of payments deteriorated significantly in 2015 despite an improvement in the terms of trade. Sri Lanka’s short-term outlook is challenging, but medium-term prospects are favorable if current macro-financial imbalances can be addressed. The key risks to the outlook stem from (1) government inaction on key policies and (2) a significant deterioration in the external environment.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498306853
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
KEY ISSUES Context. Georgia’s previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia’s external and fiscal imbalances. The program also helped preserve the central bank’s independence after the 2012–13 political transition and strengthened its inflation-targeting framework. However, over time it proved increasingly difficult to reconcile the program’s fiscal objectives with the new government’s policies of increasing social spending, especially after the economy slowed and revenues fell short in 2013. Also, despite the progress achieved under the program, macroeconomic challenges remain. The current account deficit and external debt are high, leaving the economy susceptible to shocks. Strong and inclusive growth is needed to reduce widespread poverty and high unemployment. More recently, the external outlook has worsened, opening up a balance of payments need in 2014. Program and its objectives. To address these challenges, the authorities request a new three-year SDR 100 million (67 percent of quota) Stand-by Arrangement to address an external financing need in 2014 related in part to the realignment of fiscal policies to more social spending. The program will facilitate Georgia’s external adjustment, reduce key macroeconomic vulnerabilities, rebuild policy buffers, and support growth. Program policies. In 2014, the program balances supporting domestic demand with the need to safeguard external stability. To reduce the output gap, fiscal policy provides a measured stimulus, while monetary policy remains accommodative. However, the authorities will tighten policies and allow the exchange rate to adjust if balance of payments pressures were to intensify. From 2015, the fiscal deficit will be reduced to keep public debt low and to create space for countercyclical policies. This consolidation will rely on raising revenue by broadening the tax base and containing current expenditure, while protecting pro-poor spending and public investment. Monetary policy will aim at price stability through improved inflation targeting. The program will seek to rebuild international reserves while encouraging greater exchange rate flexibility. Strengthening of the financial sector will continue, helped by the recommendations of the recent FSAP mission. The program also aims to contain risks from quasi-fiscal activities and support improvements in tax administration, and will complement the authorities’ reforms to strengthen the business environment, improve education and training, create jobs and reduce poverty and inequality.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498343538
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
KEY ISSUES Background: Yemen has made good progress since the 2011 crisis in advancing the political transition. However, the fledgling economic recovery remained insufficient to make a dent in unemployment and poverty, and fundamental reforms were postponed for fear of derailing the National Dialogue that was central to the political transition. The macroeconomic situation weakened further since early 2014, with increased sabotage of oil facilities leading to a decline in oil revenue and, therefore, a deterioration in the fiscal and external positions and severe fuel and electricity shortages. To address the difficult economic situation, the authorities have adopted a bold reform agenda to preserve macroeconomic stability and set the stage for boosting growth, employment creation, and poverty alleviation. They requested Fund support under an ECF arrangement with access of 150 percent of quota in consideration of the strength of the reforms and large financing needs. Outlook and Risks: Growth and other macroeconomic indicators are projected to improve steadily over the medium term as a result of the reform efforts and improvements in security. Institutional capacity constraints and/or deterioration in security or the political environment could delay reform implementation, in particular energy subsidy reforms. Such delays could destabilize the economy and necessitate even stronger adjustments later on. Policy Discussions: Discussions focused mainly on sequencing and speed of reforms in view of the large financing needs of the budget. Since the successful implementation of the RCF in 2012, there has been an ongoing dialogue with the authorities and a broad agreement on priority reforms, with differences of views on the timing and feasibility of the various reforms during the political transition. After the recent progress achieved in advancing political transition, and the increased economic challenges, the authorities have decided to move ahead with a strong reform program. The program aims to reduce the fiscal deficit to more manageable levels and reorient public spending from generalized subsidies to infrastructure investment and direct social transfers, with the objective to generate growth and employment and better benefit the poor. The authorities also agreed with staff on the need to improve fiscal performance by eliminating ghost workers and double dippers from the civil service payroll, and by increasing nonhydrocarbon revenue. Other agreed reforms aim at ensuring financial sector soundness and improving intermediation and the business environment to support growth and job creation. Other Article IV Issues: An updated debt sustainability analysis indicates that the risk of debt distress continues to be moderate. Plans to introduce fiscal federalism need to ensure appropriate expenditure and debt-contracting policies and controls. A gradual increase in exchange rate flexibility over the medium term would help protect competitiveness and reserves, and would support growth and job creation. More efforts are needed to further improve economic data and to strengthen capacity in AML/CFT.
