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Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498306152
Category : Business & Economics
Languages : en
Pages : 105
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Book Description
This Article IV Consultation highlights that Nigeria’s economy is still recovering from the substantial terms-of-trade shock that triggered the 2016 recession. Persistent structural and policy challenges constrain growth to below the level needed to reduce vulnerabilities and improve development outcomes. With elections now complete, there is a greater chance for faster policy implementation. The authorities’ Economic Recovery and Growth Plan priorities remain appropriate and should be urgently implemented. Revenue-based fiscal consolidation would be required to create space for higher capital and priority spending while improving spending efficiency and strengthening governance. A comprehensive package of urgent policy reforms is required to address vulnerabilities and raise growth over the medium term. The IMF staff suggested that strengthening banking sector resilience requires increasing capital buffers. This includes extending the no dividend distribution rule to all banks with high restructured loans.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498324371
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498306152
Category : Business & Economics
Languages : en
Pages : 105
Get Book Here
Book Description
This Article IV Consultation highlights that Nigeria’s economy is still recovering from the substantial terms-of-trade shock that triggered the 2016 recession. Persistent structural and policy challenges constrain growth to below the level needed to reduce vulnerabilities and improve development outcomes. With elections now complete, there is a greater chance for faster policy implementation. The authorities’ Economic Recovery and Growth Plan priorities remain appropriate and should be urgently implemented. Revenue-based fiscal consolidation would be required to create space for higher capital and priority spending while improving spending efficiency and strengthening governance. A comprehensive package of urgent policy reforms is required to address vulnerabilities and raise growth over the medium term. The IMF staff suggested that strengthening banking sector resilience requires increasing capital buffers. This includes extending the no dividend distribution rule to all banks with high restructured loans.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 129
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Book Description
Ensuring the integrity of data and analysis is fundamental to the Fund’s ability to deliver on its mandate. As part of the Fund’s institutional safeguards review, a Working Group on Data and Analysis Integrity (WGDAI) was established to assess the possible need for changes in processes safeguarding the integrity of data and analysis at the Fund. The IMF primarily uses data supplied by its membership to fulfil its core mandate. The IMF has initiated and progressively enhanced a number of initiatives to help members prepare official data of adequate quality. Assessing data integrity and supporting countries’ efforts to achieve high standards has required a sustained commitment on the part of the Fund.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498324398
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1513524461
Category : Business & Economics
Languages : en
Pages : 123
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Book Description
This paper presents 2019 Article IV Consultation with Gabon and its Fourth and Fifth Reviews Under the Extended Fund Facility (EFF), and Request for Waiver for NonObservance of Performance Criteria, and Rephasing of the Remaining Purchases. Gabon’s performance under the program supported by the IMF’s EFF Arrangement has been broadly satisfactory. Macroeconomic conditions have continued to improve, with growth slowly picking-up, fiscal and external positions improving, and public debt declining. Going forward, bold and ambitious reforms are needed to generate higher, more inclusive, and resilient growth. Sustained implementation of structural reforms is critical. Efforts to close infrastructure gaps, improve human capital, deepen financial intermediation, clear domestic arrears, and enhance governance and anticorruption measures are necessary to improve the business climate and achieve higher and inclusive growth. Efforts should continue to further boost domestic revenue and contain nonpriority spending, while protecting investment and enhancing social protection. Improving public finance management and the efficiency of public investment is also important for growth prospects.
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1484356667
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
This paper discusses recent economic developments, outlook, and risks of Maldives’ economy. Maldives living standards have risen to middle-income levels over the past two decades driven by tourism development. The country’s geography creates fiscal challenges, and the economy has faced persistent fiscal deficits over the past decade. The economy is highly exposed to climate change, a fact that further adds to fiscal costs. The real economy outperformed its peers in the past few years, but tourism slowed last year. Public debt is high and on a rising trajectory. A detailed national development strategy would ensure that investment plans are well coordinated and bring about bigger growth dividends.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 155
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Book Description
The fourth review of a three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded on December 20, 2023. Economic growth momentum softened in 2023 as oil production surprised on the downside, which, together with the 2023-2024 floods, challenges in the provisioning of electricity, and weaker public investment, weighed on non-hydrocarbon growth as well. Growth is expected to recover to close to 4 percent over the medium term. Under-execution of public spending across the board, but particularly on capital expenditures and social transfers, brought the 2023 non-hydrocarbon primary deficit to 8.4 percent of non-hydrocarbon GDP, which is 3.2 percentage points lower than projected in the fourth review (CR 24/2). However, the current account weakened, a trend that is projected to continue over the medium term, as oil production stagnates while oil prices are slightly trending down. Despite external arrears remaining below the de-minimis threshold, public debt is assessed as sustainable but “in distress” due to frequent accumulation of new external arrears and lingering uncertainty about the size of domestic arrears.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 151353856X
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
This 2020 Article IV Consultation with Kuwait highlights that non-oil growth strengthened to estimated 3 percent in 2019, propelled by government and consumer spending. The challenge to reduce dependence on oil and boost savings has become more urgent. The subdued forecast for oil revenues is weighing on near-term growth and fiscal and external balances. Embedding fiscal measures in a comprehensive reform package that promotes private sector growth, strengthens governance and accountability, and improves public services would help build broad support for reforms. A rules-based fiscal framework would improve management of oil revenues. A rule-based framework would help anchor fiscal policy on a long-term objective of intergenerational equity. It should include a well-calibrated operational rule that helps reconcile long-term savings and near-term economic stabilization objectives. Financial sector reforms should focus on bolstering resilience and deepening inclusion. Sustaining reforms to foster private sector-led and diversified growth will be critical. With limited scope for public employment going forward, a vibrant private sector must emerge to absorb the large number of Kuwaitis entering the labor market in coming years.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1513523953
Category : Business & Economics
Languages : en
Pages : 127
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Book Description
This paper presents 2019 Article IV Consultation with Republic of Afghanistan and its Sixth Review Under the Extended Credit Facility Arrangement. Despite difficult circumstances, the Afghan authorities have continued to demonstrate strong commitment to the economic program supported by the Extended Credit Facility arrangement. Given the uncertain outlook dominated by downside risks, policies should focus on maintaining macroeconomic and financial stability and putting the conditions in place for stronger and more inclusive growth, led by the private sector. The authorities have made progress with their self-reliance agenda, yet strong financial support from donors is needed to help Afghanistan stay on the path to greater prosperity. Fiscal policy should continue to target a broadly balanced budget, supported by fair and sustainable domestic revenue mobilization and strong financial support by donors. Resources should shift toward pro-growth and pro-poor outlays and create fiscal space to meet the country’s considerable development needs.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 106
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Book Description
Eswatini is at an important juncture as the authorities seek to address long-standing macroeconomic challenges in a shock-prone environment. While Eswatini has endured the pandemic and successive shocks from international commodity prices, fiscal and external buffers are low. Addressing long-standing macroeconomic imbalances—stemming mainly from fiscal overruns—remains a critical priority. Government efforts in this area have already begun but will need to be sustained over the medium-term. In tandem, shifting from a state-led to a private sector and export-led growth model will be essential to achieve higher and sustained levels of inclusive growth necessary for poverty reduction. Focused efforts to address the underlying causes of recent civil unrest, together with concerted efforts to tackle gaps in governance, are also needed.
