Albania First Review Under The Extended Arrangement And Request For Modification Of Performance Criteria Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498337309
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Albania First Review Under The Extended Arrangement And Request For Modification Of Performance Criteria Staff Report And Press Release from the Author: International Monetary Fund. European Dept.. KEY ISSUES Background: On February 28, the Executive Board approved a three-year Extended Arrangement with access of SDR 295.42 million (492.4 percent of quota). A purchase of SDR 23.55 million (about EUR 26.4 million) was made in April 2014, and another will be made in the same amount upon completion of the first review. Recent Economic Developments: Growth in 2013 was the lowest in more than 15 years. The economy is showing tentative signs of recovery, but remains below potential. Successive monetary easing has not prevented credit contraction. The banking system remains stable, but asset quality is a concern. Program Performance and Risks: The program is on track. All end-March quantitative performance criteria and structural benchmarks were met, except for the structural benchmark on contracting an external auditor to conduct risk-based audits of arrears payments, which was not met but the government expects to complete in the coming weeks. An indicative target on accumulation of new arrears was not met although by a small margin and inflation has been slightly below the inner band prescribed under the inflation consultation clause. Program risks emanate from the complexity of reforms, particularly in electricity sector, and the need for sustained political commitment over the medium term. Policy Recommendations: No new fiscal measures will be needed in 2014, but the authorities should tackle emerging fiscal risks. Arrears clearance can be accelerated once external audits have progressed sufficiently. Addressing high NPLs will require continued efforts to clean bank and private sector balance sheets. Preparatory work related to the 2015 budget and structural reforms should start soon.

Albania

Author: International Monetary Fund
Publisher:
ISBN: 9781513525310
Size: 70.79 MB
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Albania from the Author: International Monetary Fund. This paper discusses Albania's Fourth Review Under the Extended Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria (PC). Economic recovery is under way, but growth remains below potential. The low oil price is expected to have a muted effect on growth and on the balance of payments, as pass-through is weak and Albania is only a small net oil exporter. The program is on track. All end-December 2014 and continuous PCs and most indicative targets were met, with comfortable margins. The IMF staff supports the completion of the Fourth Review under the Extended Arrangement, as well as the modification and waiver of applicability of PC.

Albania

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451990073
Size: 65.31 MB
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Albania from the Author: International Monetary Fund. This 2008 Article IV Consultation highlights that over the last decade, Albania’s macroeconomic performance has generally been strong and per capita GDP in U.S. dollar terms more than doubled. Strong fiscal policy, largely based on major improvements in tax administration, lowered public debt from 66 percent of GDP in 2001 to 53 percent in 2007. Risks to domestic and external stability have receded somewhat. Domestic credit growth, though still elevated, has decelerated from past highs. The authorities have adapted regulatory and supervisory regimes to keep abreast with the rapidly developing financial system.

Imf Survey No 15 2003

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455221481
Size: 49.93 MB
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Imf Survey No 15 2003 from the Author: International Monetary Fund. The IMF recently concluded its annual “health checkup” (Article IV consultation with the U.S. authorities) of the U.S. economy amid continuing questions about the strength of the economic recovery. While recent data have been reassuring, IMF staff cautioned that lingering effects from the collapse of the equity price bubble could still dampen activity, so that a durable economic upswing was not a foregone conclusion. In view of the large unfunded liabilities in the public pension and health systems and the recent deterioration in the federal fiscal position, the staff also raised concerns about fiscal sustainability and pointed to the risk that fiscal deficits could crowd out private investment and exacerbate the growing U.S. current account deficit. These issues are discussed in the IMF Staff Report and Selected Issues papers now available on the IMF’s website (http://www.imf.org/external/country/usa/index.htm).

Serbia And Montenegro Third Review Under The Extended Arrangement And Requests For Waiver Of Performance Criterion And Rephasing Of Purchases Staff Report Staff Supplement Press Release On The Executive Board Discussion And Statement By The Executive

Author:
Publisher: International Monetary Fund
ISBN:
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Serbia And Montenegro Third Review Under The Extended Arrangement And Requests For Waiver Of Performance Criterion And Rephasing Of Purchases Staff Report Staff Supplement Press Release On The Executive Board Discussion And Statement By The Executive from the Author: .

Serbia And Montenegro Sixth Review Under The Extended Arrangement Financing Assurances Review Request For Waivers Of Nonobservance Of Performance Criteria And Proposed Post Program Monitoring Staff Report Press Release On The Executive Board Discu

Author:
Publisher: International Monetary Fund
ISBN:
Size: 40.32 MB
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Serbia And Montenegro Sixth Review Under The Extended Arrangement Financing Assurances Review Request For Waivers Of Nonobservance Of Performance Criteria And Proposed Post Program Monitoring Staff Report Press Release On The Executive Board Discu from the Author: .

Imf Survey

Author: International Monetary Fund
Publisher:
ISBN:
Size: 16.82 MB
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Imf Survey from the Author: International Monetary Fund.

Vacation Over

Author: Rafael Romeu
Publisher: International Monetary Fund
ISBN: 1451914733
Size: 50.27 MB
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Vacation Over from the Author: Rafael Romeu. An opening of Cuba to U.S. tourism would represent a seismic shift in the Caribbean''s tourism industry. This study models the impact of such a potential opening by estimating a counterfactual that captures the current bilateral restriction on tourism between the two countries. After controlling for natural disasters, trade agreements, and other factors, the results show that a hypothetical liberalization of Cuba-U.S. tourism would increase long-term regional arrivals. Neighboring destinations would lose the implicit protection the current restriction affords them, and Cuba would gain market share, but this would be partially offset in the short-run by the redistribution of non-U.S. tourists currently in Cuba. The results also suggest that Caribbean countries have in general not lowered their dependency on U.S. tourists, leaving them vulnerable to this potential change.

Safeguarding Financial Stability Theory And Practice

Author: Garry J. Schinasi
Publisher: International Monetary Fund
ISBN: 9781589064409
Size: 44.90 MB
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Safeguarding Financial Stability Theory And Practice from the Author: Garry J. Schinasi. How is finance related to economic processes, and why should it be viewed as a public good requiring policy action? This book provides an answer. The book develops a practical framework for safeguarding financial stability, which encompasses both prevention and resolution of problems. It also examines on-going and future challenges to financial stability posed by globalization, a growing reliance on derivatives and their markets, and the capital market activities of insurers and reinsurers.