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
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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 Fourth Review Under The Extended Arrangement And Request For Modification And Waiver Of Applicability Of Performance Criteria Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513597191
Size: 59.25 MB
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Albania Fourth Review Under The Extended Arrangement And Request For Modification And Waiver Of Applicability Of Performance Criteria Staff Report And Press Release from the Author: International Monetary Fund. European Dept.. KEY ISSUES Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, three purchases totaling the equivalent of SDR 94.2 million have been made, and another one equivalent to SDR 28.88 million will be made available upon completion of the fourth review. Recent Economic Developments: Economic recovery is underway, 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. High non-performing loans (NPLs) make banks risk-averse, and credit growth remains sluggish despite monetary easing. Program Performance and Risks: The program is on track. All end-December 2014 and continuous performance criteria (PCs) and most indicative targets (ITs) were met, with comfortable margins. An exception was the IT on new domestic arrears, which was missed by a small margin; the authorities will repay the arrears by end-April and have taken other corrective measures to prevent arrears from recurring. Inflation has been slightly below the inner band prescribed under the inflation consultation clause. All but one structural benchmarks (SBs) were implemented, though two more were delayed. Delays in the appointment of a new central bank governor as well as in procurement postponed the hiring of an external expert to assist the Bank of Albania’s Audit Committee from February to May 2015. Program risks emanate from external disinflationary pressures, the complexity of electricity sector reforms, and the need for sustained political commitment to fiscal adjustment. The authorities request, and staff supports, a modification of PCs for August and December 2015, and a waiver of applicability for all end-April 2015 PCs. Policy Recommendations: The authorities should shield the 2015 budget deficit target from the risk of falling oil royalties and external disinflationary pressures. Reducing public debt over the medium term will require political commitment to sustain the significant fiscal consolidation which began in 2014. The central bank’s cautious monetary easing is broadly appropriate. Addressing the high stock of NPLs is crucial for reviving credit. The micro-prudential focus on the fastest-growing segments of the banking system is appropriate. Regulatory gaps in nonbank supervision should be filled promptly. While the early results from the authorities’ ambitious power sector reform have been impressive, sustaining the effort is critical.

Albania

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451990073
Size: 48.42 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
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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
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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

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

Author: Джером К.Джером
Publisher: Family Leisure Club
ISBN: 6171229539
Size: 30.13 MB
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from the Author: Джером К.Джером. Повість Джерома К. Джерома «Троє в одному човні» докорінно змінила життя автора. Написана за спогадами про весільну подорож по Темзі, що відбулася в серпні 1889 року, вона принесла письменникові світову славу. Історія трьох друзів — Джорджа, Гарріса та Джея, які здійснюють прогулянку на човні Темзою, відпочивають від Лондона й намагаються на деякий час злитися з природою, — і посьогодні залишається неперевершеним зразком англійського гумору.