Republic Of Azerbaijan 2014 Article Iv Consultation Staff Report Press Release

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498365868
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Republic Of Azerbaijan 2014 Article Iv Consultation Staff Report Press Release from the Author: International Monetary Fund. Middle East and Central Asia Dept.. This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate. The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight. Economic prospects over the near and medium term are positive, if underpinned by fiscal consolidation and supported by reforms to spur non-oil private sector activity.

Republic Of Croatia 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For The Republic Of Croatia

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484397185
Size: 74.69 MB
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Republic Of Croatia 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For The Republic Of Croatia from the Author: International Monetary Fund. European Dept.. This 2014 Article IV Consultation highlights that Croatia remains stuck in an unusually drawn out recession. In 2013, real GDP contracted for the 5th consecutive year, and stands now at less than 90 percent of the end-2008 level. Unemployment has risen to 17 percent. Domestic demand remains depressed as corporations and households focus on reducing excessive debts accumulated in the 2000s. Exports and foreign direct investment are also feeble. The outlook is for an additional contraction in 2014 of almost 1 percent. Real domestic demand would remain feeble, reflecting both weak private sector demand and fiscal consolidation.

Republic Of Congo 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For The Republic Of Congo

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 149832729X
Size: 79.25 MB
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Republic Of Congo 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For The Republic Of Congo from the Author: International Monetary Fund. African Dept.. KEY ISSUES Economic context. Growth has been strong, inflation low, and fiscal buffers and international reserves adequate. However, poverty and unemployment remain high, despite large government spending financed from oil revenue. The business climate is among the most challenging and the private credit-to-GDP ratio among the lowest in sub-Saharan Africa (SSA). Outlook and Risks. The economy is projected to expand by about 6 percent per annum between 2014 and 2019, as new oil fields come on stream and an ambitious public investment program is implemented to diversify the economy and make growth more inclusive. Oil production is expected to peak in 2017. The medium-term outlook for non-oil growth and poverty reduction hinges on progress addressing deep-seated structural weaknesses and fiscal adjustment. Risks to the outlook relate to oil price volatility and political instability. Policies. Macroeconomic policies should focus on meeting the economy’s social and development needs while mitigating risks to macroeconomic stability in the longer term. • The growth of government spending should be arrested and the 2014 budget should not be exceeded. Amid spending pressures related to the 2015 Africa Games and the 2016 presidential elections, new fiscal developments should be reflected in a supplementary budget in 2014 to enhance transparency. • In view of the limited remaining lifetime of oil reserves, a gradual fiscal consolidation should be targeted over the medium-term to safeguard fiscal and debt sustainability. Ongoing efforts to address implementation and absorptive capacity constraints need to be stepped up to maximize the benefits from public investments. • Consideration should be given to adopt the non-oil primary balance as the fiscal anchor. • The private sector’s supply response to public infrastructure spending should be maximized through implementation of reforms to improve the business climate, support private investment, and develop the financial sector. • The pilot project for cash transfers should be well-targeted and monitored to reduce poverty. • Compliance with reserves pooling requirements would insure the continued smooth operation of the BEAC and the exchange rate peg, which both continue to serve the Republic of Congo well.

Republic Of Azerbaijan

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1475536496
Size: 49.48 MB
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Republic Of Azerbaijan from the Author: International Monetary Fund. Middle East and Central Asia Dept.. Azerbaijan built large buffers and invested heavily during the oil boom years, but efforts to diversify the economy have lagged. The authorities have taken steps to adjust to slumping oil prices and weaker growth in trading partner countries. In 2015, the Central Bank of Azerbaijan (CBA) undertook two devaluations and switched to a managed float. Inflation rose while the large current account surplus evaporated and the budget moved to a deficit. Financial sector soundness deteriorated. Monetary policy has been tightened to address inflation and support the currency. The non-oil primary balanced improved in 2015, but is being reversed in 2016 with a revised budget that boosts capital and current spending. The largest bank is being restructured via a bad bank-special purpose vehicle (SPV) model, some smaller banks have been closed or intervened, and a new integrated financial supervisory agency has been created.

Republic Of Armenia 2014 Article Iv Consultation First Review Under The Extended Arrangement Staff Report Staff Supplement And Press Release

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498355013
Size: 12.39 MB
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Republic Of Armenia 2014 Article Iv Consultation First Review Under The Extended Arrangement Staff Report Staff Supplement And Press Release from the Author: International Monetary Fund. Middle East and Central Asia Dept.. This 2014 Article IV Consultation highlights that after a steady recovery during 2010–12 from the deep 2009 recession, Armenia’s growth softened in 2013 and has remained subdued in 2014. The softening of economic activity has been broad based, as growth of exports and remittances slowed, and government spending was lower than budgeted. Construction, which had declined since the 2009 crisis, was relatively flat. Growth is projected at 2.6 percent in 2014 and is expected to increase only gradually in 2015 and over the medium term in light of expectations of slow growth in key trading partners. The authorities’ policies remain geared toward maintaining macroeconomic stability and fostering sustainable and inclusive growth.

Russian Federation 2014 Article Iv Consultation Staff Report Informational Annex Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498397611
Size: 21.79 MB
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Russian Federation 2014 Article Iv Consultation Staff Report Informational Annex Press Release from the Author: International Monetary Fund. European Dept.. This 2014 Article IV Consultation highlights that the Russian Federation’s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.

Azerbaijan Republic

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451876610
Size: 80.93 MB
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Azerbaijan Republic from the Author: International Monetary Fund. This paper examines Azerbaijan Republic’s 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility. A long-term oil revenue management strategy has been adopted by the authorities, targeting a path of non-oil deficits over the medium term that seeks to preserve macroeconomic stability and also avoid overstretching implementation capacity. To ensure coherent fiscal policy, annual budgets will need to start from the poverty reduction strategy and incorporate public investment and regional development programs.

Republic Of Armenia

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1475528280
Size: 34.95 MB
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Republic Of Armenia from the Author: International Monetary Fund. Middle East and Central Asia Dept.. The postcrisis recovery in Armenia has accelerated, but challenges remain. Economic policies have been broadly consistent with IMF advice. Credit growth has been strong, especially in foreign currency (FX). The banking system is sound. The central bank (CBA) is improving the regulatory and supervisory framework in line with Financial Sector Assessment Program (FSAP) recommendations. Risks are mainly on the downside and come from potential external shocks, political uncertainties, and regional conflicts. Strong adjustment is continuing in 2012 with the deficit again expected to be lower than budgeted.

Republic Of Armenia 2010 Article Iv Consultation First Review Under The Extended Financing Facility And Extended Credit Facility And Request For Modification Of Performance Criteria Staff Report Public Information Notice And Press Release On The Executive Board Discussion

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455212733
Size: 53.85 MB
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Republic Of Armenia 2010 Article Iv Consultation First Review Under The Extended Financing Facility And Extended Credit Facility And Request For Modification Of Performance Criteria Staff Report Public Information Notice And Press Release On The Executive Board Discussion from the Author: International Monetary Fund. The Armenian economy suffered a major setback during the global crisis. Recent macroeconomic developments are encouraging, despite inflation pressures. The fiscal policy strategy appropriately addresses medium-term fiscal and debt vulnerabilities. The monetary policy has been appropriate. The increased flexibility of the exchange rate is serving well, and the banking sector remains sound and proved resilient to the global shocks. Further improvement in tax administration is needed to support fiscal consolidation and achieve stronger growth. Structural reforms will be essential to enhance competitiveness.