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Guatemala Ex Post Evaluation Of Exceptional Access Under The 2009 Stand By Arrangement
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Book Synopsis Guatemala: Ex-Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement by : International Monetary Fund
Download or read book Guatemala: Ex-Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-10-04 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Owing to the deteriorating economy of Guatemala, authorities requested a Stand-By Arrangement (SBA) with access of SDR 630.6 million in April 2009, which aimed at safeguarding macroeconomic and financial stability and anchoring investor confidence. Executive Directors have agreed that the SBA is successful in mitigating the financial crisis. Directors have appreciated the authorities’ commitment in implementing policies focused on short-term macroeconomic and financial stability on time, and also have urged to look into some important vulnerabilities that would have strengthened the fiscal framework.
Book Synopsis Central America, Panama, and the Dominican Republic by : Mr.Marco Pinon
Download or read book Central America, Panama, and the Dominican Republic written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-07-16 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498343333 Total Pages :112 pages Book Rating :4.4/5 (983 download)
Book Synopsis The Fund’s Lending Framework and Sovereign Debt - Annexes by : International Monetary Fund
Download or read book The Fund’s Lending Framework and Sovereign Debt - Annexes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-23 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Costa Rica by : International Monetary Fund
Download or read book Costa Rica written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-06-28 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reviews Costa Rica’s performance under the Stand-By Arrangement. At the time of the global crisis, Costa Rica’s macroeconomic policy framework was constraining policy options. The financial program’s design was consistent with its policies and objectives. Structural reforms during the program period were slow, and fiscal risk increased. The program’s design reflected the challenges and priorities that Costa Rica faced at that time, as well as policy constraints. Program conditionality focused on maintaining sufficient buffers in the form of foreign exchange reserves.
Author :International Monetary Fund. Secretary's Department Publisher :International Monetary Fund ISBN 13 :1513568817 Total Pages :74 pages Book Rating :4.5/5 (135 download)
Book Synopsis International Monetary Fund Annual Report 2021 by : International Monetary Fund. Secretary's Department
Download or read book International Monetary Fund Annual Report 2021 written by International Monetary Fund. Secretary's Department and published by International Monetary Fund. This book was released on 2021-10-04 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
Book Synopsis Review of Exceptional Access Policy by : International Monetary Fund. Finance Dept.
Download or read book Review of Exceptional Access Policy written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2004-03-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Ukraine by : International Monetary Fund
Download or read book Ukraine written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-11-18 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ukraine was one of the countries hardest hit by the global economic and financial crisis; it was also one of the first countries supported by a Stand-By Arrangement (SBA). The Ex Post Evaluation of Exceptional Access Under the 2008 SBA reveals that the achievement of program objectives was mixed, with core short-term objectives largely met, but little progress made toward meeting medium-term objectives. The banking system stabilized, the current account adjusted quickly, social arrears and sovereign default were avoided, and a gradual economic recovery started from mid-2009.
Book Synopsis EL Salvador by : International Monetary Fund
Download or read book EL Salvador written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-30 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary objective of the program was to prevent a crisis of confidence by signaling policy continuity and providing a liquidity buffer in case such shocks materialized. In addition, the program sought to preserve macroeconomic stability by focusing on sustaining fiscal prudence and financial sector reforms. IMF policy requires an ex post evaluation (EPE) of GRA-supported programs with exceptional access within a year after the end of the arrangement. Large provision of liquidity and effective use of IMF’s lending facilities can be effective in preventing a crisis.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498377254 Total Pages :48 pages Book Rating :4.4/5 (983 download)
Book Synopsis Sri Lanka by : International Monetary Fund. Asia and Pacific Dept
Download or read book Sri Lanka written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-09-22 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Sri Lanka’s 2009 Stand-By Arrangement was initiated at the onset of the global financial crisis. It also coincided with the ending of the country’s decades-old civil conflict. This unusual combination of circumstances made the program subject to very high economic uncertainty. The immediate imperative was to avert a balance of payments crisis— allowing for an orderly exchange rate adjustment and a rebuilding of external reserves— so as to forestall a shock with socially disruptive consequences. Recognizing the role of fiscal imbalances in the crisis, the program called for a fiscal consolidation that could restore debt sustainability. The program also aimed to put in place a framework to resolve problem banks and safeguard financial stability. Viewed through the immediacy of averting an acute external shock, Sri Lanka’s program was successful. On economic grounds, Sri Lanka’s need was evident. The program provided a catalytic effect to confidence at a crucial time. The balance of payments pressures not only ebbed, they reversed decisively within a few months of the program’s inception in recognition a potential “peace dividend” that the country might reap, as well as the Fund’s reassuring presence. In conjunction with these factors, the global environment also improved. As a result, the economy experienced strong growth and lower inflation relative to the preprogram years. Exceptional access, as approved at the program’s inception, was appropriate, as was the subsequent re-phasing of purchases to reflect improved conditions. The program concluded in 2012 (following two extensions), marking the completion of Sri Lanka’s longest engagement with the Fund. Viewed through the broader prism of achieving longer-term objectives, however, the program’s success was partial. Although international reserves were restored to a more comfortable level, exchange rate adjustment has not fully restored external competitiveness, and external vulnerabilities remain high. Thanks to a commendable level of expenditure control by the authorities through most of the program, headline and primary fiscal deficits declined after a large initial slippage. However, the fiscal adjustment was unbalanced—relying completely on expenditure cuts—while revenues continued their long-term decline, straining the future ability to sustain much-needed (and growth inducing) capital expenditure. Also, underlying fiscal and external debt-related vulnerabilities have not been significantly reduced despite improvement in headline numbers. Indeed, by some measures, they may have risen. The program had limited success in reining in the losses of state-owned enterprises. There have been improvements in the financial sector—notably in the area of risk-based supervision—but progress still needs to be made in other areas. To a certain extent, shortcomings with respect to longer-term objectives may reflect the fact that structural impediments were significant—in areas ranging from state owned enterprise reform to revenue administration, as well as the management of domestic liquidity conditions. This made some of the goals too ambitious for the time-frame of the program, despite two extensions. Difficulties encountered during previous attempts that were aimed at tackling these problems may have served to temper such optimism. Yet, in some areas—exchange rate flexibility, and revenue enhancements—policy choices also had a role to play in shaping weaker than envisaged program outcomes. By way of lessons, therefore, this report calls for more careful calibration of program goals. Targets need to be tethered by credible well specified bottom-up measures with attention to their sequencing, matching the degree of commitment. There may also be a case for keeping a sharper distinction between various kinds of Fund facilities for differing circumstances.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513511726 Total Pages :122 pages Book Rating :4.5/5 (135 download)
Book Synopsis International Monetary Fund Annual Report 2019 Financial Statements by : International Monetary Fund
Download or read book International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-10-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484301676 Total Pages :54 pages Book Rating :4.4/5 (843 download)
Book Synopsis Romania by : International Monetary Fund. European Dept.
Download or read book Romania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-05-25 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Romania’s Ex-Post Evaluation of Exceptional Access under the 2013 Stand-by Arrangement. Romania experienced strong economic growth in 2016, resulting in a closed output gap. Private consumption was boosted by an expansionary and procyclical fiscal policy and wage increases. The cyclically adjusted budget deficit grew by 1.5 percent of GDP in 2016, reflecting large tax rate cuts and wage increases. Growth is expected to reach 4.2 percent in 2017—supported by continued stimulus to private consumption from a new round of fiscal relaxation and wage increases—and to moderate to 3.5 percent in the medium term.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1513583263 Total Pages :54 pages Book Rating :4.5/5 (135 download)
Book Synopsis St. Kitts and Nevis by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book St. Kitts and Nevis written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2015-10-29 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses St. Kitts and Nevis’ Ex Post Evaluation of Exceptional Access Under the 2011 Stand-by Arrangement. The program focused on (1) an ambitious fiscal consolidation, (2) a comprehensive debt restructuring, and (3) a further strengthening of the financial sector. These goals aimed to address the key issues behind the debt crisis, and the potential financial sector outcomes of the restructuring. The program had many successes. The debt reduction was one of the largest in recent times, the headline fiscal and current account balances improved substantially, important tax and public financial management reforms were enacted, and sovereign risk was removed from the banks. Robust growth also resumed.
Book Synopsis International Monetary Fund Annual Report 2012 by : International Monetary Fund
Download or read book International Monetary Fund Annual Report 2012 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-10-04 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF's 2012 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2012, which covers the period from May 1, 2011, through April 30, 2012. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2012.
Book Synopsis Methodology for Impact Assessment of Free Trade Agreements by : Michael G. Plummer
Download or read book Methodology for Impact Assessment of Free Trade Agreements written by Michael G. Plummer and published by Asian Development Bank. This book was released on 2011-02-01 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication displays the menu for choice of available methods to evaluate the impact of Free Trade Agreements (FTAs). It caters mainly to policy makers from developing countries and aims to equip them with some economic knowledge and techniques that will enable them to conduct their own economic evaluation studies on existing or future FTAs, or to critically re-examine the results of impact assessment studies conducted by others, at the very least.
Book Synopsis Managing for Development Results by : Roberto García López
Download or read book Managing for Development Results written by Roberto García López and published by Inter-American Development Bank. This book was released on 2010-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Results-based management (RBM) is a public management strategy that involves decision making based on reliable information regarding the effects of governmental actions on society. It has been adopted in various developed countries as a way of improving efficiency and effectiveness in public policy. In Latin American and Caribbean (LAC) countries, governments and public managers show increasing interest in this management strategy. Given the relative novelty of RBM in the region, however, there is scant literature on the subject. This book is intended to fill this gap in two ways. First, it seeks to describe some of the basic RBM concepts and adapt them according to regional characteristics. Second, it presents an assessment, based on studies carried out in 25 countries, of the challenges facing LAC countries and their capacity to implement results-based public management.
Book Synopsis Assessment of Labour Provisions in Trade and Investment Arrangements by : International Labor Office
Download or read book Assessment of Labour Provisions in Trade and Investment Arrangements written by International Labor Office and published by International Labor Office. This book was released on 2016 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nearly half of trade agreements concluded in the past five years included either a labor chapter or labor provision that makes reference to international labor standards and ILO instruments. The evidence so far suggests that labor provisions have been an important tool for raising awareness and improving laws and legislations with respect to workers' rights, increasing stakeholder involvement in negotiation and implementation phases, and developing domestic institutions to better monitor and enforce labor standards. But challenges remain, particularly with respect to sustainability of impacts, coherence, and cooperative efforts. This new report, part of the Studies on Growth with Equity series, gives a full examination of the scope and effectiveness of these labor provisions.
