Suchergebnisse

Cover -- CONTENTS -- CONTEXT -- PROGRAM PERFORMANCE -- OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal Policy -- B. Monetary and Exchange Rate Policies -- C. Financial Sector Policies -- D. Structural Policies -- PROGRAM ISSUES AND FINANCING -- STAFF APPRAISAL -- FIGURES -- 1. Fiscal Performance under the Extended Fund Facility, 2016-23 -- 2. Real Sector and Inflation Developments -- 3. External Sector Developments -- 4. International Investment Position (IIP) -- 5. Fiscal Sector Developments -- 6. Financial Sector Developments -- 7. Macro-Financial Developments -- 8. Macro-Structural Challenges -- 9. Public Sector Debt Sustainability Analysis (DSA) -- 10. Public Debt Sustainability Analysis - Composition of Public Debt and Alternative Scenarios -- 11. External Debt Sustainability: Bound Tests -- TABLES -- 1. Selected Economic and Financial Indicators, 2015-23 -- 2. Summary Balance of Payments, 2015-23 -- 3a. General Government Operations, GFSM 2001, 2015-23 (In millions of GEL) -- 3b. General Government Operations, GFSM 2001 2015-23 (In percent of GDP) -- 4. Monetary Survey, 2015-19 -- 5. Selected Monetary and Financial Soundness Indicators, 2015-August 2018 -- 6. External Vulnerability Indicators, 2015-23 -- 7. Gross External Requirement, 2017-23 -- 8. Indicators of Fund Credit, 2015-23 -- 9. Schedule of Reviews and Available Purchases -- 10. External Debt Sustainability Framework, 2014-23 -- ANNEXES -- I. Risk Assessment Matrix -- II. Spillovers from the Deterioration in the Turkish Economy -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies (MEFP) -- Attachment II. Technical Memorandum of Understanding (TMU)

Cover -- CONTENTS -- CONTEXT: FRAGILITY AND SECURITY CHALLENGES -- RECENT DEVELOPMENTS AND PROGRAM IMPLEMENTATION -- A. Recent Developments -- B. Performance under the Program -- MACROECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Near-Term Challenge: Preserving Macroeconomic Stability in an Election Year with Security Challenges and Lower External Financing -- B. Medium-Term Challenge 1: Creating Fiscal Space -- C. Medium-Term Challenge 2: Promoting Sustainable Growth and Competitiveness -- D. Medium-Term Challenge 3: Strengthening Financial Sector Development and its Contribution to Growth -- E. Medium-Term Challenge 4: Enhancing Economic Governance and Fighting Corruption -- PROGRAM ISSUES -- OTHER ISSUES -- STAFF APPRAISAL -- A. Introduction -- B. Economic Developments in 2017 and Prospects for 2018 -- C. Performance compared to ECF-supported policies -- D. Technical assistance and capacity building -- E. Program Monitoring -- A. Definitions -- B. Performance criteria -- C. Indicative Targets -- D. Structural Benchmarks -- BOXES -- 1. Insecurity and Fragility -- 2. External Sector Assessment -- 3. Developments in Mineral Taxation -- 4. International Taxation -- 5. The Efficiency of Public Investment -- 6. The Electricity Sector -- FIGURES -- 1. Government Spending and Economic Classification -- 2. Macroeconomic Developments, 2011-19 -- 3. Fiscal Developments, 2010-18 -- 4. Social and Development Indicators -- 5. Growth Performance -- TABLES -- 1. Selected Economic and Financial Indicators, 2013-23 -- 2. National Accounts, 2012-17 -- 3. Consolidated Fiscal Transactions of the Government, 2013-23 (Billions of CFA francs) -- 4. Consolidated Fiscal Transactions of the Government, 2017 (Billions of CFA francs) -- 5. Consolidated Fiscal Transactions of the Government, 2013-23 (Percent of GDP).

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND POLICIES -- ROLE OF THE FLEXIBLE CREDIT LINE ARRANGEMENT -- A. Benefits of the FCL -- B. Evolution of Risks and Exposures -- C. Access Considerations Under an Adverse Scenario -- D. Exit Strategy -- E. Assessment of Qualification -- F. Impact on Fund Finances, Risks, and Safeguards -- STAFF APPRAISAL -- BOXES -- 1. Foreign Investors' Participation in Local Government Debt -- 2. External Economic Stress Index -- FIGURES -- 1. FCL Qualification Criteria -- 2. Reserve Coverage in an International Perspective -- 3. Colombia and Selected Countries: Comparing Adverse Scenarios -- TABLES -- 1. Selected Economic and Financial Indicators -- 2a. Summary Balance of Payments (In millions of US) -- 2b. Summary Balance of Payments (In Percent of GDP) -- 3. External Financing Requirements and Sources, 2016-19 -- 4. Operations of the Central Government -- 5. Operations of the Combined Public Sector -- 6. Monetary Indicators -- 7. Medium-Term Outlook -- 8. Financial Soundness Indicators -- 9. Indicators of External Vulnerability -- 10. Public Sector Debt Sustainability Analysis (DSA) - Baseline Scenario -- 11. Public DSA - Composition of Public Debt and Alternative Scenarios -- 12. Indicators of Fund Credit, 2017-23 -- 13. External Debt Sustainability Framework, 2013-24 -- 14. External Debt Sustainability: Bound Tests -- APPENDIX -- I. Written Communication -- CONTENTS -- INTRODUCTION -- BACKGROUND -- THE PROPOSED FLEXIBLE CREDIT LINE ARRANGEMENT― RISKS AND IMPACT ON FUND FINANCES -- ASSESSMENT -- TABLES -- 1. Total External Debt, 2012-17 -- 2. Capacity to Repay Indicators -- 3. FCL Arrangement-Impact on GRA Finances -- ANNEX -- History of IMF Arrangements.