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Cover -- CONTENTS -- REFORMS, LABOR MARKET DYNAMICS, AND COMPETITIVENESS -- A. Background -- B. Pre-Crisis and the 2011-12 Labor and Product Market Reforms -- C. Unit Labor Costs and Labor Market Developments -- D. Competitiveness and the Role of the Minimum Wage -- E. Competitiveness and the Role of the Non-Wage Cost Factors -- F. Conclusion and Policy Implications -- References -- FIGURES -- 1. Change in Unit Labor Costs in Selected Countries -- 2. Employment Protection in Selected Countries -- ANNEXES -- I. Labor and Product Market Reform Retrospective -- II. Minimum Wage Policy: Effects and Estimates -- THE QUALITY OF GREECE'S EXTERNAL ADJUSTMENT -- A. Background -- B. Was it Structural or Cyclical? -- FIGURES -- 1. Current Account Balance in Selected Countries -- 2. Current Account Decomposition into Cyclical and Structural Factors -- 3. Detailed Current Account Decompostion and Forecasts -- 4. Comparison of Current Account Adjustment in Selected Countries -- INSTALLMENT SCHEMES, ARREARS, AND PAYMENT CULTURE -- TABLES -- 1. Share of Taxpayers -- 2. SSCs Installment Scheme Participation as of March 2019 -- 3. VDI Results -- References -- PRIMARY RESIDENCE PROTECTION IN GREECE: IMPACT AND RECOMMENDATIONS FOR REFORM -- A. Introduction -- B. Legal Framework: Primary Residence Protection -- C. Options for Reform -- References -- BOXES -- 1. Law 3869/10 (The "Katseli" Law) -- 2. History of Residential Mortgage Protection Laws -- 3. Personal Insolvency Laws in Selected Countries -- 4. Housing Cost and Social Assistance in Greece -- FIGURE -- 1. Legacies of Severe Economic Crisis -- PUBLIC FINANCIAL SUPPORT TO GREEK BANKS OVER THE CRISIS -- A. Capital and Liquidity Support Measures in 2008-2018 -- B. Outcomes: Incurred Fiscal Costs and Remaining Risks -- References -- COST EFFECTIVENESS OF STATE SUPPORT FOR BANKS.

Intro -- Cover -- CONTENTS -- GROWTH STRATEGY FOR GHANA -- A. Introduction -- B. Historical Drivers of Growth in Ghana -- C. Policies to Increase Medium-Term Growth -- D. Conclusion -- References -- FIGURES -- 1. Economic Growth and Living Standards, 1990-2017 -- 2. Employment Shares and Productivity Growth by Sector -- A PUBLIC SECTOR BALANCE SHEET FOR GHANA -- A. Introduction -- B. Public Sector Balance Sheet -- C. Methodology and Coverage for Ghana's Public Sector Balance Sheet -- D. Ghana's 2017 Consolidated Public Sector Balance Sheet -- E. Caveats -- F. Public Sector Balance Sheets and Fiscal Policy Analysis -- G. Recommendations and Conclusion -- References -- FIGURES -- 1. Current Balance Sheet -- 2. Consolidated PSBS Institutional Coverage -- 3. Public Sector Assets and Liabilities -- TABLES -- 1. Public Sector Balance Sheet-Institutional Coverage -- 2. Public Sector Balance Sheet -- 3. Public Corporations: Balance Sheets, December 31, 2017 -- 4. Immediate Balance Sheet Impact of Policy Choices -- APPENDICES -- I. Ghana's Public Sector Balance Sheet, 2017 -- II. Mineral and Energy Resources: Methodology of Calculation -- FINANCIAL STABILITY ON THE ROAD TO RECOVERY -- A. Introduction -- B. Banking Sector Conditions -- C. Non-Bank Deposit-Taking Institutions -- D. Non-Bank Financial Institutions -- E. Supervisory and Regulatory Framework -- F. Concluding Remarks -- BOXES -- 1. Banking Sector Restructuring -- 2. Credit to Private Sector and Financial Intermediation Costs -- 3. Developments in the Insurance Sector During 2018 -- 4. NPL Resolution in Ghana -- FIGURES -- 1. Financial Stability Indicators for Sub-Saharan Africa -- 2. Interest Margin Decomposition, 2014-2018.

Cover -- CONTENTS -- STAYING THE COURSE DESPITE EXTERNAL HEADWINDS AND DOMESTIC CHALLENGES -- THE PROGRAM REMAINS ON TRACK, DESPITE CHALLENGES -- POLICY DISCUSSIONS -- A. Keeping the Fiscal Program on Track -- B. Protecting Debt Sustainability -- C. Enhancing Monetary and Exchange Rate Reforms -- D. Safeguarding Banking Sector Stability -- E. Accelerating Structural Reforms and Improving Governance -- PROGRAM ISSUES AND RISKS -- STAFF APPRAISAL -- References -- FIGURES -- 1. Selected High-Frequency Indicators, 2016-19 -- 2. Fiscal Developments, 2013-19 -- 3. Monetary Developments, 2014-19 -- 4. External Sector Developments, 2013-19 -- TABLES -- 1. Main Economic Indicators, 2018-22 -- 2a. Statement of Central Government Operations, 2018-22 (Billions of Kwanzas) -- 2b. Statement of Central Government Operations, 2018-22 (Percent of GDP) -- 2c. Statement of Central Government Operations, 2018-22 (Percent of non-oil GDP) -- 3. Monetary Accounts, 2018-22 -- 4. Balance of Payments, 2018-22 -- 5. Public Debt, 2018-24 -- 6. Financial Soundness Indicators, May 2018-May 2019 -- 7. Fiscal Financing Needs and Sources, 2018Q4-2021 -- 8. External Financing Requirements and Sources, 2018-24 -- 9. Indicators of IMF Credit, 2018-28 -- 10. Access and Phasing Under the Extended Arrangement, 2018-21 -- ANNEXES -- I. Risk Assessment Matrix -- II. Technical Assistance Under the Arrangement -- III. Subsidy Reform -- IV. Angola's Sovereign Wealth Fund-A New Beginning -- V. Debt Sustainability Analysis -- APPENDICE -- I. Letter of Intent -- I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- PROGRAM IMPLEMENTATION -- POLICY DISCUSSIONS -- A. Securing the Fiscal Position while Protecting Social Spending -- B. Upgrading the Monetary Policy Regime -- C. Preventing Financial Vulnerabilities -- D. Improving Governance -- PROGRAM MODALITIES -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments -- 3. Financial Sector Developments -- 4. Public Finances -- 5. Labor Market Developments -- 6. Social Conditions -- TABLES -- 1. Selected Economic Indicators -- 2. Statement of Operations of the Central Government -- 3. Statement of Operations of the Nonfinancial Public Sector -- 4. Summary Accounts of the Financial System -- 5. Balance of Payments -- 6. External Financing Needs and Sources -- 7. External Vulnerability Indicators -- 8. Medium-Term Macroeconomic Framework -- 9. Structure and Performance of the Banking Sector -- 10. Disbursements, Purchases, and Timing of Reviews Under the SBA/SCF Arrangements, 2019-21 -- 11. Indicators of Fund Credit, 2019-28 -- 12. Sustainable Development Goals -- ANNEX -- I. Drivers of the Revenue Underperformance in 2019 -- APPENDICES -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- CONTEXT: ENTRENCHING MACROECONOMIC GAINS -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS: DELIVERING MACROECONOMIC STABILITY AND INCLUSIVE GROWTH -- A. Preserving Fiscal Sustainability -- B. Strengthening Monetary and Exchange Rate Policies -- C. Delivering Sustained and Inclusive Growth -- STAFF APPRAISAL -- BOXES -- 1. Fiscal Rules -- 2. Diversification through Industrial Policy -- 3. Energy Sector Challenges -- FIGURES -- 1. Recent Economic Developments -- 2. Alternative Policy Scenario -- 3. Recent Fiscal Developments -- 4. Recent Debt Developments -- 5. Recent Monetary Developments -- 6. Economic Growth and Living Standards 1990-2018 -- 7. Private-Sector Credit Developments -- TABLES -- 1. Selected Economic and Financial Indicators, 2017-24 -- 2a. Summary of Budgetary Central Government Operations, 2017-24(GFS 2001, Cash Basis, Percent of GDP) -- 2b. Summary of Budgetary Central Government Operations, 2017-24 (GFS 2001, Cash Basis, Millions of GHc) -- 2c. Summary of Budgetary Central Government Operations, 2017-24(GFS 2001, Commitment Basis, Percent of GDP) -- 2d. Summary of Budgetary Central Government Operations, 2017-24 (GFS 2001, Commitment Basis, Millions of GHc) -- 3. Monetary Survey, 2017-24 -- 4. Balance of Payments, 2017-24 -- 5. Financial Soundness Indicators -- 6. Monitoring Progress towards the Sustainable Development Goals -- ANNEXES -- I. Recommendations of the 2017 Article IV Consultation -- II. Risk Assessment Matrix (RAM) -- III. External Sector Assessment -- IV. Improving Domestic Revenue Mobilization -- V. Capacity Development Strategy -- CONTENTS -- FUND RELATIONS -- JOINT WORLD BANK-IMF WORK PROGRAM, 2019-20 -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM OBJECTIVES, OUTLOOK, AND RISKS -- POLICIES SUPPORTING THE PROGRAM -- A. Creating a Sustainable Fiscal Position -- B. Lowering Inflation and Improving CBL's Operational Capacity -- C. Reducing External Vulnerabilities and Improving Competitiveness -- D. Ensuring Financial Sector Stability -- E. Improving Governance and Fighting Corruption -- STATISTICAL ISSUES AND CAPACITY DEVELOPMENT -- REQUEST FOR FUND SUPPORT -- STAFF APPRAISAL -- BOXES -- 1. Risks to Domestic Revenue, FY2020 -- 2. Feasible Size of Adjustment for Countries in Fragile Situations, 2019-24 -- 3. Wage Rationalization, FY2020 -- FIGURES -- 1. Foreign Exchange Developments, 2017-19 -- 2. Monetary Developments, 2012-19 -- 3. Recent Economic Developments, 2016-19 -- 4. Fiscal Performance, FY2014-20 -- TABLES -- 1. Selected Economic and Financial Indicators, 2017-24 -- 2. Balance of Payments, 2017-24 -- 3a. Fiscal Operations of the Budgetary Central Government (Including Off-Budget Transactions), 2017-24, (Millions of U.S. dollars) -- 3b. Fiscal Operations of the Budgetary Central Government (Including Off-Budget Transactions), 2017-24, (Percent of GDP) -- 3c. Fiscal Operations of the Budgetary Central Government, 2017-24, (Millions of U.S. dollars) -- 3d. Fiscal Operations of the Budgetary Central Government, 2017-24, (Percent of GDP) -- 4. Monetary Survey, 2017-24 -- 5. Financial Soundness Indicators, 2014-18 -- 6. External Financing Requirement and Source, 2017-24 -- 7. Schedule of Disbursements Under ECF Arrangement, 2019-23 -- 8. Indicators of Capacity to Repay the IMF, 2019-29 -- ANNEXES -- I. Tax Revenue Measures -- II. Flow Chart of Budget Appropriation Allotments, Commitments and Cash Release -- III. Capacity Development Strategy Note -- IV. External Sector Assessment.

Cover -- CONTENTS -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- PROGRAM POLICY DISCUSSIONS -- A. Fiscal Policies -- B. Poverty Reduction and Social Protection -- C. Monetary and Financial Sector Policies -- D. Structural Policies -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOX -- 1. Recent Revenue Performance -- FIGURES -- 1. Selected Economic Indicators -- 2. Selected Financial Indicators -- 3. Selected Banking and Financial Indicators -- TABLES -- 1. Selected Economic Indicators, 2015/16-2019/20 -- 2. Medium-Term Macroeconomic Framework, 2016/17-2023/24 -- 3a. Balance of Payments, 2016/17-2023/24 -- 3b. Gross Financing Requirements and Sources, 2017/18-2023/24 -- 4a. General Government Budget, 2016/17-2023/24 (In billions of Pakistani rupees) -- 4b. General Government Budget, 2016/17-2023/24 (In percent of GDP) -- 5. Monetary Survey, 2016/17-2020/21 -- 6. Financial Indicators for the Banking System, 2013-19 -- 7. Indicators of Fund Credit, 2015-27 -- 8. Selected Vulnerabilities Indicators, 2016/17-2023/24 -- 9. Schedule of Reviews and Purchases -- 10. Public External Liabilities and Repayment Schedule -- 11.Quantitative Performance Criteria and Indicative Targets for FY 2019/20-2020/21 -- 12. Structural Conditionality -- ANNEXES -- I. Pakistan's Power Sector and Circular Debt -- II. Public and External Debt Sustainability -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum on Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- BACKGROUND -- A. Context -- B. Financial System in Montenegro -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Source Data -- B. Regulatory and Accounting Framework Underlying the FSI Source Data -- C. Consolidation Basis -- D. Compilation and Reporting Framework -- E. Metadata -- F. FSIs for Other Sectors -- G. Resources, Training, and Technical Cooperation -- TABLES -- 1. Priority Recommendations -- 2. Financial System -- 3. List of Recommended Actions -- APPENDICES -- I. Officials Met by the Mission -- II. Financial Soundness Indicators Metadata.

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS AND PROGRAM PERFORMANCE -- MACROECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy and Reforms -- B. Financial Sector -- C. Distributional Issues -- PROGRAM MODALITIES AND FINANCING ASSURANCES -- STAFF APPRAISAL -- FIGURES -- 1. Selected Economic Indicators and Outlook -- 2. Fiscal Indicators and Outlook -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2. Balance of Payments, 2015-20 -- 3a. Central Government Accounts, 2015-20 (Billions of CFA francs) -- 3b. Central Government Accounts, 2015-20 (Percent of GDP -- Billions of CFA francs) -- 3c. Central Government Accounts, 2015-20 (Percent of Non-oil GDP -- Billions of CFA francs) -- 4a. Financing of the Fiscal Deficit, 2017-20 (Billions of CFA francs) -- 4b. Financing of the Fiscal Deficit, 2017-20 (Percentage of GDP) -- 5. Monetary Survey, 2015-20 -- 6. Financial Soundness Indicators for the Banking Sector, 2013-18 -- 7. Indicators of Capacity to Repay the Fund, 2017-30 -- 8. Schedule of Disbursements and Timing of Reviews Under the Extended -- APPENDICES -- I. Letter of Intent -- Attachments: I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding -- 2. Supplementary Letter of Intent

Cover -- CONTENTS -- ESTIMATING THE FISCAL MULTIPLIERS FOR CAMEROON -- A. Introduction -- B. Fiscal Multipliers: Theory, Model and Estimation -- C. Conclusion and Policy Implications -- BOX -- 1. Tax Potential and Spending Efficiency -- FIGURES -- 1. Economic Growth and Public Investment -- 2. Public Debt and Primary Balance, 2009-17 -- 3. Baseline Model: Response of GDP to Fiscal Shocks -- 4. Local Projections Revenue Model: Response of GDP to Fiscal Shocks -- TABLE -- 1. Baseline Model: Cumulative Fiscal Multipliers -- ANNEX -- I. Methodology -- References -- ASSESSING THE INCIDENCE OF FISCAL POLICY ON POVERTY AND INEQUALITY -- A. Introduction -- B. Assessing Existing Fiscal Policy Instruments -- C. Policy Simulations -- D. Conclusions and Policy Recommendations -- FIGURES -- 1a. Real GDP Growth, 2000-16 -- 1b. Investment to GDP, 2000-16 -- 2a. Poverty Rate -- 2b. Poverty Line Headcount -- 3a. Gini Coefficients -- 3b. Gini Coefficient for Low Income and Lower Middle Income Countries -- 4. Revenue Sources, 2017 -- 5. Government's Primary Spening, 2014 -- 6a. Education Spending -- 6b. Health Spending -- 7a. Poverty Headcount -- 7b. Gini Coefficient -- 8a. Benefits and Indirect Taxes, Urban -- 8b. Benefits and Indirect Taxes, Rural -- 9a. Energy Subsidies, Urban -- 9b. Energy Subsidies, Rural -- 10. In-kind Transfers -- 11a. Change in Poverty Rate from Elimination of VAT Exemptions -- 11b. Change in Gini Coefficient from Elimination of VAT Exemptions -- 12a. Change in Poverty Rate from Elimination of Energy Subsidies -- 12b. Change in Gini Coefficient from Elimination of Energy Subsidies -- References -- ADDRESSING GENDER GAPS IN CAMEROON TO ENHANCE INCLUSIVE GROWTH -- A. Introduction -- B. Gender Gaps in Cameroon -- C. Macroeconomic Impact of Gender Gaps in Cameroon and Potential Gains -- D. Policy Recommendations -- BOXES.

Cover -- CONTENTS -- WAGES AND COMPETITIVENESS IN NORWAY -- A. Background: One Country, Two (Interlinked) Economies -- B. The Literature on Dutch Disease in Norway -- C. Wage and Competitiveness Developments of the Last Twenty Years -- D. Fiscal Policy and Competitiveness -- E. Conclusions and the Challenges Ahead -- References -- BOX -- 1. The 2013 Amendments to the Wage Setting Agreement -- FIGURE -- 1. Non-oil Competitiveness -- NORWAY'S PUBLIC SECTOR BALANCE SHEET AND FISCAL IMPLICATIONS -- References -- FIGURES -- 1. Comparison of Norway and Finland's Public Sector Balance Sheets -- 2. Scenario Analysis -- 3. Fiscal Paths, Implied IFNWs, and Aging Costs -- HOUSE PRICES AND LABOR MOBILITY IN NORWAY: A REGIONAL PERSPECTIVE -- A. Introduction -- B. Regional House Price Developments in Recent Years -- C. Estimation of Regional House Price Overvaluation -- D. Regional House Price Differentials and Labor Mobility -- E. Conclusions -- References -- BOXES -- 1. Tests for House Price Overvaluations: Literature Overview -- 2. Estimating National Equilibrium House Prices in Norway -- TABLES -- 1. Estimation of Regional Equilibrium House Prices in Norway: Results -- 2. Estimation of Internal Migrations of Prime Age Cohorts in Norway: Results.