Suchergebnisse

Cover -- CONTENTS -- CONTEXT -- KEY TRENDS AND RECENT DEVELOPMENTS -- A. Catching Up After Lost Momentum -- B. Recent Economic Developments and Program Performance -- OUTLOOK AND RISKS -- ARTICLE IV POLICY DISCUSSIONS: FOSTERING SUSTAINED AND INCLUSIVE GROWTH -- Structural Reforms to Improve the Investment Climate and Growth Sustainability and Inclusiveness -- Fiscal Consolidation -- National and Regional Policy Consistency -- Debt Management -- Strengthening the Banking and Financial Sector -- PROGRAM ISSUES -- Fiscal Policy -- Financial Sector -- PROGRAM MODALITIES AND FINANCING ASSURANCES -- DATA AND SAFEGUARDS ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Mobilizing Tax Revenue -- 2. Eurobond Issuances in 2017 and 2018 -- FIGURES -- 1. Social and Poverty Indicators -- 2. Bank Credit to the Economy by Sector -- 3. Recent Economic Developments, 2014-18 -- 4. Medium-Term Outlook, 2015-23 -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2a. Balance of Payments, 2015-23 (Billions of CFA Francs) -- 2b. Balance of Payments, 2015-23 (Percent of GDP) -- 3a. Fiscal Operations of the Central Government, 2016-23 (Billions of CFA Francs) -- 3b. Fiscal Operations of the Central Government, 2016-23 (Percent of GDP) -- 4. Monetary Survey, 2015-23 -- 5. Financial Soundness Indicators for the Banking Sector, 2013-17 -- 6a. External Financing Requirements, 2015-23 (Billions of CFA Francs) -- 6b. External Financing Requirements, 2015-23 (Percent of GDP) -- 7. Indicators of Capacity to Repay the Fund, 2018-26 -- 8. Schedule of Disbursements and Timing of Reviews Under the ECF/EFF Arrangements, 2016-19 -- ANNEXES -- I. Medium-Term Growth -- II. Status of the 2016 Article IV Main Recommendations -- III. Intraregional Spillovers in the West African Economic and Monetary Union: The Role of Côte d'Ivoire -- IV. Risk Assessment Matrix.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- A. Developments Over the Past 12 Months -- B. Outlook -- C. Risks -- POLICY DISCUSSIONS -- A. Macroeconomic and Financial Policies -- B. Review of Reserve Bank Act -- C. Managing Housing Market Imbalances -- D. Supporting Higher and More Inclusive Growth -- STAFF APPRAISAL -- BOXES -- 1. Recent Developments in Business Fixed Investment -- 2. Revisions to New Zealand's GDP and Their Implications, 2014-16 -- 3. New Zealand's Infrastructure Gap and Fiscal Policy -- 4. Tracking Housing Affordability in New Zealand -- FIGURES -- 1. Growth Starting to Pick Up Again -- 2. Monetary Policy Still Faces Weak Inflation, Despite Lower Unemployment -- 3. External Sector Remains Stronger and Stable -- 4. The Fiscal Position Remains Strong, Notwithstanding Higher Spending -- 5. Household Debt and Housing Remain a Concern, but with Signs of Improvement -- 6. The Housing Market is Cooling -- 7. Households' Balance Sheets Risks Have Started to Improve -- 8. The Banking Sector Is Strong -- 9. There Are Some Gaps in the Macro-Structural Position -- TABLES -- 1. Main Economic Indicators, 2013-2023 -- 2. Fiscal Accounts, 2012/13-2022/23 -- 3. Balance of Payments, 2013-2023 -- 4. Monetary and Financial Sector, 2013-2023 -- 5. Financial Sector Indicators, 2011-17 -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Recent Fiscal and Structural Policy Measures -- IV. Macroprudential Measures on Residential Loans -- V. External and Fiscal DSAs -- VI. New Zealand 2017 FSAP: Follow-Up on Key Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Monetary Policy -- B. Macroprudential Policy -- C. Financial Policy -- D. Fiscal Policy -- E. Structural Policies -- STAFF APPRAISAL -- BOXES -- 1. Demand and Supply Pressures in the Housing Market -- 2. Challenges to Boost Employment and Productivity -- FIGURES -- 1. Recent Growth -- 2. Inflation -- 3. External Position and Competitiveness -- 4. Capacity Constraints -- 5. Near-Term Growth Momentum -- 6. Credit Developments -- 7. Housing Market -- 8. Financial Sector Developments -- 9. Fiscal Sector -- 10. Demographics and Working Age Population -- 11. Labor Force Participation Decomposition -- 12. Female Labor Supply -- 13. Labor Productivity -- 14. Trade Restrictiveness and Sectoral Regulation -- TABLES -- 1. Selected Economic Indicators, 2013-23 -- 2. Balance of Payments, 2013-23 -- 3. General Government Operations, 2013-23 -- 4. Macroeconomic Framework, 2013-23 -- 5. Financial Soundness Indicators, 2010-17 -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Macroprudential Policy Measures -- IV. Debt Sustainability Analysis -- V. Proposed Changes to Taxes and Spending -- VI. Implementation of the 2017 Article IV Key Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK, RISKS, AND VULNERABILITIES -- POLICY DISCUSSION: PRIORITIES FOR STABILITY -- A. Managing the Fiscal Position -- B. Monetary Policy and Exchange Rate Management -- C. Financial Stability and Governance -- PRIORITIES TO PROMOTE GROWTH -- A. Encouraging New Growth Areas and Structural Reforms -- B. Governance of the Logging and Mining Sectors -- C. Financial Inclusion in Support of Climate Change Adaptation -- D. Other Issues -- STAFF APPRAISAL -- BOX -- 1. Logging Developments -- FIGURES -- 1. The Cross-Country Context -- 2. Macroeconomic Developments and Outlook -- 3. Fiscal Indicators -- 4. Money and Credit Developments -- 5. Financial Access and Inclusion -- 6. Constituency Development Fund (CDF) -- TABLES -- 1. Selected Economic Indicators 2014-23 -- 2a. Summary of Fiscal Accounts (in millions of Solomon Islands Dollars) -- 2b. Summary of Fiscal Accounts (in percent of GDP) -- 3. Balance of Payments, 2014-23 -- 4. Summary Accounts of the Banking System, 2014-23 -- 5. Indicators of Capacity to Repay the Fund, 2018-27 -- 6. Alternative Policy Action Scenario 2018-21 -- APPENDICES -- I. Authorities' Response to Fund to Policy Advice -- II. SDGs Identified in the 2016-35 National Development Strategy (NDS) -- III. Risk Assessment Matrix -- IV. PPG External Debt Under Alternative Scenarios 2018-28 -- V. Economic Impact of the Loss of CBR -- VI. Public Investment Management Assessment (PIMA) -- VII. External Sector Assessment -- VIII. Financial Inclusion and Climate Change -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER IFIS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSION -- A. Structural Reforms: Lifting Productivity -- B. Fiscal Policy: Increasing Efficiency to Invest in Priority Areas -- C. Financial Sector: Ensuring Stability -- STAFF APPRAISAL -- BOXES -- 1. Low Female Labor Force Participation and Employment in Slovak Republic: The Role of Childcare and Parental Leave Policies -- 2. Potential Productivity Gains from Strengthening Institutions and Reducing Skill Mismatch -- 3. Domestic Revenue Mobilization: Achievements, Policy Efforts and Priorities -- FIGURES -- 1. Output Gap and External Position -- 2. Challenges to Productivity and Growth -- 3. Real Sector Developments -- 4. Credit Developments -- 5. External Sector Competitiveness -- 6. Key Labor Market Challenges -- 7. Fiscal Deficit and Public Debt, 2015-23 -- 8. Household and Private Sector Indebtedness -- 9. Tax Subsidies for Home Ownership -- TABLES -- 1. Summary of Economic Indicators, 2015-23 -- 2. Statement of Operations of the General Government, 2015-23 -- 3. Balance of Payments, 2015-23 -- 4. External Sector Assessment -- 5. Risk Assessment Matrix -- 6. Financial Soundness Indicators, 2011-17 -- ANNEX -- I. Public Debt Sustainability Analysis (DSA) -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- INFRASTRUCTURE INVESTMENT IN NEW ZEALAND: GAPS AND MULTIPLIER EFFECTS -- A. Introduction -- B. A Baseline for the Infrastructure Investment Gap -- C. Benefits from Closing the Infrastructure Investment Gap -- D. Closing the Gap as a Tool for Fiscal Policy -- E. Conclusions -- BOXES -- 1. The Six Step Methodology of the Global Infrastructure Outlook -- 2. ANZIMF - The Australia-New Zealand Integrated Monetary and Fiscal Model -- 3. Choosing the Output Elasticity for the Regions in Need of Development -- FIGURES -- 1. Global Infrastructure Needs versus Trends and Historical Averages -- 2. New Zealand's Infrastructure Needs versus Comparators -- 3. Infrastructure Components for New Zealand -- 4. Infrastructure Investment Gap for New Zealand -- 5. Closing the Baseline Infrastructure Investment Gap by 2040 -- 6. Infrastructure Investment Gaps -- 7. Closing the Gap Earlier -- 8. Average Annual Household Income Growth, 2007-2017 -- 9. Matching Infrastructure Infrastructure Quality in Terms of Real GDP -- TABLES -- 1. Closing the Infrastructure Investment Gap for Regional Development -- 2. Infrastructure Quality Scores -- References -- REVAMPING INFLATION TARGETING IN NEW ZEALAND 30 YEARS AFTER ITS INCEPTION -- A. Introduction -- B. Evolution and Performance of Inflation Targeting in New Zealand -- C. Operationalization of the Dual Mandate -- D. Conclusion -- BOX -- 1. The Specification of the Output/Employment Goal for the Fed and the RBA -- FIGURES -- 1. Dincer-Eichengreen Central Bank Transparency Index -- 2. Inflation and Expected Inflation -- 3. Output Gap in Selected Economies -- 4. Official Cash Rate and Inflation and Output Gap -- 5. Revisions to the Projections in the Monetary Policy Statements -- 6. Anchoring of Inflation Expectations (2015-2018) -- 7. Illustrative Loss Functions (2012-2018) -- TABLES.

Cover -- CONTENTS -- FISCAL FRAMEWORKS AND FISCAL ANCHORS: THE EXPERIENCES IN COMMODITY EXPORTING COUNTRIES AND IMPLICATIONS FOR SAUDI ARABIA -- A. Introduction -- B. Resource Rich Countries' Experiences with Fiscal Rules -- C. Institutional Considerations: What is Required Versus What Is There? -- D. Thinking About A Fiscal Rule In Saudi Arabia -- E. Conclusion -- Rererences -- BOX -- 1. Fiscal Strategic Planning -- FIGURES -- 1. Oil Price, Revenues, and Expenditures -- 2. Options for a Long-Term Fiscal Anchor -- 3. Options for Fiscal Buffers -- 4. An Illustration of a Deficit Rule -- 5. An Illustration of an Expenditure Rule -- TABLES -- 1. Output, Government Spending, and Inflation -- 2. Operational Fiscal Rules -- ANNEXES -- I. Fiscal Anchors and Rules in Selected Resource Rich Countries -- II. Assumptions for Computing the Long-Term Fiscal Anchors -- THE ECONOMIC IMPACT OF POLICIES TO BOOST THE EMPLOYMENT OF SAUDI NATIONALS -- A. Background -- B. Structure of the Labor Market -- C. Recent Labor Market Policies -- D. Assessing the Impact of Labor Market Policies on the Economy -- E. Conclusion and Policy Recommendations -- References -- FIGURES -- 1. Unemployment -- 2. Saudi Working Age Population and Labor Force Under Different Scenarios -- 3. Employment and Wages -- 4. Labor Force Participation by Gender and Age, 2017 -- 5. Skills Mismatches -- 6. Education and Outcomes -- 7. Expatriate Levy Scenarios (Cumulative Impact) -- 8. Increased Female Labor Force Participation Scenario -- 9. Saudization Scenarios -- ANNEX -- I. G20MOD -- HOW DEVELOPED AND INCLUSIVE IS THE FINANCIAL SECTOR IN SAUDI ARABIA? -- A. Background -- B. Structure of the Financial System -- C. Benchmarking Saudi Arabia's Level of Financial Development and Inclusion -- D. Government Initiatives -- E. Policy Recommendations -- References -- BOXES.

Cover -- CONTENTS -- CONTEXT: STALLING GROWTH, HIGH PUBLIC DEBT -- A. The Long-Term Setting -- B. Recent Developments -- OUTLOOK AND RISKS: THE RECOVERY CONTINUES, BUT VULNERABILITIES REMAIN -- A. Medium-Term Outlook and Risks -- B. Debt Sustainability Analysis (DSA) -- C. External Stability Assessment -- THE POLICY AGENDA -- A. Fiscal Policy: Ensuring Debt Sustainability and Safeguarding Growth -- B. Monetary Policy: Bolstering Private Credit and Protecting the Peg -- C. Financial Supervision: Increasing Resilience -- D. Structural Reforms: Passing the Baton to the Private Sector for Long-Term Growth -- STAFF APPRAISAL -- BOXES -- 1. Financial Sector - Challenges and Opportunities -- 2. Closing the Gender Gap -- FIGURES -- 1. Recent Economic Developments -- 2. Monetary Developments and Credit Growth -- 3. Performance Compared to Small Middle-Income SSA Peers -- TABLES -- 1. Selected Economic Indicators, 2012-20 -- 2. Balance of Payments, 2011-19 -- 3a. Statement of Operations of the Central Government, 2011-19 (Millions of Cabo Verde Escudos) -- 3b. Statement of Operations of the Central Government, 2011-19 (Percentage of GDP) -- 4a. Monetary Survey, 2011-19 -- 5. Financial Soundness of the Banking Sector -- 6. Implementation Status for the Recommendations of the 2009 FSAP -- 7. Millennium Development Goals -- 8. Risk Assessment Matrix -- APPENDICES -- I. External Stability Assessment -- CONTENTS -- BACKGROUND -- BASELINE SCENARIO UNDERLYING THE DEBT SUSTAINABILITY ANALYSIS -- DEBT SUSTAINABILITY ANALYSIS -- A. External Public Debt -- B. Total Public Debt -- C. Comparison with the Previous Debt Sustainability Analysis -- D. The Authorities' Views -- DEBT DISTRESS CLASSIFICATION -- BOX -- 1. Macroeconomic Assumptions of the Baseline Scenario , 2016-36 -- FIGURES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS AND OUTLOOK -- PERFORMANCE UNDER THE PROGRAM AND POLICY DISCUSSIONS -- A. Program Performance -- B. Fiscal Policy -- C. Fiscal and Structural Reforms -- D. Monetary, Exchange Rate, and Financial Sector Policies -- PROGRAM MONITORING -- STAFF APPRAISAL -- BOX -- Inland Revenue Act -- FIGURES -- 1. Real Sector -- 2. Fiscal Sector -- 3. Financial Market -- 4. Foreign Exchange and Reserves -- 5. Monetary and Financial Sector -- TABLES -- 1. Selected Economic Indicators, 2014-21 -- 2a. Summary of Central Government Operations, 2014-21 (In billions of rupees ) -- 2b. Summary of Central Government Operations, 2014-21 (In percent of GDP) -- 2c. Summary of Central Government Operations, 2016-17 -- 2d. Central Government Financing Needs, 2015-18 -- 3a. Monetary Accounts, 2014-17 -- 3b. Monetary Accounts, 2015-17 -- 4a. Balance of Payments, 2014-21 -- 4b. Balance of Payments, 2016-17 -- 4c. Gross External Financing, 2014-21 -- 5. Financial Soundness Indicators-All Banks, 2012-16 -- 6. Reviews and Purchases under the Three-year Extended Arrangement -- 7. Projected Payments to the Fund, 2016-2029 -- ANNEXES -- I. Debt Sustainability Analysis -- II. Tax Policy Options -- APPENDIX -- I. Letter of Intent -- Attachment I. Technical Memorandum of Understanding.