Suchergebnisse

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Reducing Debt-Related Vulnerabilities -- B. Strengthening PFM to Anchor Fiscal Sustainability -- C. Strengthened Debt Management and Market Development -- D. Enhancing Monetary Policy and Operations -- E. Securing Financial Stability -- F. Achieving Higher and More Inclusive Growth -- G. Capacity Building and Statistics -- STAFF APPRAISAL -- BOX -- 1. Impact of Drought and Other Climate-Related Shocks -- FIGURES -- 1. Recent Developments -- 2. Fiscal Developments -- 3. External Sector -- 4. Monetary & -- Financial Developments -- TABLES -- 1. Selected Economic Indicators, 2016-24 -- 2a. Fiscal Operations of the Budgetary Central Government, 2016-24 (Millions of kwacha -- 2b. Fiscal Operations of the Budgetary Central Government, 2016-24 (Percent of GDP) -- 3. Monetary Accounts, 2016-24 (Millions of kwacha) -- 4a. Balance of Payments, 2016-24 (Millions of U.S. dollars) -- 4b. Balance of Payments, 2016-24 (Percent of GDP) -- 5. Financial Soundness Indicators, 2008-18 (Percent) -- ANNEXES -- I. Main Recommendations of the 2017 Article IV Consultation and FSAP -- II. External Sector Assessment -- III. Risk Assessment Matrix -- IV. Macro-Financial Linkages -- V. Mining Sector -- VI. Institutions and Governance -- VII. Capacity Development Strategy Note -- CONTENTS -- FUND RELATIONS -- JOINT WORLD BANK-FUND WORK PROGRAM, 2019-20 -- STATISTICAL ISSUES.

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- A. Improving Economic Performance -- B. Positive Outlook with Downside Risks -- POLICY DISCUSSIONS -- A. Sound and Credible Fiscal Policy -- B. Preserving Debt Sustainability -- C. Creating Fiscal Space -- D. Improving Investment Selection and Execution -- E. Strengthening Public Financial Management -- F. Promoting Diversification, Poverty Reduction, and Inclusive Growth -- G. Improving the Business Climate -- H. Economic Data -- I. Capacity Development -- J. Safeguards Assessment -- K. Program Modalities -- STAFF APPRAISAL -- FIGURES -- 1. Recent Economic Developments -- 2. Real and External Developments -- 3. Fiscal Developments -- TABLES -- 1. Selected Economic and Financial Indicators, 2014-21 -- 2. Balance of Payments, 2014-21 -- 3. Monetary Survey, 2014-19 -- 4a. Consolidated Operations of the Central Government, 2015-21 (CFAF billions) -- 4b. Consolidated Operations of the Central Government, 2015-21 (In percent of GDP) -- 4c. Consolidated Operations of the Central Government, 2018 (CFAF billions) -- 5. Proposed Schedule of Disbursements Under Three-year ECF Arrangement, 2018-20 -- 6. External Financing Requirements, 2015-21 (CFAF billions) -- 7. Indicators of Capacity to Repay the IMF, 2015-32 -- ANNEXES -- I. Security Issues -- II. Gender Inequality -- APPENDIX -- Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- ADJUSTING TO EXTERNAL SHOCKS -- CAPITAL OUTFLOWS: STRESS TESTING RESILIENCE -- POLICIES FOR RESILIENCE -- A. Monetary Policy -- B. Fiscal Policy -- THE FINANCIAL CYCLE AND LEVERAGE -- EXTERNAL SECTOR ASSESSMENT -- STRUCTURAL REFORMS FOR REAL CONVERGENCE AND INCLUSION -- STAFF APPRAISAL -- FIGURES -- 1. Growth and Exports -- 2. Inflation and Domestic Resource Constraints -- 3. Monetary Developments -- 4. Federal Budget Developments -- 5. Public Sector Fiscal Stance and Prospects -- 6. Capital Flows

Cover -- CONTENTS -- RECENT DEVELOPMENTS AND OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal and Debt Policies -- B. Financial Sector Policies -- C. Structural Reforms -- D. Program Issues -- CAPACITY BUILDING -- STAFF APPRAISAL -- BOXES -- 1. Revisions of National Account -- 2. Shifting from Public Consumption to Private Investment -- 3. The Ups and Downs of Growth in Senegal -- 4. Tax Incentives and Attraction of Investment: Some Case Studies -- FIGURES -- 1. Recent Developments: High Frequency Indicators -- 2. Recent Developments -- 3. Near and Medium-Term Projections -- TABLES

Cover -- CONTENTS -- ECONOMIC IMPACT OF THE OIL-PRICE SLUMP -- A. Oil-Price Shocks in Sub-Saharan Africa -- B. The Impact on Oil-rich CEMAC -- C. Oil-Price Shocks in Gabon -- D. Assessing Potential Impact on Gabon -- E. Structural Mitigating Factors -- F. Conclusion -- FIGURES -- 1. Oil Prices, non-oil real GDP, 1990-2014 -- 2. Government Expenditure, Oil Price, and Non-oil GDP Growth 2000-14 -- 3. GDP Growth During Oil-Price Shock Episodes -- 4. Impulse Response of Gabon's Non-Oil GDP Growth -- TABLE -- 1. Oil Shock Impact on Selected Variables -- REFERENCES

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- PROGRAM PERFORMANCE -- POLICY DISCUSSIONS -- A. Advancing Fiscal Reforms for Fiscal Sustainability -- B. Enhancing Stability and Deepening the Financial Sector -- C. Tackling External Arrears, Steps toward Normalizing Relations -- D. Addressing Structural Impediments to Boost Output -- E. Alternative Scenario -- STAFF APPRAISAL -- BOXES -- 1. The Impact of El Niño on Zimbabwe -- 2. ZAMCO: Helping to Address the High Levels of Nonperforming Loans -- 3. The Afreximbank Trade Debt-Backed Security Facility -- FIGURES

Cover -- CONTENTS -- POTENTIAL GROWTH AND OUTPUT IN ALBANIA -- A. Background and Growth Accounting -- B. Medium-Term Growth Outlook -- C. Potential Output and Output Gap Estimations -- D. Conclusions -- References -- BOXES -- 1. Growth Accounting Assumptions -- 2. Simple Multivariate Filter -- 3. Credit Cycles and ""Sustainable"" Output -- ANNEX -- I. The Determinants of TFP -- FIGURES -- 1. Western Balkans: Real GDP Growth -- 2. Real GDP Growth -- 3. Growth Accounting -- 4. Western Balkans: Real GDP Growth Contributions -- 5. Average Years of Schooling -- 6. Population

Cover -- CONTENTS -- BACKGROUND AND CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fostering Fiscal Discipline -- B. Structural Reform to Strengthen Nascent Institutions -- C. Program Monitoring and Risks -- STAFF APPRAISAL -- BOXES -- 1. Security: Strealiming the Fiscal Cost of Security in Somalia -- 2. Technical Assistance-Stocking and Challenges Ahead -- 3. Reform of the National Currency -- TABLES -- 1. Selected Economic and Financial Indicators, 2013-17 -- 2a. Federal Government Operations, 2013-17 (Millions of U.S. dollars)

Cover -- CONTENTS -- BACKGROUND AND RECENT DEVELOPMENTS -- PERFORMANCE UNDER THE PSI -- POLICY DISCUSSIONS -- A. Economic Outlook and Risks -- B. Recalibrating Fiscal Policy and Mitigating Risks -- C. Consolidating the Fiscal Position over the medium term -- D. Anchoring inflationary expectations and maintaining financial stability -- E. Advancing financial sector deepening and inclusion -- F. Reinvigorating structural reforms -- POLICIES TO SUPPORT GROWTH AND POVERTY REDUCTION -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS AND OUTLOOK -- THE ROLE OF THE FLEXIBLE CREDIT LINE -- A. Access Considerations -- B. Adverse Scenario -- C. Exit Strategy -- ASSESSMENT OF QUALIFICATION -- IMPACT ON FUND FINANCES, RISKS, AND SAFEGUARDS -- STAFF APPRAISAL -- BOXES -- 1. The Calculation of the External Economic Stress Index -- 2. Illustrative Adverse Scenario -- FIGURES -- 1. Recent Economic Developments -- 2. Recent Financial Developments -- 3. Qualification Criteria -- 4. External Debt Sustainability: Bound Tests -- 5. Reserve Coverage in an International Perspective, 2015

Cover -- CONTENTS -- THE CURRENT CONTEXT -- THE FUND-SUPPORTED PROGRAM -- A. Program Objectives -- B. Restoring Fiscal Sustainability -- C. Rebuilding Foreign Reserves -- D. Exchange Rate, Monetary, and Financial Sector Policies for Increasing Resilience -- E. Structural Reforms for Diversification and Improving the Business Environment -- PROGRAM MODALITIES AND RISKS -- STAFF APPRAISAL -- BOXES -- 1. External Sector Assessment -- 2. Banking Sector Stress Tests -- FIGURES -- 1. Macroeconomic Developments -- 2. Money and Credit -- 3. Fiscal Indicators -- 4. External Indicators -- TABLES

Cover -- CONTENTS -- MONETARY AND FINANCIAL CONDITIONS IN COLOMBIA -- A. Introduction -- B. Neutral Interest Rate -- C. Monetary Conditions Index -- D. Financial Conditions Index -- E. Macro-Risk Premium -- F. Conclusion -- FIGURES -- 1. Exchange Rate Depreciation, Inflation, and Monetary Policy Rate -- 2. Monetary Conditions Index -- 3. FCI and GDP Growth, 2001Q3-2015Q3 -- 4. Contributions to FCI, 2008Q1-2015Q4 -- 5. Factor Loadings in FCI -- 6. MRP and Real GDP Growth -- 7. EMBI Spreads versus Lending Spreads -- TABLES -- 1. Estimates of the Neutral Interest Rate

Cover -- CONTENTS -- CONTEXT -- BACKGROUND AND RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY AGENDA -- A. Fiscal Policy -- B. Monetary Policy -- C. Financial Sector -- D. Structural Policies -- STAFF APPRAISAL -- BOXES -- 1. The Recent Refugee Crisis -- 2. External Sustainability and Competitiveness -- 3. Potential Growth -- 4. Is the Post-Crisis Decline in Investment Permanent? -- FIGURES -- 1. Hungary and Peers -- 2. Real Sector -- 3. Labor Market -- 4. Fiscal Sector -- 5. Inflation Developments and Projections, 2007-17 -- 6. Monetary and Exchange Rate Developments, 2007-16

Cover -- CONTENTS -- FOSTERING SUSTAINABLE ECONOMIC GROWTH -- A. Introduction -- B. Growth Performance: 1970-2015 -- C. How Can Growth Be Sustained? -- D. A Comparative Analysis -- E. Concluding Remarks -- FIGURES -- 1. Per Capita Real GDP Level and Growth -- 2. Impulse Response Function for Output in Response to Civil War, Africa -- 3. Growth Decomposition -- 4. Manufacturing Exports -- 5. Complexity of Exports -- 6. Distance to Frontier for Trading Across Borders -- 7. Share of Agricultural Value Added in GDP -- 8. Evolution of the Gini Coefficient -- 9. Development of Polity2 Scores

Cover -- CONTENTS -- SETTING -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS: HIGH STAKES -- A. Unprecedented Infrastructure Scale Up -- B. Outlook and Risks: A Challenging Global Environment -- POLICIES FOR FISCAL SUSTAINABILITY -- EXTERNAL SECTOR ASSESSMENT -- SUPPORTING MONETARY AND FINANCIAL POLICIES. -- BUILDING LONGER TERM RESILIENCE -- STAFF APPRAISAL -- BOXES -- 1. Climate Change Challenges and Adaptation Policies -- 2. Public Infrastructure Program -- 3. Public Investment Management Efficiency -- 4. The Operation of Maldives Parallel Foreign Exchange Market