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International Monetary Fund. European Dept.
The near-term outlook is broadly positive, with robust growth and low inflation. However, growth potential remains constrained by weak external competitiveness, high informality, low labor force participation, and a large infrastructure gap. In a complex political environment, the structural reform progress has been slow and fiscal risks have increased.
International Monetary Fund. European Dept.
This 2021 Article IV Consultation determines that Kosovo’s people and its economy experienced a return to a certain degree of normality in 2021. Increased vaccination rates allowed a relaxation of stringency measures, supported mobility, and created the conditions for a resumption of diaspora travel. The fiscal response to the pandemic has been broadly adequate. Moreover, fiscal policy needs to return to a supportive stance in 2022. Focus, composition, and transparency of public spending needs strengthening including supporting economic resilience. While the objective to intensify vaccinations is both appropriate and commendable, intended policy actions under the “Economic Revival Program” need to be better defined, new social transfer programs should be more targeted, and the growth of existing transfers needs to be contained. Kosovo’s intentions to reduce carbon emissions are commendable. A credible climate and environment mitigation strategy should be centered around carbon pricing, while allocating its proceeds to investment in green projects and to mitigate the impact of higher energy prices on vulnerable households.
International Monetary Fund. European Dept.

International Investment Position 6 Sep 30/2020 Nov/2020 Q Q Q 1 CBK’s NFA and GIR data have been revised for the period 09/2015 – 07/2018 to exclude the CBK’s holdings of Kosovar government securities. CBK balance sheet and survey data have been revised for the period 09/2015 – 07/2018 to reclassify the CBK’s holdings of Kosovar government securities as claims on the central government. 2 Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds. 3 Foreign, domestic

International Monetary Fund. European Dept.

/2018 Q Q Q 1 CBK’s NFA and GIR data have been revised for the period 09/2015 - 07/2018 to exclude the CBK’s holdings of Kosovar government securities. CBK balance sheet and survey data have been revised for the period 09/2015 - 07/2018 to reclassify the CBK’s holdings of Kosovar government securities as claims on the central government. 2 Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds. 3 Foreign, domestic bank, and domestic nonbank

International Monetary Fund. European Dept.

of Goods Aug/2021 Oct/2021 M M M GDP/GNP 8 Q2/2021 Nov/2021 Q Q Q Gross External Debt Q3/2021 Oct/2021 Q Q Q International Investment Position 6 Q3/2021 Sep/2021 Q Q Q 1 CBK’s NFA and GIR data have been revised for the period 09/2015 – 07/2018 to exclude the CBK’s holdings of Kosovar government securities. CBK balance sheet and survey data have been revised for the period 09/2015 – 07/2018 to reclassify the CBK’s holdings of Kosovar government securities as claims on the central government

International Monetary Fund

of domestic securities are valued at face rather than market value, and the market exchange rate used for currency conversion is a bid rate rather than a midpoint rate. Interest accruals on loans and foreign assets are incorporated in underlying instruments, but interest accrued on deposits is included in other items net. Source data Central bank accounts are compiled from an aggregated CBK balance sheet that does not provide sufficient detail for sectoral and instrument breakdowns. A more detailed trial balance sheet is not used as a source for deriving monetary

International Monetary Fund
This report on Kenya’s Observance of Standards and Codes presents Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. With regard to serviceability, Kenya either meets or exceeds the General Data Dissemination System recommendations for periodicity and timeliness for all disseminated data. Efforts to enhance the accessibility of statistics have also met a certain degree of success, although greater attention should be paid to improving the utility of statistical products and the procedures for data dissemination.
International Monetary Fund

of ODCs provide sufficiently detailed data for the compilation of monetary statistics. 3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required The CBK balance sheet used for compiling monetary statistics, and the trial balance sheet from which it is derived, reasonably approximate definitions, scope, and classification requirements of the MFSM . Given that in Kenya the Treasury is the fiscal agent for transactions with the IMF, the CBK balance sheet does not cover all positions of Kenya

International Monetary Fund. European Dept.

. Stabilizing the NIIP at -45 percent of GDP implies a CA norm of -4.1 percent of GDP and a real exchange rate overvaluation of 9 percent (compared to 12.4 percent in the 2017 Article IV assessment). D. Reserve Adequacy Assessment 10. Kosovo’s gross international reserves (GIR) are calculated using the information from the CBK balance sheet and the CBK survey. In particular, GIR are defined as the sum of nonresidents’ currency and deposits, securities, monetary gold and SDR, reserve position in the Fund, and other items. Unlike the standard definition of GIR, the CBK

International Monetary Fund. European Dept.
Kosovo has been hit hard by the COVID-19 pandemic. Despite policy support, economic activity is estimated to have fallen 6 percent in 2020 on account of the combined effect of strict domestic containment measures and international travel restrictions. The fiscal deficit increased to 7.7 percent of GDP, given the large fall in tax revenues and the implementation of mitigation and recovery measures of 4.2 percent of GDP. The current account deficit is estimated to have increased to 7.5 percent of GDP mainly due to a large decline in diaspora-related inflows, most notably in tourism. Gross international reserves declined but remain adequate in part due to the purchase under the IMF’s Rapid Financing Instrument (RFI) in April 2020 and the use of other external financing. Banks have weathered the recession well to date, and the high pre-COVID19 liquidity levels and ample capital buffers bode well for the system’s stability.