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International Monetary Fund. European Dept.
The economy rebounded strongly from the pandemic recession last year while prudent macroeconomic management maintained robust buffers. But the war in Ukraine and the international sanctions imposed on Russia and Belarus have resulted in significant spillovers to Moldova, with implications yet to fully play out. At the outbreak of hostilities, FX market pressures triggered significant foreign currency interventions and bank deposit withdrawals, while dollarization has intensified. Moldova has received the highest per capita inflow of Ukrainian refugees (17 percent of the total population), of which about 100,000 refugees (4 percent of the total population) remain in Moldova. Driven by rising food and energy prices, inflation accelerated further above the target band.
International Monetary Fund

. Consolidated Government Budget, 2008/09–2009/10 (in billions of Pakistani rupees) 3b. Consolidated Government Budget, 2008/09–2009/10 (in percent of GDP) 4. Monetary Survey and Analytical Balance Sheet of the State Bank of Pakistan, 2007/08–2009/10 5. Medium-Term Macroeconomic Framework, 2007/08–2014/15 6. Medium-Term Balance of Payments, 2007/08–2014/15 7. Medium-Term Fiscal Framework, 2007/08–2014/15 8. External Debt, 2007/08–2015/16 9. Gross Balance of Payments Financing Requirements and Sources 2007/08–2009/10 10. Indicators of Fund Credit, 2008

International Monetary Fund. European Dept.

into or remaining in the country. The escalation of these multiple shocks generates significant financing needs for Moldova and challenges social cohesion. The authorities project a balance-of-payment financing requirement of US$1.7 billion in the period 2022-2024. While Moldova has entered the current crisis with good buffers, the multifaceted shocks will impact the country considerably going forward . The economy posted an impressive 13.9 percent growth in 2021. The general government deficit narrowed to 2.6 percent of GDP in 2021, while public debt remained low

Gerald M. Alter

that a country is successful in removing these obstacles, it may also become more creditworthy for Bank and for other external financing; it may also have less need for concessional assistance. The Bank’s lending program for a country is a plan of commitments covering a five-year period. The total volume of lending is determined in the light of a country’s overall investment and balance of payments financing requirements, as they emerge in a soundly conceived development perspective. These analyses are based upon the country’s own performance, the availability of

R. C. Williams

increasingly concerned about the risk of such lending. The view expressed in the Fund staff paper (Occasional Paper No. 1) was that, for a number of reasons, the increase in bank claims was not likely to decelerate from the pace of 1979 (24 per cent) but in view of bankers’ prudential concerns, no significant increase was likely. In the event, the balance of payments financing requirements of the smaller industrial countries and of the non-oil developing countries exceeded expectations, prudential factors proved less of a constraint than many observers had anticipated, and

International Monetary Fund. African Dept.

fifth review (thereby resulting in a sixth disbursement in an amount of SDR 45.135 million) and 17.1 percent under a seventh review. The increased access to Fund resources, which is expected to catalyze donor support, will support our international reserves, partly cover the budget and balance of payments financing requirements created by the Ebola epidemic, and enable us to maintain an adequate public investment effort. Fund support in 2015 should cover about one third of the projected balance of payments financing requirement. 7. The government remains convinced

International Monetary Fund
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
International Monetary Fund

little influence on the amounts of reserve tranche drawings compared with their effect on the frequency of use (see Table 7 ). This apparent lack of visible positive correlation between the amount of reserve tranche use and the extent of financing needs is probably because the existence of a balance of payments financing requirement at the time of use was more relevant than the quantitative magnitude of that financing. In addition, the fact that reserve tranche positions cannot be reconstituted once they are drawn and that they were often completely used up within one

International Monetary Fund

adequate to meet temporary balance of payments financing requirements under normal circumstances. We believe also that consideration should be given to establishment of an additional permanent borrowing arrangement, which would be available to the IMF on a contingency basis for use in extraordinary circumstances. 9 The proposal in the last sentence of this statement was not specific, but it developed into a decision to make unprecedented changes in the GAB, including an approximate tripling of the total of credit arrangements to SDR 17 billion. The original and revised

International Monetary Fund
This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Pakistan. Program implementation has been uneven but key reforms are moving forward. All end-September 2009 quantitative performance criteria were met, with the exception of the ceiling on the overall budget deficit. The tax revenue foregone in September was largely recovered in October, and the wage bill overrun was self-correcting. On these grounds, the authorities request a waiver of nonobservance for the related end-September 2009 performance criterion. IMF staff recommends the completion of the program review.