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International Monetary Fund. Middle East and Central Asia Dept.
In the attached letter, the Somali authorities request an extension of the date on which the arrangement under the Extended Credit Facility (ECF) will automatically expire unless a review is completed to August 17, 2022. On March 25, 2020, the Executive Board approved Somalia’s HIPC Initiative Decision Point1 and a three-year arrangement under the ECF.2 The first review under the ECF arrangement was completed by the Executive Board on November 18, 2020.3 However, as no review has been completed since then, the ECF arrangement is set to automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. Under Fund policy, the Board may decide to delay the automatic expiry of the arrangement by up to three months if staff and the authorities appear close to reaching understandings on targets and measures to put the ECF-supported program back on track.
International Monetary Fund. Middle East and Central Asia Dept.

Background 1. Successful completion of elections paved the way for a smooth transition of power. Following election delays since early 2021, parliamentary elections were completed in May 2022. President Mohamud was elected and sworn in on May 15, 2022. The President is expected to appoint a new Prime Minister in June, who in turn will appoint a new Cabinet in July. Delays in the elections had caused a suspension of budget support by development partners, which also delayed the ECF-supported program review until political and financing assurances could be

International Monetary Fund. Middle East and Central Asia Dept.

automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. Under Fund policy, the Board may decide to delay the automatic expiry of the arrangement by up to three months if staff and the authorities appear close to reaching understandings on targets and measures to put the ECF-supported program back on track. 2. The second and third reviews of the ECF have yet to be completed due to election delays and associated shortfalls in financing . Parliamentary elections were due by early

International Monetary Fund. Middle East and Central Asia Dept.

arrangement is set to automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. The second and third reviews under the ECF arrangement have yet to be completed due to election delays and associated shortfalls in financing. The elections process has gained significant momentum since January 2022, and is expected to be completed in coming weeks. Upper House elections were finalized in November 2021. Lower House elections are ongoing, with 257 out of 275 members of Parliament (MPs

International Monetary Fund

legislative elections delayed since November 2000 were held peacefully on June 30, despite the boycott by some opposition parties, with the majority party winning 85 of 114 seats.

International Monetary Fund. Middle East and Central Asia Dept.

-supported program, even though the long transition to a new government after the September 2016 elections delayed some reforms. The strong performance of the economy has been duly recognized by the markets, with Morocco’s continued favorable ratings and low sovereign debt spreads compared to the EMBI average. The authorities are determined to further strengthen the fundamentals of the economy, enhance its resilience, and put in place the conditions for higher and more inclusive growth and faster job creation. The new development model, which is under active preparation, will

International Monetary Fund. European Dept.

private consumption continued to expand into 2019, supported by growing real incomes and bank lending recovery. Inflation slowed in 2018, but pressures are building up. The labor market improved significantly, with strengthening labor force participation, employment growth, and falling unemployment. Policy setbacks emerged in the runup to the parliamentary elections, delaying program reviews. The 2018 capital and tax amnesty and other fiscal initiatives undermined key program objectives and raised governance concerns. Notwithstanding the delay, implementation of most

International Monetary Fund. African Dept.

elections, delays in donor disbursement, and limited implementation due to capacity constraints. Notwithstanding these uncertainties, the authorities have restated their commitment to steadfastly implement the reform agenda envisaged under the program, as reflected by the implementation of politically difficult prior actions during election year. Policy Priorities for 2018 and Beyond Addressing Revenue Shortfall and Contingent Liabilities, and Reduce Debt Burden over the Medium Term Although revenue outturn was lower than expected, fiscal consolidation efforts

International Monetary Fund

of a Eurobond in June, and domestic interest rates remain relatively low. However, a further deterioration in the euro area debt crisis could complicate plans to tap international capital markets next year and accelerate the repatriation of funds by foreign-owned banks. The authorities met all August performance criteria, and June and September indicative targets . September’s unexpected elections delayed progress on many structural benchmarks, although most—including submission of an FDL to Parliament and a sales strategy for MLB to the EC—have now been met