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International Monetary Fund

beginning of the program has produced the targeted adjustment. As a result, the end-December deficit target has been met, and the 2011 budget will help to reach the agreed cash fiscal deficit target of 4.4 percent of GDP at the end of the year. For 2012, renewed economic growth combined with prudent fiscal policy should bring the fiscal deficit to below 3 percent of GDP in ESA terms. This will require compliance with the fiscal responsibility law and continued expenditure restraint, including on the wage bill. On the revenue side, tax policies will remain largely

International Monetary Fund. Middle East and Central Asia Dept.
This paper reviews Morocco's economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement. Macroeconomic conditions of Morocco have continued to improve, but challenges remain same. Continued reform implementation will be essential to strengthen macroeconomic buffers and promote higher and more inclusive growth. Sustained implementation of structural reforms will be critical to boost potential growth in the medium term. The authorities intend to continue to treat the current arrangement as precautionary, and are still assessing possible options regarding Morocco's exit strategy and the potential need for a successor arrangement. Overall, Morocco continues to meet the qualification criteria for a PLL arrangement.
International Monetary Fund. Middle East and Central Asia Dept.

Performance under the 2014 PLL was satisfactory. The end-September indicative targets for the fiscal deficit and net international reserves were met with a wide margin. As indicated during the combined Article IV-Third review mission last November, the authorities’ strengthened revenue collection efforts, and continued tight control over wages and other recurrent expenditures have helped offset the shortfall in grants estimated at 0.6 percent of GDP and achieve the end-December deficit target of 4.3 percent of GDP. Excluding grants, fiscal adjustment in 2015 amounted to 1

International Monetary Fund

and lay the groundwork for sustained economic growth and poverty reduction in the medium term. 28. Fiscal performance has been favorable, but continued reforms are needed to keep the program on track . Improved tax collections due to better tax administration provided a cushion for compliance with the end-December deficit targets. However, there are signs that this improvement in tax efficiency is reaching its limit, unless momentum is maintained through structural reforms. Key items on the reform agenda include the approval of the pending Fiscal Adjustment Law

International Monetary Fund
This paper assesses Paraguay’s First Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance and Applicability of Performance Criteria. Paraguay has made significant progress in the first months of the program. Economic activity has strengthened, inflation prospects have improved, and renewed confidence in economic policy management has helped boost banking system deposits and central bank reserves. Fiscal performance has been favorable, but continued reforms are needed to keep the program on track. The IMF staff welcomes the authorities’ efforts to address Paraguay’s payments arrears difficulties.
International Monetary Fund
Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 13½ percent of GDP in 2007 to about 4¼ percent of GDP in 2010, driven by a strong shrinking trade deficit. Significant progress has been made under the Stand-By Arrangement (SBA) in achieving fiscal consolidation and safeguarding the financial sector. Most performance criteria and structural benchmarks were met throughout the program.