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Mr. Dale F Gray

. The foreign exchange fund is 40 percent of cash from gas sales. The primary issue is to regain lost export markets not revision of the gas taxation regime. Table 13 provides estimates of revenue from the energy sector. These figures exclude two types of revenues. In 1993-94 and partly in 1995, gas export arrears were at the end of the year rescheduled as government to government loans between Ukraine and Turkmenistan. The interest and repayments on such loans are not paid to the exporter (Ministry of Oil and Gas) but to the off-budgetand nontaxed Foreign Exchange

International Monetary Fund. Western Hemisphere Dept.
Trinidad and Tobago faced unprecedented challenges in 2020–21. The combined effects of COVID-19 and energy production and price shocks pushed the economy further into recession. A decisive policy response helped contain the virus spread and protect lives and livelihoods. The fiscal position worsened due to significant tax revenues shortfalls, pushing public debt up. The vaccination pace accelerated recently, but vaccine hesitancy remains high, amid a potential new wave of infections.
International Monetary Fund
Trinidad and Tobago has enjoyed positive growth, low inflation, and a steady decline in unemployment, but challenges remain. Executive Directors commended the prudent management, and stressed the need for a macroeconomic framework underpinned by a three-year rolling budget and pension reform. They welcomed Trinidad and Tobago's role as a regional financial center, the soundness of the banking system, and structural reforms. They emphasized the need to tighten fiscal and monetary policies, and encouraged Trinidad and Tobago to participate in the general data dissemination system.
Mr. Dale F Gray
This paper examines the level and structure of fiscal revenues from the Baltics, Russia, and other former Soviet Union countries’ (BRO) energy sector and suggests reforms in energy tax policy. Revenues from the oil and gas sectors are about half the level that might be expected from international comparisons. Low oil revenues result from infrastructure constraints on oil exports, weak tax administration, and inappropriate tax structures. Low gas revenues are due to low statutory tax rates, a tax structure that does not capture monopoly or resource rents, and weak tax administration. Taxation of oil products could be increased.
International Monetary Fund

deficit, and curtail tax exemptions. Directors welcomed the creation of a unified revenue authority, which they saw as a major step in strengthening tax and customs administration. Directors also noted that the planned reactivation and strengthening of the RSF—to make it more transparent and flexible—should be an integral tool of prudent fiscal policy. They recommended a comprehensive review of the country’s fiscal management entailing a public expenditure review by the World Bank; a review of fiscal standards and codes; a revision of the gas taxation regime in line

International Monetary Fund. Western Hemisphere Dept.

exporters. Another initiative recently approved in Parliament was the transformation of Free Zones into Special Economic to attract new dynamic industries and foster economic diversification. Bolstering fiscal sustainability and resilience are also priorities in reform efforts . Following the 2018 restructuring of the state-owned oil company, Petrotr in, the authorities are poised to continue with SOE reform by rationalizing transfers, particularly for those enterprises providing water and electricity. In addition, a comprehensive review of the oil and gas taxation

International Monetary Fund. European Dept.
This first and second reviews under the Stand-By-Arrangement analyzes Ex Post Evaluation of exceptional access for Romania. Efforts are needed to strengthen monetary policy transmission. The banking system remains well capitalized, but the authorities need to accelerate the resolution of nonperforming loans and closely monitor risks from parent bank deleveraging. The Romanian authorities continue their efforts to reach the goals of a broad structural agenda, with a focus on structural reforms in the energy, transport and healthcare sectors, and continue the reform of the state-owned enterprises.
International Monetary Fund. European Dept.
This paper discusses Romania’s Seventh and Eighth Reviews Under the Stand-by Arrangement and Request for Waiver of Nonobservance of Performance Criteria. Continued strong fiscal consolidation would enable Romania to exit the EU Excessive Deficit Procedure by mid-2013; prudent monetary policy kept core inflation low, and close supervision buttressed banking sector stability. Fiscal and international reserves buffers and a well-capitalized banking sector provide a cushion against shocks. Market sentiment toward Romania improved as political uncertainty subsided in the aftermath of the December 2012 parliamentary elections, which the ruling coalition won. Structural reforms, however, advanced slowly, and the recovery has lagged behind that in most other European emerging economies.
International Monetary Fund

deficit through expenditure restraint, broadening the tax base, and curtailing exemptions. The reactivation and strengthening of the RSF (to make it more transparent and flexible) could be an integral tool of prudent fiscal policy. A comprehensive review of the country’s fiscal management is recommended. This should entail a PER conducted by the World Bank; a review of fiscal standards and codes conducted by the Fund; an evaluation of the gas taxation regime—in line with FAD’s earlier recommendations; and a review of the VAT. The budget should be transparent and

International Monetary Fund. Western Hemisphere Dept.

focused on improving the country’s competitiveness, and doing business environment, including modernizing the current Free Zone regime, introducing e-Government and digital economy, and promoting the tourism sector. The authorities pointed out that the establishment of the new revenue authority seeks to facilitate trade by reducing transaction costs. Moreover, comprehensive review of the oil and gas taxation regime will soon be conducted to ensure that the domestic hydrocarbon sector remains internationally competitive. The authorities reiterated their strong commitment