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International Monetary Fund. European Dept.
This 2017 Article IV Consultation highlights that Kosovo has made significant progress since the 2015 Article IV consultation in ensuring fiscal discipline and strengthening the financial sector. The fiscal deficit has been kept well below the 2 percent of GDP fiscal rule ceiling, government bank balances are now above the minimum level of 4.5 percent of GDP, and public debt remains low. Banks remain healthy and credit growth has increased. Notwithstanding, important structural challenges remain. Although medium-term growth is now projected at about 4 percent, more and better growth is needed to accelerate income convergence with the European Union and reduce inequality. The fiscal deficit is expected to remain within the fiscal rule while accelerating the investment financed by international financial institutions.
International Monetary Fund

.9 −2.8 −3.4 −1.3 −1.2 −1.2 −1.3 Debt financing, net 0.0 −0.2 0.3 −0.1 2.0 2.5 1.4 1.8 1.9 2.0 Privatization 0.0 0.0 0.0 0.0 0.6 5.9 0.2 0.2 0.2 0.3 Stock of government bank balances 10.8 8.7 5.8 3.5 3.8 8.9 8.7 8.5 7.9 7.8 Recommended minimum bank balances 3/ … … 5.7 5.8 6.1 6.2 6.7 7.2 7.6 7.8 Financing gap 0.0 0.0 0.0 0.0 1.8 0.3 0.0 0.0 0.0 0.0 Savings-investment balances (percent of GDP) 4/ Domestic

International Monetary Fund. European Dept.

On February 2, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation 1 with Kosovo. Kosovo has made significant progress since the 2015 Article IV consultation in ensuring fiscal discipline and strengthening the financial sector. The fiscal deficit has been kept well below the 2 percent of GDP fiscal rule ceiling, government bank balances are now above the minimum level of 4.5 percent of GDP, and public debt remains low. Banks remain healthy and credit growth has increased. Notwithstanding, important

International Monetary Fund. European Dept.

spending pressures, and government bank balances are above the minimum level of 4.5 percent of GDP. Banks remain healthy and credit growth has increased ( Table 1 , Figure 1 ). Inflation remains subdued and although headline is expected to pick up to 1.5 percent (largely driven by higher food and energy prices), core inflation has turned negative due to falling input prices for some non-tradable and consolidation in the retail sector resulting in lower prices. Table 1. Kosovo: Select Economic Indicators, 2014-22 (Percent, unless otherwise indicated

International Monetary Fund. European Dept.

-By Arrangement as precautionary in 2013. Fiscal Policy The 2013 budget, which was a prior action for the completion of the second review, was approved on December 13 by the assembly in line with program targets. After a structural adjustment of 1.1 percent of GDP in 2012, the additional structural adjustment of 0.6 percent of GDP contained in the 2013 budget should meet the criterion of fiscal sustainability. The authorities attach utmost importance to achieving a sustainable fiscal stance and an adequate level of government bank balances. Although revenue collection

International Monetary Fund
This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.
International Monetary Fund. European Dept.
International Monetary Fund. European Dept.

’ fiscal rule while improving the composition of the budget by deflating unproductive current spending. At the same time, it creates space for much-needed infrastructure upgrade through donor-financed capital investments in key development areas, under appropriate safeguards to preserve fiscal credibility and ensure continued debt sustainability. As the fiscal consolidation takes hold, restoring government bank balances t