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International Monetary Fund
Adverse terms-of-trade developments and an unfavorable external environment have contributed to Paraguay's lackluster economic performance. Executive Directors observed the fiscal slippages, weaknesses in national accounts calculations, the statistical coverage of public enterprise operations and external tariffs, and stressed the need to tighten monetary and fiscal stances, and accelerate structural reforms. They welcomed the new strategy under the staff-monitored program, the improvement in the balance of payments, money, the central government's finances, and the country's progress toward meeting the General Data Dissemination Standard.
International Monetary Fund

, supply-side constraints to non-inflationary growth and strengthen the external position. However, it is important to avoid slippages in policy implementation, such as have occurred repeatedly in the last few years, and to keep open the option of additional fiscal tightening in the budget for 2000, should excess demand persist. At the same time, it would be appropriate to allow full play to the automatic stabilizers, if growth slows more sharply than currently foreseen. Public expenditure overruns have not prevented a sharp improvement in the financial posistion of

International Monetary Fund

has been robust and progress has been made in reducing fiscal imbalances and the public debt burden. However, these favorable developments have been accompanied by accelerating inflation. While surging international prices of food and fuels have contributed to recent higher inflation, public expenditure overruns and weak control of base money growth have also played a role in increasing the pressures on prices and currency depreciation. Against this background, Directors noted that the main challenges facing the authorities over the medium term are to maintain

International Monetary Fund. Research Dept.

June and July. For 1997, the income tax schedule and excise taxes are assumed to be adjusted in line with inflation. The projections do not take into account the implications for 1996–97 of the recently discovered large public expenditure overruns in 1995. Netherlands : Projections assume continued adherence to the government’s medium-term expenditure path for the central government and social security. While the authorities have not specified a general government deficit target for 1997, their 1997 expenditure ceilings for central government and social security

Mecagni Mauro

. 1995) not completed; ESAF I 50% undrawn; ESAF II to date not approved Broad, involving deviations in both macro and structural reforms Public expenditure overruns Deterioration of operating position of state enterprises Credit policy Slow pace of privatization, public employment reduction, and state banks reform No No No Niger 2 interruptions : 9-month interval (Dec. 1989-Sept. 1990) between ESAF I and ESAF II annual arrangements (ESAF I fully drawn, ESAF II not) Broad, involving deviations in both macro and structural reforms Fiscal revenue

International Monetary Fund
This 1999 Article IV Consultation highlights that the Danish economy continued to perform well in 1997–98. Real GDP growth of about 3 percent remained above potential and unemployment fell to 6 percent, less than half its level only five years earlier. Consumer price inflation remained subdued at slightly below 2 percent. However, capacity constraints became more evident and the external current account balance showed a deficit—for the first time since 1989—of 1.4 percent of GDP. Also, at 4½ percent, wage inflation remained higher than in the main trading partner countries.
International Monetary Fund

to offset any new public expenditure overruns. It is, therefore, important that a serious and aggressive rationalization of public administration operations be initiated by December 2002 as programmed. Similarly, a shortfall in revenue mobilization could also jeopardize the financing of important social and economic programs. 59. Export growth and diversification are an integral part of the strategy to stimulate the economy, reduce poverty, and restore external debt sustainability. The evolution of the external environment facing Uganda would be an important

International Monetary Fund
This paper assesses Uganda’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The program for 2002/03–2004/05, which could be supported by a new PRGF arrangement, aims to increase real GDP growth to about 6½ percent a year on average, while holding annual inflation at about 3½ percent. Monetary and exchange rate policies will focus on maintaining stability in light of sizable sterilization operations. The authorities will rely on market-based monetary instruments and will adhere to a flexible exchange rate policy.
International Monetary Fund
The 2008 Article IV Consultation with the Democratic Republic of São Tomé and Príncipe and sixth review under the three-year arrangement under the Poverty Reduction and Growth Facility discusses policies and exchange rate arrangement. In recent years, public finances have been supported by large oil signature bonuses, but exploratory drilling for oil has not yet confirmed the existence of commercially extractable reserves. Executive Directors supported the authorities’ intention to reconsider São Tomé and Príncipe’s monetary and exchange arrangements.