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International Monetary Fund. African Dept.

reports on budget execution have been prepared on a regular basis since 2014 and quarterly budget allocations are now being released before the end of the first month of the quarter. However, the establishment of a procurement plan consistent with the commitment and treasury management plans was delayed as capacity is being developed. To tighten expenditure controls from 2017, the government will prepare on a regular basis a commitment/treasury plan and create an expenditure regulation committee under the aegis of the Prime Minister. Customs revenue : The migration to

&L Profit and Losses PBS Professional Body Supervisor PD Probability of Default PiT Point-In-Time PNFC Private Non-Financial Corporation PRA Prudential Regulation Authority PRC Prudential Regulation Committee PVA Present Value QRT Quantitative Reporting Template RAF Resolvability Assessment Framework RAM Risk Assessment Matrix RBB Risks Beyond Banking RCP Representative Concentration Pathway RFRs Risk Free Rates RHI Renewable Heating Incentive RLF Resolution Liquidity Framework RRP Recovery and Resolution Plan/Planning RWA Risk Weighted Assets SCR

International Monetary Fund. African Dept.
This paper discusses Niger’s Eighth Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waivers of Nonobservance of Performance Criteria (PC) and for Modification of PCs. Niger’s medium-term prospects are closely linked to returns on major projects in oil and mineral extraction that are under way. Two of the end-2015 PC for the eighth ECF review were missed (on domestic financing and domestic arrears repayment), as were several indicative targets. The IMF staff supports the authorities’ request for waivers for the unmet PC on domestic financing and domestic arrears repayments at end-December 2015.
International Monetary Fund. African Dept.
This 2016 Article IV Consultation highlights Niger’s macroeconomic outcomes, which continue to be affected by security and humanitarian shocks, weak commodity prices, and reduced trade flows to neighboring countries. For 2016, growth is projected at 4.6 percent, slightly higher than the 3.5 percent recorded in 2015, but still only just above the rate of population growth. The medium-term economic outlook is favorable, but remains subject to substantial external and domestic risks. Growth is projected to increase to 5.2 percent in 2017 and to average 6.0 percent during 2018–21, mainly as a result of the expansion of the extractive industries sector and an increase in public and private investments.
International Monetary Fund. African Dept.
This paper discusses Niger’s Second Review Under the Extended Credit Facility (ECF) Arrangement, and Request for Modification of a Performance Criterion (PCs). With all PCs met, implementation has been satisfactory, except for the large miss of the indicative target on fiscal revenue augmentation—an important concern, considering that it is instrumental for fiscal consolidation and fiscal space to address pressing social and infrastructure needs. The indicative target on domestic arrears clearance in the first quarter of 2018 was also missed, but by less than the overperformance in 2017. The structural reform agenda is advancing, though more slowly than envisaged. The IMF staff supports the conclusion of the second review under the ECF.
International Monetary Fund. Monetary and Capital Markets Department
The Armenian banking sector is recovering from the 2014 economic slowdown, aided by additional capital injected by shareholders, several mergers, and improved regulation and supervision. However, banks, including the largest ones, are vulnerable to external shocks because high levels of dollarization expose them to FX-related credit and liquidity risks. These risks can be mitigated with the adoption of a stressed debt service to income ratio limit, the gradual introduction of reserve requirements in foreign currency for liabilities denominated in foreign currency, and the adoption of the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) in domestic currency and in United States dollars (USD). The introduction of the capital surcharge for domestic systemically important banks is also needed.