This Selected Issues paper and Statistical Annex examines the impact of cocoa taxation on cocoa supply in Ghana. The paper describes historical developments in cocoa production. The effects of the taxation of cocoa in Ghana are evaluated and a dynamic model of cocoa supply is estimated and used for simulations. The paper concludes that the most important factors adversely affecting the cocoa sector were government policies. Specifically, in the late 1960s and the 1970s, the effective cocoa duty rates were punitive and the cocoa sector was further hit by policies of overvalued exchange rate.
In the late 1980s Barbados, Guyana, Jamaica, and Trinidad and Tobago found themselves in severe economic difficulties. Their ensuing economic strategies were all market-based, featured fiscal contraction and trade liberalization, multilateral support loans and, later on, tax and financial sector reforms. However, exchange rate, monetary and public sector wage policies varied greatly. Choice of exchange rate regime was not as fundamental to successful stabilization as was fiscal action, complemented by, but without undue reliance on, monetary policy. The policies employed to reduce debt and to diversify the economic bases also help t lessen vulnerabilities to future economic shocks.
Of which : banking system
Source: Bank Markazi Jomhouri Islami Iran.
1/ Iranian years ending March 20.
2/ Additional revenue due to the saleofshare of oil revenue at the export and TSE rates.
3/ Mostly earmarked revenues of the Social Security Organization.
4/ This relates mainly to the service of debts contracted at pre-March 1993 exchange rates. For each U.S. dollar equivalent of debt-service payment, the government covers the difference between the official exchange rate
plan for the state-owned shipyards (large loss-makers) was repeatedly delayed.
Privatization was delayed by property disputes and resistance of vested interests. Two large deals outstanding from 2005—the saleofshare packages in the telecom (HT) and the oil company (INA)—fell schedule because of ownership disputes over certain company assets (HT) and a late start (INA). In September 2006, the authorities approved the privatization models featuring initial public offerings (IPOs) for both deals. The IPO for INA was launched in November 2006. The timing of the HT
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Markazi Jomhouri Islami Iran.
1/ Iranian years ending March 20.
2/ Additional revenue due to the saleofshare of oil revenue at the export rate.
3/ Consists of valuing a portion of the oil and gas revenue at the pre-March 1993 official rate (Rls 70 per U.S. dollar) in order to cover the subsidy to the service of debts contracted before March 21, 1994. This provisioned amount is deposited in a special government account with Bank Markazi-the Foreign Exchange Obligation Account.
4/ Mostly earmarked revenues of the Social Security Organization
This paper reviews economic developments in the Islamic Republic of Iran during 1990–96. Iran experienced heightened macroeconomic instability in the first quarter of 1995/96. Among the contributing factors, the announcement by the United States of intensification and extension of sanctions had a pronounced negative impact on expectations. This triggered a run on the foreign exchange market and buying in the goods market. The free market exchange rate shot to Rls 6,200 per US$1 and consumer prices rose by 14 percent during April–May, which raised the 12-month consumer price inflation to 59 percent in May.
The 2006 Article IV consultation underlies policy issues, including fiscal policy, monetary policy, and structural issues of the Republic of Croatia. Although bank restructuring and privatization have strengthened the financial sector, strong credit expansion and foreign exchange-induced credit risk have raised concerns. To address external vulnerabilities and reduce the burden of the large government on economic growth, Executive Directors recommended more ambitious fiscal consolidation than the authorities’ medium-term plans currently envisage. They stressed the urgency of restructuring the loss-making shipyards and removing impediments to privatization.