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International Monetary Fund
The net administrative budget for FY2017 has been set at US$1,072.5 million. After four years of zero real growth, the FY 2017 budget includes an increase of ½ percent in constant dollar terms to cover the institution’s rising IT and physical security costs, as well as a small adjustment for increases in the salary structure and in the costs of non-personnel expenses. The budget envelope also entails reallocation measures of 1.5 percent of resources and institution-wide savings to meet new high priority tasks and commitments to the membership. The FY2017 capital budget, set at US$60.5 million, provides financing for new capital projects for building facilities and IT.
International Monetary Fund

to the country’s capacity to generate revenue, and its limited room for debt financing. The updated debt sustainability analysis confirms the earlier finding that Afghanistan is at high risk of debt distress and underscores the importance of meeting financing needs with concessional loans and grants, supported by a strong reform agenda. The outlook, however, appears more difficult, as a growing share of the security cost and operating expenditure will be transferred to the domestic budget, and the security cost has been substantially revised upward. As such, fiscal

Mr. Rudy Wytenburg, Mr. Robin V Darbyshire, and Ms. Anjeza Beja

. The Bank recognizes the amount of short-term employee benefits expected to be paid as an expense or as a liability (accrued expense) after deducting any amount already paid (BOE). The number of persons employed by the Bank at December 31, 2019 was 500 of which 450 were full-time and 50 part-time. (2018: 470; with 430 full-time and 40 part-time). (BOE) For the year ended December 31 (LC 000) 2019 2018 Wages and salaries 149,858 135,665 Social security cost 7,440 6,787 Total short term benefits 157

International Monetary Fund. Western Hemisphere Dept.

following three differences. First, an individual can decide to become “a criminal”, instead of searching for a job, resulting in an endogenous crime rate. Second, a firm matched with a worker spends part of its profits on “security”. This expense minimizes probability of being a victim of “criminals”. If a firm becomes a victim of crime, its profits become income of the criminals this period. The necessity of security costs endogenously affects wages lowering them as workers share part of the security cost. The security cost can be interpreted as actual security cost in

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper uses efficiency frontiers for benchmarking of social spending in Honduras. The results reveal significant room to improve public health and education spending efficiency with potentially large fiscal savings. From an input-oriented point of view, Honduras performs poorly in education and health spending efficiency. From an output-oriented point of view, health spending efficiency appears to be in line with regional comparators, while there is room to improve efficiency in secondary education. In health and education spending, the priority is to tackle the disconnection between compensation benefits and labor productivity.
JAMES R. DOTY

that the risk of abuses in the secondary market is greater than had previously been appreciated. As noted above, reform of the auction process alone does not address these concerns in any significant respect, except insofar as it minimizes the risk of a squeeze with respect to when-issued trading of government securities. Cost-Effective Regulation and Facilitating Competition All government agencies agree that increased market access, uniformity in record keeping, and observance of sales practice standards are laudable regulatory objectives. Opponents of the

Mr. Benedict J. Clements, Mr. Sanjeev Gupta, Shamit Chakravarti, and Ms. Rina Bhattacharya

Security Cost? ” paper presented at the German Institute for Economic Research (DIW) workshop on “The Economic Consequences of Global Terrorism,” Berlin , June . Available via the Internet: http://www.diw.de/deutsch/service/veranstaltungen/ws_consequences . Hess , Gregory D. , and Eduard Pelz , 2002 , “ An Empirical Assessment of the Economic Welfare Cost of Conflict ” ( unpublished ). Knight , Malcolm , Norman Loayza , and Delano Villanueva , 1996 , “ The Peace Dividend: Military Spending Cuts and Economic Growth ,” IMF Staff Papers

International Monetary Fund

about the efficacy of different approaches. 43. With Social Security cost drivers and reform options well understood, the priority is achieving consensus on specific proposals . Staff observed that progressive indexation, in which benefits for the wealthy are slowed gradually while those for the poor are protected, could form the basis for a reform package. Officials emphasized that the Administration is open to proposals and has invited discussion of reform options without preconditions. 44. A more ambitious medium-term fiscal consolidation would better prepare

Mr. Benedict J. Clements, Mr. Sanjeev Gupta, Shamit Chakravarti, and Ms. Rina Bhattacharya
This paper analyses the fiscal effects of armed conflict and terrorism on low- and middle-income countries. An analysis of 22 conflict episodes shows that armed conflict is associated with lower growth and higher inflation, and has adverse effects on tax revenues and investment. It also leads to higher government spending on defense, but this tends to be at the expense of macroeconomic stability rather than at the cost of lower spending on education and health. Our econometric estimates are consistent with the hypothesis that conflict and terrorism have a significant negative impact on growth through changes in the composition of government spending. On the revenue side, the fiscal accounts are affected only through reduced real economic activity. Thus there is potential for a sizable "peace dividend" for countries that are able to resolve conflict and terrorism.
International Monetary Fund

budgeted level (text table and Table 1 ). As most departments are now fully staffed, the vacancy rate in FY 16 is expected to average 1.5 percent, down from 1.7 percent in FY 15. Travel expenses are also projected to end the year near budget (see also Table 2 ). While travel volume in some regions increased, not all planned missions were able to take place, in part due to security concerns in high-risk locations (HRLs). This shortfall was, in some instances, offset by costlier travel to alternative locations and higher security cost for HRL travel that took place