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Books and Analytical Papers > IMF Staff Country Reports

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  • Type: Journal Issue x
  • Turkmenistan x
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Cover IMF Staff Country Reports
Ukraine: Selected Issues
International Monetary Fund
This Selected Issues paper investigates the economic importance of institutions in Ukraine, and attempts to quantify the potential benefits of market-friendly structural reforms. The paper reviews some of the key findings of the development-accounting literature, which has tried to explain the significant differences in income that persist across countries. It introduces the stochastic-frontier approach, outlining its key assumptions and strengths, and results obtained with the stochastic-frontier model. The implications of the results for the specific case of Ukraine are discussed. The paper also analyzes external risks and opportunities for Ukraine.
Keywords:
ISCR; CR; price; inflation; inflation persistence; Ukraine; replacement rate; CPI index; CPI inflation; contribution rate; Pension spending; Metal prices; Pensions; Import prices; Global; Eastern Europe; Asia and Pacific; Baltics
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of fiscal policy in Russia. It examines capital structures and vulnerabilities for the corporate sector in Russia. Recent developments and remaining challenges for the Russian banking sector are analyzed. Terms of trade and economic growth in the Former Soviet Union are also discussed.
Keywords:
ISCR; CR; bank; terms of trade growth; oil revenue; terms of trade shock; oil price balance; output gap estimate; arithmetic trend; Terms of trade; Fiscal stance; Capacity utilization; Oil prices; Output gap; Baltics; Western Europe; Central and Eastern Europe; Africa; Global
Cover IMF Staff Country Reports
Ukraine: 2003 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Ukraine.
International Monetary Fund
This 2003 Article IV Consultation highlights that real GDP of Ukraine grew by more than 4½ percent in 2002, marking the third year of Ukraine’s economic expansion following the 1998/99 financial crisis. As in 2001, growth was not only supported by robust consumer spending, reflecting large wage increases, but also by an increase in net external demand. Consumer price inflation fell to near zero in 2002, reflecting primarily the good harvests in 2001/02 and the resulting sharp drop in food prices. Low inflation was also supported by a tightening of fiscal policy and delays in increasing administered prices.
Keywords:
ISCR; CR; government; government program; budget legislation; government intervention; consumer price inflation; exchange rate; Energy sector; Arrears; Currencies; Global; Asia and Pacific
Cover IMF Staff Country Reports
Georgia: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Request for Rephasing of Disbursements
International Monetary Fund
This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.
Keywords:
ISCR; CR; PRGF arrangement; SDR; performance under the Poverty Reduction and Growth Facility; Georgia's arrangement; PRGF loan; PRGF program; Poverty reduction strategy; Energy sector; Global
Cover IMF Staff Country Reports
Republic of Armenia: Staff Report for the 2002 Article IV Consultation, First and Second Reviews Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria
International Monetary Fund
This paper focuses on the Republic of Armenia’s 2002 Article IV Consultation, First and Second Reviews Under the Poverty Reduction and Growth Facility (PRGF), and a Request for Waiver of Performance Criteria. The PRGF-supported program approved in 2001 focuses on revenue mobilization, the clearance of government arrears, and a decline in the deficit of the energy sector. Performance during the first year of the program was mixed. Tax collection was sluggish, and delays with structural reforms in the energy, water, and irrigation sectors led to the nonobservance of several quantitative performance criteria under the program.
Keywords:
ISCR; CR; PRGF arrangement; support poverty reduction effort; staff appraisal; interest arrears; value; PRSP preparation status report; Arrears; Energy sector; Poverty reduction strategy; Global
Cover IMF Staff Country Reports
Georgia: Staff Report for the 2001 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria
International Monetary Fund
Georgia's medium-term economic goals are to reestablish fiscal and external sustainability and reduce poverty. The conduct of monetary policy has remained sound. Fiscal consolidation has been supported by important measures to strengthen public expenditure management and improve fiscal transparency. Measures to combat corruption, restructure the energy sector, and privatize key enterprises must be accelerated in order to underpin faster growth and poverty reduction. Georgia's efforts to restore its solvency will require continued international support, including further concessional lending and external debt rescheduling.
Keywords:
ISCR; CR; ceiling; net; privatization receipt; foreign currency; cash deficit; arrears target; cash deficit ceiling; expenditure arrears; arrears accumulation; Arrears; International reserves; Europe; Global
Cover IMF Staff Country Reports
Georgia: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
The centerpiece of the program is fiscal consolidation, to put Georgia on a path to fiscal sustainability, establish the ability of the government to meet its commitments, and underpin efforts to resolve the large external debt burden. Expenditure restraint should be complemented by reforms to increase fiscal transparency and strengthen expenditure monitoring and control. Maintaining low inflation and a stable exchange rate is required. Combating corruption and improving governance will be the key to attracting the investment needed to ensure strong, sustainable growth and poverty reduction.
Keywords:
ISCR; CR; IMF staff representative; anti-corruption strategy paper; willingness; representative; rescheduling of Georgia's debt; bilateral creditor; PRGF loan; Arrears; Poverty reduction strategy; Central Asia; Europe
Cover IMF Staff Country Reports
Georgia: Recent Economic Developments and Selected Issues
International Monetary Fund
This paper provides an overview of recent economic developments in Georgia. The country has made significant, but incomplete, progress toward establishing the rule of law. The rapid accumulation of wage and social transfers arrears is one of the factors of the worsening poverty. The banking sector reforms have started to yield positive results, particularly with regard to banking system consolidation. The energy sector exchange, trade and payments systems, tax summary, and statistical data on the economic indices of Georgia are presented in the paper.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; foreign exchange; customs duty; banking system; Income; Baltics
Cover IMF Staff Country Reports
Turkmenistan: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Turkmenistan during 1996–99. Inflation is an issue in Turkmenistan. The trend decline that started in mid-1996 came to a halt in late 1998 and inflation continued to increase in 1999. By mid-1999, 12-month inflation had increased to 25 percent. Owing to payment problems, gas exports to Ukraine were discontinued in early 1997, resulting in a sharp decline in real GDP in that year. In 1998, gas exports did not resume, other than small deliveries to Iran through a new pipeline that had become operational at end-1997.
Keywords:
ISCR; CR; U.S. dollar; economic activity; budget deficit; commercial bank; foreign exchange; central bank; debt service; exchange rate; Exports; Currencies; Oil; Commercial banks; Western Europe; Southern Europe
Cover IMF Staff Country Reports
Ukraine: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Ukraine during 1996–99. Output decline continued in 1997 and 1998, especially following the August 1998 crisis in Russia. During this period, Ukraine made substantial progress in reducing inflation, mainly through the implementation of a monetary policy that aimed at keeping the exchange rate broadly stable. However, the fiscal situation remained difficult, despite a sizable adjustment in 1998. Throughout the period, economic policy was influenced by developments in international capital markets.
Keywords:
ISCR; CR; U.S. dollar; gross domestic product; exchange rate; broad money; foreign exchange; debt service; real GDP; Treasury bills and bonds; Pension spending; Currencies; Budget planning and preparation; Baltics; Asia and Pacific