Business and Economics > Budgeting

You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
Clear All Modify Search
Ms. Xin C Xu, Ahmed El-Ashram, and Judith Gold
Economic Citizenship Programs (ECPs) have recently been proliferating, with large and potentially volatile inflows of investment and fiscal revenues generating significant benefits for small economies, but also posing substantial challenges. This paper discusses recent developments and implications of such programs for fiscal discipline and the real economy, including risks to macroeconomic and financial stability, with a focus on small state economies. It discusses the prudent management of these programs, overviews strategies to minimize risks to various sectors, and addresses potential governance and integrity challenges. The paper proposes a framework for managing inflows and savings from ECPs to contain macroeconomic risks, and it recommends the establishment of a sovereign wealth fund (SWF) where such revenues are large and persistent.
International Monetary Fund
The objective of this paper is to analyze the growth performance of the ECCU countries since independence and the policy challenges they face to ensure sustained growth in the period ahead. Although tourism specialization may bring about higher growth, it could also increase volatility in growth by amplifying the impact of business cycles in source countries on the tourism sector. Low productivity growth is principally the reason for the slowdown in growth. High debt levels have been a major drag on growth.
International Monetary Fund
Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
International Monetary Fund
This paper discusses key findings of the Second Review and Financing Assurances Review Under the Stand-By Arrangement for Latvia. The sharp economic downturn is starting to bottom out, although recovery has not yet begun. The authorities have implemented the June 2009 supplementary budget, and met with a wide margin the end-September performance criterion on the adjusted primary balance. The continuous performance criterion on external payments arrears was missed by a small amount, which the authorities expect to resolve soon.
International Monetary Fund
This 2007 Article IV Consultation highlights that the economy of St. Vincent and the Grenadines is enjoying its second year of vigorous economic growth. Financial sector indicators have strengthened, but balance sheet vulnerabilities remain. Executive Directors have welcomed St. Vincent and the Grenadines’ recent strong macroeconomic performance, marked by robust economic growth, fiscal consolidation, and declining debt levels. Directors have also stressed that continued fiscal consolidation is needed to lower the public debt-to-GDP ratio, and create room to raise social spending.
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
International Monetary Fund
The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica focuses on macroeconomic framework and fiscal policy. The program has been based on the expectation that Dominica will achieve a collaborative debt restructuring with its creditors that meets the residual near-term financing needs and ensures medium-term debt sustainability. The authorities continue to make progress in implementing the structural reform agenda, which aims to address the root causes of the macroeconomic imbalances and to remove impediments to growth.
International Monetary Fund
The mid-term review was undertaken to help funding and implementing agencies foster a greater level of understanding of the Caribbean Regional Technical Assistance Center's (CARTAC) work. It ascertains activities to date and should help the Steering Committee determine optimal strategies for the Center’s continuation.
International Monetary Fund
Output and employment growth have been sluggish for the past several years, reflecting a difficult restructuring process associated with the retrenchment of the banana industry and the low productivity of public investment. The public finances have deteriorated in recent years as capital expenditure has increased sharply, while saving has been declining and foreign grants have fallen from their levels of the mid-1990s. Executive Directors emphasized the need for strong fiscal consolidation, and noted that generating higher public saving is the key to improve Dominica’s growth prospects.