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Law > Business and Financial

You are looking at 1 - 10 of 11 items for :

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Cover IMF Staff Country Reports
Sri Lanka: Technical Assistance Report-Governance Diagnostic Assessment
International Monetary Fund. Legal Dept., International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Monetary and Capital Markets Department, and International Monetary Fund. Finance Dept.
This technical assistance report on Sri Lanka discusses the Governance Diagnostic Assessment. In recent years, a confluence of shocks and policy missteps led to a deep economic and governance crisis. Sri Lanka continues to face severe economic, social and governance challenges. The authorities have requested IMF assistance to analyse governance weaknesses and corruption vulnerabilities that are macro-critical in their own right and stand in the way of achieving the objectives of the reform program. The report highlights immediate and short-term measures to address key corruption issues, as well as structural reforms that require more time and resources but are essential to strengthen governance and initiate lasting change. The recommendations are designed as a coherent approach to improving governance through a focus on: clarity of authority and responsibility for core functions; financial and operational independence of essential accountability and law enforcement institutions; transparency in government practices and performance, especially relating to the planning, spending, and accounting for the use of public funds and assets; inclusive, accessible, and rule-based means to enforce private agreements and challenge official behaviour; and efficient mechanisms for making information public and holding organizations and individuals to account for their performance and behaviour.
Keywords:
governance weakness; revenue administration recommendation; governance arrangement; governance concern; governance dynamics; Corruption; Revenue administration transparency and accountability; Budget planning and preparation; Auditing; Global; Asia and Pacific
Cover IMF Staff Country Reports
Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu
International Monetary Fund. Asia and Pacific Dept
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
Keywords:
Tuvaluan authorities; government travel; AIV consultation; CPI expenditure weight; budget preparation process; PFTAC assistance; Debt sustainability analysis; Budget planning and preparation; Pacific Islands; Global; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
Keywords:
ISCR; CR; discussion; real GDP; government; IMF staff estimate; liability positions vis-à-vis nonresident; growth in Curaçao; positions of Curaçao; finance of Curaçao; Budget planning and preparation; Fiscal space; Caribbean; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report - Enhancing the Powers and Independence of the National Securities and Stock Market Commission
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report discusses measures to enhance the powers and independence of the National Securities and Stock Market Commission (NSSMC) in Ukraine. The NSSMC faces significant challenges in its role as the regulator of the Ukrainian securities market. Market activity has been shrinking over the past few years, but misconduct—such as issuance and trading of “fictitious” securities—prevails. Key changes needed relate to enhancing the NSSMC’s ability to conduct investigations of and demand information from any legal or natural person, have access to information otherwise restricted by secrecy laws, assist foreign authorities even without an apparent violation of the Ukrainian securities laws, and maintain the confidentiality of information exchanged under the Multilateral Memorandum of Understanding.
Keywords:
ISCR; CR; IOSCO principle; NSSMC chairman; enforcement activity; independence law; NSSMC's funding; use of resource; Budget planning and preparation; Securities markets; Legal support in revenue administration; Securities regulation; Securities
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Pacific Financial Technical Assistance Center (PFTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts under the SFA. This paper requests Executive Board approval to establish the Pacific Financial Technical Assistance Center (PFTAC) subaccount (the "Subaccount") under the terms of the SFA Instrument.
Keywords:
PP; Liberia Macro-Fiscal Subaccount; contributor; terms and conditions; finance Subaccount; terms and conditions of the Subaccount; PFTAC beneficiary; paper requests executive board approval; territories of PFTAC; ex ante concurrence; fund's involvement; contributor's resource; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Tax administration core functions; Pacific Islands
Cover IMF Staff Country Reports
United Republic of Tanzania: Second Review Under the Policy Support Instrument: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Tanzania
International Monetary Fund
Fueled by a rebound in agriculture and improved electricity supply, economic growth reached 6.7 percent in 2006–07, and is on track to exceed 7 percent in 2007–08. In mid-2007, significant portfolio capital inflows put pressure on liquidity management. In the first quarter of 2007–08, fiscal performance was strong, but inflationary pressures intensified. After continuing to depreciate in most of 2007, the exchange rate recently reversed course. Strengthening monetary control is the key to reducing inflationary pressures and reining in high and volatile T-bill rates.
Keywords:
ISCR; CR; staff appraisal; ceiling; development expenditure; IMF staff representative; inflation rate; PSI program ceiling; IMF's framework; Trade balance; Budget planning and preparation; Africa; Sub-Saharan Africa; Southern Africa; Global
Cover IMF Staff Country Reports
Papua New Guinea: 2005 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Papua New Guinea
International Monetary Fund
Papua New Guinea’s 2005 Article IV Consultation reports that the economy continues to perform well as the recovery maintains its momentum and the authorities adhere to disciplined fiscal and monetary policies. The central government budget has been estimated to be once more in surplus in 2005, as mining and petroleum revenue remain strong and overall expenditure is kept in check, resulting in a further reduction in public sector debt. Monetary policy has achieved a favorable combination of relatively low interest rates and inflation.
Keywords:
ISCR; CR; government; PNG government; core government function; minority equity share; price; private sector credit; monetary policy tool; government's strategy; Non-renewable resources; Global
Cover IMF Staff Country Reports
Italy: Financial Sector Assessment Program: Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies: Securities Regulation
International Monetary Fund
This paper discusses a Detailed Assessment of the Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Securities Regulation for Italy. The paper discusses that in the area of securities regulation, the objectives and responsibilities of the two supervisory authorities, namely Consob and the Banca d’Italia (BI), and the modalities of cooperation between them, are clearly established in the 1998 Consolidated Law. An area where further clarity may be warranted concerns the practical modalities of exchanging information with other domestic institutions.
Keywords:
ISCR; CR; Consob; Web site; government; BI statute; supervisory activity; thefor BI; chairman of Consob; Financial statements; Securities markets; Securities regulation; Legal support in revenue administration; Budget planning and preparation
Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2004 Article IV Consultation Discussions
International Monetary Fund
This 2004 Article IV Consultation highlights that after a period of prolonged weakness in economic activity, persistent deflation and rising fiscal deficits, the macroeconomic outlook for Hong Kong Special Administrative Region has improved significantly since mid-2003. The recovery has gained significant momentum and become broad-based in 2004. The consolidated fiscal deficit for FY2004/05 is now projected at about 1¾ percent of GDP, compared with the budget target of about 5 percent of GDP. The improvement relative to the budget is on account of buoyant revenue performance and continued expenditure restraint.
Keywords:
ISCR; CR; staff appraisal; GDP data; Hong Kong SAR authorities; reserve; mainland authority; authorities' plan; economic activity; exchange rate; Value-added tax; Budget planning and preparation; Government debt management; Global; Asia and Pacific
Cover IMF Staff Country Reports
San Marino: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper for San Marino reviews developments in the financial sector and provides an update of the financial sector regulation and supervision. While Sammarinese financial institutions accept foreign deposits and managed funds to a much larger extent than comparators in neighboring regions, there are no mutual funds or international bonds issued under San Marino law unlike the common practice in several international financial centers. There is considerable room to increase the flexibility and innovation needed to remain internationally competitive while maintaining the strengths and soundness of the financial system.
Keywords:
ISCR; CR; break; bank; net; financial institution; GDP; asset float; Sammarinese bank; Banca delle Marche; asset position; nonbank financial institutions; Financial sector; Administration in revenue administration; Budget planning and preparation; Europe