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Law > Business and Financial

You are looking at 1 - 10 of 18 items for :

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Cover IMF Staff Country Reports
Jamaica: Sixth Review Under the Stand-By Arrangements-Press Release; Staff Report; and Statement by the Executive Direct for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Jamaica’s Sixth Review Under the Stand-By Arrangement (SBA). All quantitative performance criteria, indicative targets, and the structural benchmark at end-June were met, marking a successful completion of the SBA. Discussions centered on policies to lock-in macroeconomic stability and advance supply-side reforms to promote inclusive growth, including: building institutions and advancing fiscal reforms to safeguard and sustain economic stability and debt reduction; improving monetary operations and policy transmission; and bolstering financial inclusion, access to credit, and formality. Most structural policy commitments are on track, although some key reforms to public sector transformation, the compensation framework for public employees, legislation to establish a fiscal council, and creating a special resolution regime for financial institutions have been delayed due to capacity constraints and the need to build stakeholder support for these reforms. Important gains have been made in the oversight of financial institutions.
Keywords:
ISCR; CR; policy; IMF's Executive Board; governance framework; reform commitment; government; implementing policy; fund program arrangement; Public sector; PFM legal and regulatory frameworks; Fuel prices; Global
Cover IMF Staff Country Reports
Jamaica: 2016 Article IV Consultation, Eleventh and Twelfth Reviews Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper aims to discuss the economic reform program in Jamaica that focuses on reducing macroeconomic vulnerabilities, fostering growth, creating conditions for financial deepening and inclusion, reallocating public resources to maximize economic returns, and improving competitiveness. After three years of difficult economic reforms, inflation is at historical lows, current account deficit has more than halved, net international reserves have doubled, and access to domestic and international financial markets has been restored, supported by upgrades in credit ratings and historically high business confidence indicators. Comprehensive reforms in tax policy and administration have been and continue to be undertaken, while strict adherence to fiscal discipline have helped place debt on a downward trajectory.
Keywords:
ISCR; CR; reform; government; reform agenda; private sector; government of Jamaica; phased personal income tax reform; IMF definition; government's commitment; Public sector; Global; Caribbean
Cover Per Jacobsson Lecture
Per Jacobsson Lecture
Society, Economic Policies, and the Financial Sector
International Monetary Fund. External Relations Dept.

Abstract

The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.

Keywords:
PJ; bottom; reserve bank of India; W. Randolph burgess; Founding honorary chairman; chairman of the board; R.v. Fieandt; Financial sector; International monetary system; Public sector; Public expenditure review; Global; South Asia
Cover IMF Staff Country Reports
Panama: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
The 2011 Article IV Consultation reports that Panama’s economy has rebounded strongly from the 2009 slowdown, and is one of the fastest-growing in the region. Rapid growth and prudent fiscal policy have lowered public debt to less than 40 percent of GDP, and rating agencies have placed Panama’s sovereign debt one notch above investment grade. The neutral fiscal stance envisaged for 2012–13 is broadly appropriate, though a tighter stance would have been preferable to rebuild buffers and contain inflation.
Keywords:
ISCR; CR; FDI; largely not observed; Panama's investment performance; Panama Canal expansion; double-taxation agreements; youth unemployment; IMF staff estimate; Public sector; Public investment spending; Liquidity; Fiscal stance; Global; Central America; South America; South Asia; Caribbean
Cover IMF Staff Country Reports
Barbados: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
This 2011 Article IV Consultation highlights that the difficult global economic conditions continue to hit Barbados with growth at anemic levels. The current account deficit has widened in recent times owing to higher oil and food prices. Executive Directors commended the authorities for adopting a revised Medium-Term Fiscal Strategy aimed at generating a balanced budget. They emphasized that fiscal consolidation should focus on expenditure reduction, including lowering the wage bill, reducing transfers to public enterprises, and minimizing tax exemptions.
Keywords:
ISCR; CR; debt; Barbados; pro-growth public sector investment; real gross domestic product; price GDP data; deficit target; executive board discussion; private sector development; Barbados' economy; discussions of article IV consultation; Public sector; Government debt management; Tourism; Global; Caribbean
Cover IMF Working Papers
The Economic Crisis: Did Financial Supervision Matter?
Mr. Marc G Quintyn, Ms. Rosaria Vega Pansini, and Donato Masciandaro
The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improvements seemed unable to avoid or mitigate the crisis. This paper brings the first systematic analysis of the role of two of these efforts - modifications in the architecture of financial supervision and in supervisory governance - and concludes that they were negatively correlated with economic resilience. Using the emerging distinction between macro- and micro-prudential supervision, we explore to what extent two separate institutions would allow for more checks and balances to improve supervisory governance and, thus, reduce the probability of supervisory failure.
Keywords:
WP; governance arrangement; central bank involvement; prudential supervision; supervision unification; supervisory governance; financial supervision; global crisis; supervisory architecture; macroprudential supervision; proactive supervision; involvement in supervision; banking industry; degree of supervision unification; governance indicator; governance work; Bank supervision; Basel Core Principles; Public sector; Europe; Global
Cover IMF Staff Country Reports
El Salvador: 2010 Article IV Consultation and First Review Under the Stand-By Arrangement: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador
International Monetary Fund
The Salvadoran economy was severely affected by the global economic slowdown. Further strengthening the economy’s growth prospects and reducing poverty will depend on a durable fiscal consolidation effort and improvements in the investment climate through continued commitment to macroeconomic and financial stability. A recent IMF/World Bank Financial System Stability Assessment (FSSA) confirmed that the Salvadoran financial system withstood the global financial crisis well and was well capitalized and liquid. The FSSA recommended enhancements to the legal and regulatory frameworks as well as measures to reduce some remaining vulnerabilities.
Keywords:
ISCR; CR; authorities' strategy; government; deficit; growth prospect; strategy; executive board discussion; government plan; government program; Public sector; Commercial banks; Global; Central America
Cover IMF Staff Country Reports
Grenada: Fifth Review Under the Extended Credit Facility, Request for Waivers of Nonobservance of Performance Criteria and Request for a Three-Year Arrangement Under the Extended Credit Facility, and Financing Assurance Review
International Monetary Fund
This paper discusses key findings of the Fifth Review Under the Extended Credit Facility (ECF) for Grenada. Four of the six quantitative performance criteria for end-November 2009 were met. The primary balance, excluding the grants target, was missed by 3.3 percent of GDP owing to higher-than-expected expenditures related to donor-financed capital projects and overruns on current spending associated with a sharp rise in unpaid invoices less than 60 days old. The authorities are requesting waivers for the missed performance criteria based on their implementation of corrective measures.
Keywords:
ISCR; CR; request for waivers of nonobservance of performance criteria; request; request for a Three-Year arrangement; debt; nonobservance; executive board discussion; ECF arrangement; Grenada's request; Credit; Public sector; Global; Caribbean
Cover IMF Staff Country Reports
El Salvador: Request for a Stand-By Arrangement and Cancellation of Current Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador
International Monetary Fund
This paper discusses El Salvador’s Request for a Stand-By Arrangement and cancellation of the current arrangement. The program seeks to preserve financial stability, safeguard the economic recovery, and strengthen the medium-term fiscal position. Fiscal policy will aim at offsetting the impact of the adverse external environment on domestic activity and the most vulnerable while ensuring debt sustainability over the medium term. IMF financial support would have a catalytic role for official creditors and private investors. It would also provide a liquidity buffer to help absorb any potential shocks to the financial system.
Keywords:
ISCR; CR; authority; program; Fund program; government program; deficit; government operation; authority of the audit department; dollarized financial system; modernization strategy; cancellation of the Stand-By Arrangement; Public sector; Global
Cover IMF Staff Country Reports
Costa Rica: Staff Report for the Second Review Under the Stand-By Arrangement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Costa Rica
International Monetary Fund
This paper discusses key findings of the IMF staff report for Costa Rica for the Second Review Under the Stand-By Arrangement (SBA). Performance under the SBA has remained strong. All quantitative performance criteria for end-September were met, most with considerable margins. The authorities have continued to treat the SBA as precautionary. The outlook for a gradual recovery amid domestic and external stability remains the central scenario. Program risks have declined further and now appear broadly balanced. The main threat to the growth outlook is the possibility of a slower-than-expected global recovery.
Keywords:
ISCR; CR; inflation outlook warrant; core inflation; inflation expectation; balance of payments current account; deficit; cyclical downturn well; target band; Public sector; Government debt management; Global