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Middle East and Central Asia > Turkmenistan

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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 Working Papers
Turkmenistan: The Burden of Current Agricultural Policies
International Monetary Fund
This paper analyses the economic costs of current agricultural policies in Turkmenistan. It argues that the opportunity cost of continuing with these policies is very high for the budget, the average farmer, and the economy as a whole. The paper calls for the development of nontraditional agricultural crops, which are more profitable than wheat and cotton in the international commodity markets, and a comprehensive and sustained reform strategy for the agricultural sector.
Keywords:
WP; price; Turkmenistan; exchange rate; Turkmen economy; agricultural policies; transition economies; cost of protection; procurement price; import contract; f.o.b. export price; unit value index; energy import price; Turkmen government; Agricultural commodities; Agricultural sector; Exports; Exchange rates; Agricultural policy; Central Asia; Eastern Europe
Cover IMF Working Papers
The Evolution of Output in Transition Economies: Explaining the Differences
Ms. Ratna Sahay, Mr. Jeromin Zettelmeyer, Mr. Eduardo Borensztein, and Mr. Andrew Berg
What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the large observed differences in output performance across transition economies? Using a sample of 26 countries, this paper follows a general-to-specific modeling approach that allows for differential effects of policies and initial conditions on the private and state sectors and for time-dependent effects of initial conditions. While showing some fragility to model specification, the results point to the preeminence of structural reforms over both initial conditions and macroeconomic variables in explaining cross-country differences in performance and the timing of the recovery.
Keywords:
WP; private sector; policy variable; data set; initial condition; transition economies; growth; output decline; recovery; structural reforms; BRO country; private sector effect; regression model; macro policy; models gA; policy indices; country dummy; effects of policy; macroeconomic variable; growth model; model gB; Public sector; Fiscal stance; Inflation; Production growth; Baltics; Central and Eastern Europe; Eastern Europe
Cover IMF Working Papers
Evaluation of Taxes and Revenues From the Energy Sector in the Baltics, Russia, and Other Former Soviet Union Countries
Mr. Dale F Gray
This paper examines the level and structure of fiscal revenues from the Baltics, Russia, and other former Soviet Union countries’ (BRO) energy sector and suggests reforms in energy tax policy. Revenues from the oil and gas sectors are about half the level that might be expected from international comparisons. Low oil revenues result from infrastructure constraints on oil exports, weak tax administration, and inappropriate tax structures. Low gas revenues are due to low statutory tax rates, a tax structure that does not capture monopoly or resource rents, and weak tax administration. Taxation of oil products could be increased.
Keywords:
WP; export duty; income tax; economic rent; rate of return; tax code; tax policy; petroleum; natural resources; regulation; energy; natural monopoly; revenue enhancement; BRO country; estimated tax; road tax; cash flow; Oil; Oil sector; gas and mining taxes; Excises; Tax incidence; Middle East; Western Europe; Baltics; Europe
Cover IMF Staff Country Reports
Georgia: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Georgia during 1990–96. Following the implementation of tight financial policies and the liberalization of prices, trade, and the exchange system, growth resumed in 1995 and accelerated in 1996, against the background of a stable exchange rate and declining inflation. At the same time structural reform continued to advance, laying the ground for increased private sector activity and sustained growth in the medium term. Following the introduction of the lari in October 1995, a gradual remonetization of the economy took place, and gross international reserves were replenished.
Keywords:
ISCR; CR; enterprise; government; Georgia; procedure; tax; State budget; reform strategy; customs duty; local government; order system; grace period; reform program; government securities market; government labor force; General government operation; reform effort; government payroll; Commercial banks; Privatization; Imports; Tax administration core functions
Cover Ukraine
Ukraine
Accelerating the Transition to Market

Abstract

Ukraine has made impressive progress in restructuring and stabilizing its economy over the past two years, and yet much remains to be done to revive output and establish a market economy. The 16 papers included in this volume, edited by Peter K. Cornelius and Patrick Lenain, were presented at a seminar sponsored by the IMF and the World Bank in July 1996, which brought together government officials, academics, and staffs of international organizations to discuss a comprehensive medium- term strategy for Ukraine. The papers cover the medium-term macroeconomic framework; wages, poverty, and social safety net reform; private sector development; trade policies and sectoral reforms; and institution building and good governance.

Keywords:
BOOK; institution building; reform; IV trade policies; sectoral reform; government; public governance; medium-term macroeconomic framework; Wages; Pension spending; Legal support in revenue administration; Commercial banks; Baltics; Eastern Europe; Europe; Western Europe; Central and Eastern Europe; enterprise restructuring; head-count index; government credibility; agro-industrial enterprise privatization methodology; policy instrument; anticompetitive enterprise behavior; Privatization; Exports; Global
Cover IMF Staff Country Reports
Ukraine: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Ukraine during 1991–95. In October 1994, Ukraine finally embarked upon a comprehensive program of economic reform and stabilization. Although the efforts made in late 1994 were far reaching, the short-term results were not encouraging: inflation remained stubbornly high, the exchange rate weak, activity declined, and the rate of accumulation of external arrears dangerously rapid. By the first half of 1995, the performance .of the economy was more encouraging. Inflation slowed to monthly rates of about 5 percent. Exports to western markets also expanded strongly.
Keywords:
ISCR; CR; government; enterprise; U.S. dollar; Ukraine; consumer price index; commodity exchange; inflation rate; government expenditure policies vis-à-vis household; Ukrainian authorities; stabilization effort; gross investment; General government operation; General government balance; Inflation; Credit; Income; Agricultural sector; Western Europe