2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Togo
Mr. Rabah Arezki, Mr. Patrick Bolton, Sanjay Peters, Frederic Samama, and Joseph Stiglitz
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
This paper discusses Kosovo's First Review Under the Stand-By Arrangement and Requests for Modification and Waivers of Applicability of Performance Criteria (PC). The program is on track. All end-August 2015 PCs and indicative targets were met by comfortable margins. All structural benchmarks for the first review have been met. More broadly, there is strong ownership of structural reforms in the financial sector and in public procurement. The authorities reaffirmed the targets for the fiscal deficit and bank balances for next year and identified measures to achieve these. The IMF staff support the authorities' request for completion of the first review.
This paper discusses Greece’s Fourth Review Under the Extended Arrangement under the Extended Fund Facility, and Request for Waivers of Applicability and Modification of Performance Criterion. The economy is rebalancing, but it continues to do so through recession, not productivity-enhancing structural reform. Domestic demand continues to fall albeit at a moderating pace, and import compression has resulted in a further shrinking of the current account deficit. The large output gap and high unemployment rate are exerting downward pressure on wages, and the competitiveness gap in unit labor cost terms has narrowed further. Product prices are also easing. Sentiment indicators have improved, but the political crisis has had a dampening effect.
Despite a stern global financial crisis and fiscal imbalances within the country, Albania's prudent policies supported its economy to grow and safeguarded the soundness of the financial system. The Executive Board of the International Monetary Fund (IMF) encouraged the authorities to use prospective privatization receipts mainly for debt reduction and clearance of unpaid bills. The Directors recognized that financial risks remained elevated, and called for continued supervisory vigilance. They stressed the need to accelerate structural reforms in many areas to boost potential growth.
This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.