Browse

You are looking at 1 - 10 of 42 items for :

  • El Salvador x
  • International Lending and Debt Problems x
Clear All
International Monetary Fund. External Relations Dept.

Crisis Stalls Globalization: Reshaping the World Economy" examines the multiple facets of the recession-from the impact on individual economies to the effect on the global payments imbalances that were partially at the root of the crisis-and offers a variety of suggestions for supporting a recovery and averting future crises. Several IMF studies shed light on the depth of the crisis-including a survey of the sharp drop in trade finance, along with quantitative findings about the direct and indirect costs of the financial turbulence-and debate what is to be done from several angles, including the redesign of the regulatory framework and ways to plug large data gaps to prevent future crises and aid in the creation of early warning systems. Opinion pieces discuss the shifting boundaries between the state and markets, the agenda for financial sector reform, and the governance of global financial markets. The issue also includes a historical perspective to see when restructuring the global financial architecture actually succeeds. "People in Economics" profiles Nouriel Roubini; "Back to Basics" looks at what makes a recession; and "Data Spotlight" examines Latin America's debt.

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.

International Monetary Fund

The staff report for El Salvador’s request for a Stand-By Arrangement is examined. Fiscal consolidation led to a reduction in the public debt-to-GDP ratio, and the country has experienced the highest growth rates in a decade. Real GDP growth is projected to slow to 3.2 percent in 2008, reflecting lower growth in remittances, a tightening of external financing conditions, and a decline in investment. Exports, however, have remained buoyant despite weaker external demand. The banking system remains liquid and well capitalized, although nonperforming loans have increased and profitability is declining.

Mr. Olivier P. Benon, Ms. Katherine Baer, and Mr. Juan Toro R.

Abstract

Many tax administrations have established special systems to monitor their large taxpayers. In the 1950s and 1960s, several countries in the Organization for Economic Cooperation and Development (OECD) introduced special tax audit operations for large corporations. A more recent trend, especially in developing and transition countries, has been to set up full-fledged large taxpayer units that are responsible for most tax administration functions, including taxpayer services, collection, enforcement of tax arrears, and audit. Some developed countries (Australia, the Netherlands, New Zealand, the United Kingdom, and the United States) have followed a similar policy and have reorganized their tax administrations around different types of taxpayers, or taxpayer segments.5 This has resulted in a restructuring of the tax administration from one based on functions (e.g., returns and payment processing, audit, enforcement of arrears, appeals, etc.) to one centered on individuals, small and medium-size businesses, and large corporations.6

Mr. Olivier P. Benon, Ms. Katherine Baer, and Mr. Juan Toro R.

Abstract

This section summarizes country responses to the LTU survey in several areas, ranging from a country’s main reason for establishing the LTU to the LTU’s organization and functions. The discussion of different aspects of LTUs across countries also highlights IMF guidelines and policy recommendations, where relevant.

Mr. Olivier P. Benon, Ms. Katherine Baer, and Mr. Juan Toro R.

Abstract

This section reviews the performance of LTUs in selected countries in five regions (central and eastern Europe; the Baltics and the CIS; Africa; Asia and the Pacific; and Latin America). The effectiveness of the LTUs in these countries is first assessed on the basis of a set of general indicators that reflect the main advantages and risks associated with LTUs.30 The experience of individual country LTUs in each region is then discussed, including the authorities’ own assessment of the effectiveness of their large taxpayer operations.

International Monetary Fund
El Salvador’s 2008 Article IV Consultation examines the country's economic developments and policies. In 2007, the fiscal position improved, the public debt-to-GDP ratio declined, and economic growth reached its highest level in a decade. The rise in global commodity prices has also generated substantial inflation pressures. The stock of bank deposits has stagnated relative to end-2007, while deposit rates have increased slightly. Interbank repo rates have also risen recently, reflecting tighter funding conditions, and banks have increased their external borrowing, in part to build up liquidity.
International Monetary Fund
The IMF staff report for the third review under the Stand-By arrangement with the officials of El Salvador on economic developments and policies. Developments from the second review are outlined. Discussions on the policy adjustments needed to keep the key objectives of the program for 2011 and 2012 have been explained. Revenue administration, treasury single account (TSA), medium-term expenditure framework (MTEF), and budget reforms are used to strengthen the fiscal consolidation strategy. Lender-of-last-resort (LOLR) facility has been set up to improve liquidity defenses.