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Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial

Abstract

This publication analyzes the size and structure of the Kosovo budget and looks at the prospects for the budget to be sustainable in the medium term. To date, fiscal policy has focused on activating essential services and building up capacity to tax and administer budget funds. Capital expenditures for the large reconstruction program have been kept separate from the current expenditure budget and treated as a standalone component of donor support. The initial goals of fiscal policy have been achieved in quick time: budget systems are in place, revenue is being collected, there is a clearer understanding of expenditure needs, and the reconstruction program is in high gear. The challenge now is to develop tax and expenditure policies to ensure that public services are comprehensive, efficiently provided, and financed for the most part from locally generated resources.

Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial

Abstract

Since the end of the conflict in Kosovo-a province of Serbia in the Federal Republic of Yugoslavia-in June1999, IMF staff have been providing technical assistance to help the province rebuild its economy. The assistance has focused on setting up taxation and budgetary institutions, a payments and banking system, and a statistical framework. The IMF staff has also provided general macroeconomic policy advice, especially on budget formulation, which is the main focus of this publication. The IMF’s technical assistance has been carefully coordinated with that of the World Bank and donor agencies.

Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial

Abstract

The United Nations has been in charge of administering Kosovo since the end of the conflict that took place in March-June 1999. The UN’s mandate comes from Security Council Resolution 1244 (SC1244), which gives the provisional authorities (the UN Mission in Kosovo, or UNMIK) powers to pass regulations that override Yugoslav law. Although local Kosovars are consulted closely in the decision-making process, there is no recognized indigenous government. However, municipal elections in October provided a democratic foundation for local administrative structures.

Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial

Abstract

Given Kosovo’s unique circumstances, fiscal policy currently takes a rather rudimentary form. UNMIK had to start from scratch in designing a tax system, developing a budget, and creating the institutions to implement its policies (Box 2). At present, Kosovo has a basic tax system that relies mostly on tax collection at the border (sales tax as well as customs and excises), while the structure of expenditure has yet to become fully comprehensive. In the absence of domestic financing instruments, donor grants are financing about half of the recurrent budget, as well as all capital outlays.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

Published since 1950, this authoritative annual reference is based upon a unique IMF database that tracks exchange and trade arrangements for the 187 IMF member countries, along with Hong Kong SAR, Aruba, and Curaçao and St Maarten. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information on exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, controls on capital transactions, and provisions specific to the financial sector. The 52 countries covered in this special supplement have been selected as those where expanded information on the regulatory framework for capital movements was readily available to the IMF. They include countries that participated in a pilot data collection project on the regulatory framework for capital transactions conducted by the IMF in 1996, and member countries of the OECD.

Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial

Abstract

Although technical assistance from the IMF’s Statistics Department is helping to define a program to regularize the collection and reporting of statistics, reliable estimates will depend on data from upcoming surveys. Until then, estimates of the size of the economy of Kosovo are based on partial information, potentially unreliable observations, and some educated guesswork.