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International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper identifies constraints to economic growth in the Kyrgyz Republic, using the Hausmann-Velasco-Rodrik diagnostic approach. It finds that large infrastructure gaps, weak governance and rule of law, and high cost of finance appear to be the most binding constraints to private investment and growth. Additional critical factors are the quality of education and onerous regulations. There is room to improve both the quality and cost/efficiency of education spending. Although relatively low, labor costs have exceeded productivity growth and there is room to improve labor market efficiency. Despite important investments, the infrastructure gap remains large and the country ranks relatively low on infrastructure quality. Weak governance undermines growth through various channels: investment, human capital, and productivity. Weak institutions increase the cost of doing business and make the appropriation of investment returns less certain, overall reducing investor’s risk appetite to invest. Public debt is on the high side and the composition of spending is tilted toward current spending.
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emerging market economies in MENAP and could have more severe implications should financial market sentiment suddenly deteriorate. Escalating global trade tensions will have a limited direct and immediate impact on these regions but could impart significant strains over time through negative effects on trading partners and through market confidence effects.

International Monetary Fund. African Dept.
This Selected Issues paper discusses the structure of the financial sector in Chad and describes the key macro-financial linkages. Macro-financial linkages in Chad are driven by a government sector that dominates economic activities in the more modern sectors of the economy, thanks to oil-related revenues. The main macro-financial linkages are indirect through the associated sharp fiscal adjustment and the government’s quest for additional financing. Direct credit risks linked to the oil sector appear limited. However, there seems to be a link between declining oil prices and deteriorating banking soundness indicators. The current economic conditions negatively affect private companies dependent on public contracts, potentially hitting the health of banks’ loan portfolios.
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report lists key issues discussed between the IMF’s Fiscal Affairs Department (FAD) and the Davis Tax Committee regarding recommendations for tax reforms in the oil and gas sector in South Africa. It is suggested that the royalty should have a single flat rate, rather than the current variable rate formula. The 5 percent flat rate proposed in the FAD report is modest by international standards. For corporate tax purposes, the current immediate expensing of capital expenditure and the 100 percent and 50 percent uplifts for exploration and development expenditure are overly generous and will lead to both a revenue loss and a long delay before revenue is collected.