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International Monetary Fund. Middle East and Central Asia Dept.
This paper outlines a consolidated Medium-Term Fiscal Framework (MTFF), which is comprehensive and forward looking, could set a clear direction for fiscal policy for the country as a whole and better align resource allocation with local and national developments plans underpinned by goals embodied in the Vision 2021. High quality of public financial management systems overall is also key ingredient of an appropriate MTFF. The framework could consider explicitly expenditure needs in critical areas such as education and health care. Monitoring of contingent liabilities needs to be strengthened, including covering private and public partnerships (PPPs) and government related enterprises (GREs) including their global subsidiaries. Data sharing across all levels of governments, including the central bank, could also be strengthened. The federal government and the Emirates of Abu Dhabi and Dubai have started using MTFFs to inform their fiscal policy choices, albeit to different degrees.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses measures to strengthen fiscal policy and budget frameworks in the United Arab Emirates (UAE). It provides an overview of government’s revenue and expenditure developments, and presents fiscal sustainability analysis that is most relevant to countries with large hydrocarbon wealth such as the UAE. The paper discusses measures to contain expenditure growth—controlling the public wage bill, reducing subsidies and transfers, and stabilizing other expense in real terms. It also proposes options to increase nonhydrocarbon revenue such as broadening corporate income tax with lower rates, introducing a low rate-broad based value added tax, and levying an excise tax on automobiles.
International Monetary Fund
In the aftermath of the revolution of 2011, Libya faces the complex task of rebuilding its economy, infrastructure, and institutions, and responding to the demands of the population, especially for improved governance. The conflict that accompanied the revolution had a severe impact on the economy, and international financial institutions have responded to the request of the Libyan authorities to provide policy consultations and technical assistantce to help maintain macroeconomic stability. Libya's National Transitional Council (NTC) has taken steps to promote a peaceful political transition, normalize economic conditions, and set out a national reform agenda. In the short term, the authorities must restore security, bring hydrocarbon production fully online, exercise fiscal discipline, resuscitate the banking system, and maintain macroeconomic stability. Medium-term efforts should focus on capacity building, infrastructure renewal, private-sector development, improving education, job creation, and putting in place an effective social safety net, within a framework of transparent and accountable governance. This paper discusses the risks to economic recovery and measures to promote economic diversification and employment growth.
International Monetary Fund. Secretary's Department

Abstract

This annual publication is a record of the IMF's Annual Meeting and contains the opening and closing addresses of the Chairman of teh Board of Governors, presentation of the Annual Report by the Managing Director, statements of Governors, committee reports, resolutions, and a list of delegates. Usually published in March. 1997 edition.

International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Supplement to Eighth issue of the IMF. This volume, which is presented as a Supplement to the Eighth Issue of Selected Decisions of the IMF and Selected Documents includes general decisions adopted by the IMF since May 10, 1976, the date of publication of the Eighth Issue. Some of these decisions were adopted in connection with the Second Amendment of the IMF's Articles of Agreement that took effect on April 1, 1978. All references to the Articles and to the By-Laws, Rules and Regulations in this Supplement are to the Articles of Agreement as modified by the Second Amendment and to the By-Laws, Rules and Regulations of the Thirty-Fifth Issue, July 1, 1978, respectively, unless indicated otherwise. The IMF has not yet completed the process of making the modifications in existing decisions, and adopting the new decisions, that are required in connection with the Second Amendment. The Ninth Issue of this collection will be published as soon as this task of adaptation is complete. It will include the decisions in the Eighth Issue that remain in effect, the decisions in this Supplement, and any further decisions that are adopted. Meanwhile, in view of the accumulation of new and modified decisions, there is need for this Supplement.

International Monetary Fund

Abstract

In order to enable the International Monetary Fund to fulfill more effectively its role in the international monetary system in the new conditions of widespread convertibility, including greater freedom for short-term capital movements, the main industrial countries have agreed that they will, in a spirit of broad and willing cooperation, strengthen the Fund by general arrangements under which they will stand ready to lend their currencies to the Fund up to specified amounts under Article VII, Section 1 of the Articles of Agreement when supplementary resources are needed to forestall or cope with an impairment of the international monetary system in the aforesaid conditions. In order to give effect to these intentions, the following terms and conditions are adopted under Article VII, Section 1 of the Articles of Agreement.

International Monetary Fund

Abstract

For the purpose of applying Rule 1-4 (b), decreases in the Fund’s holdings of a currency that do not reduce balances subject to Rule 1-7(1), (2), (4), or (6) shall reduce balances subject to Rule 1-7(5) (b) after balances subject to Rule 1-7(5) (a) have been eliminated.

International Monetary Fund

Abstract

1. The procedure set forth in Section 2 of SM/78/81 [attached] for the initial notification within 30 days after the date of the Second Amendment by each member of the exchange arrangements it intends to apply is approved.

International Monetary Fund

Abstract

With effect from the date of the Second Amendment of the Fund’s Articles, purchases after that date under the Buffer Stock Facility (Decision No. 2772-(69/47), June 25, 1969, as amended),* and holdings resulting from all purchases under the Facility, shall be excluded pursuant to Article XXX(c) (ii) for the purpose of the definition of “reserve tranche purchase.”

International Monetary Fund

Abstract

Pursuant to Article XXX(f), and after consultation with the members concerned, the Fund determines that until further notice the deutsche mark, French franc, Japanese yen, pound sterling, and U.S. dollar are freely usable currencies.