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Uwe Böwer
State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-à-vis private firms, and evaluates recent SOE governance reform experience in 11 Emerging European countries, as well as Sweden as a benchmark. Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors, with substantial cross-country variation. Poor SOE performance raises three main risks: large and risky contingent liabilities could stretch public finances; sizeable state ownership of banks coupled with poor governance could threaten financial stability; and negative productivity spillovers could affect the economy at large. SOE governance frameworks are partly weak and should be strengthened along three lines: fleshing out a consistent ownership policy; giving teeth to financial oversight; and making SOE boards more professional.
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that the macroeconomic outlook for Tuvalu is stable. Real GDP growth in 2015 is estimated at 2.6 percent and is projected to rise to 4 percent in 2016 owing to several large infrastructure projects and recovery spending following Cyclone Pam. Inflation remained steady in 2015 at 3.2 percent. The fiscal position is expected to turn into a small deficit in 2016 and is projected to remain in deficit over the medium term. Risks to the outlook relate to the effects of climate change, volatility in fishing revenues, and volatile global financial conditions, which could affect distributions to the budget from the Tuvalu Trust Fund.
International Monetary Fund. African Dept.
This Selected Issues paper examines recent performance and reform agenda for Cameroon’s state-owned enterprises (SOEs). Cameroon’s SOEs are important providers of formal employment and have a large weight in the economy. The profitability and financial autonomy of SOEs have deteriorated in recent years, draining scarce budget resources. In addition, SOEs have amassed significant contingent liabilities in the form of debt and arrears. Weak corporate governance is a key factor in SOEs’ poor performance. The reform agenda should include enhancing the monitoring of SOEs, improving disclosure of their contingent liabilities, and strengthening their governance.
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Tunisia’s First and Second Reviews under the Stand-By Arrangement, Request for Waivers of Applicability and Nonobservance of Performance Criteria. Program performance has been mixed. Weak budget composition, lower budget commitments, and deferred cash payments to 2014 resulted in overshooting of the end-December fiscal target for the central government primary balance. The implementation of structural reforms has been progressing, but with some delays linked to building a consensus during the political crisis and to technical difficulties. Looking ahead, the program will continue to focus on ensuring short-term macroeconomic stabilization while laying the foundations for sustained reforms that will reduce economic vulnerabilities and generate higher and more inclusive growth. The IMF staff supports the authorities’ request for completion of the combined first and second review.
International Monetary Fund
The impact of the 2009 tsunami on tourism and on the Samoan economy is likely to be substantial. The effectiveness of monetary transmission in Samoa has improved over time; however, it is still below international standards. The adverse impact of the crisis on the functioning of the banking system may be alleviated by an improvement in the financial infrastructure. State-owned enterprises (SOE) continue to play an important role in Samoa, and the key to successful SOE reform in Samoa will be placing them on a fully commercial footing.
Deren Unalmis, Ibrahim Unalmis, and Ms. Filiz D Unsal
Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of oil price fluctuations bring remarkably diverse outcomes for both economies.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.