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Cover IMF Staff Country Reports
Republic of Kosovo: 2021 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
This 2021 Article IV Consultation determines that Kosovo’s people and its economy experienced a return to a certain degree of normality in 2021. Increased vaccination rates allowed a relaxation of stringency measures, supported mobility, and created the conditions for a resumption of diaspora travel. The fiscal response to the pandemic has been broadly adequate. Moreover, fiscal policy needs to return to a supportive stance in 2022. Focus, composition, and transparency of public spending needs strengthening including supporting economic resilience. While the objective to intensify vaccinations is both appropriate and commendable, intended policy actions under the “Economic Revival Program” need to be better defined, new social transfer programs should be more targeted, and the growth of existing transfers needs to be contained. Kosovo’s intentions to reduce carbon emissions are commendable. A credible climate and environment mitigation strategy should be centered around carbon pricing, while allocating its proceeds to investment in green projects and to mitigate the impact of higher energy prices on vulnerable households.
Keywords:
fund RELATIONS; CBK balance sheet; growth engine; IMF staff calculation; Policy discussion; Fiscal rules; Budget planning and preparation; Wages; Europe
Cover IMF Staff Country Reports
Republic of Kosovo: Second Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility and Request for Modification of Reform Measure-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
International Monetary Fund. European Dept.
This Selected Issues paper presents Republic of Kosovo’s Second Reviews under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Modification of Reform Measure. Kosovo’s economic activity continues to expand at a robust pace, despite a challenging external environment, and inflation has declined markedly. The Kosovo authorities continue to advance their economic program and structural reform and climate agenda, supported by the SBA and the Arrangement under the RSF. Program performance under both arrangements remains strong. The authorities are advancing an ambitious green agenda. The RSF has supported efforts to strengthen the regulatory framework and increase policy space to attract private investment into green energy. The successful completion of a pilot competitive auction for solar electricity generation and a first auction for wind electricity generation are important steps in the authorities’ plan to expand renewable energy capacity. Reducing emissions and improving air quality, increasing energy efficiency, improving targeting of energy subsidies, and enhancing energy security are important goals of Kosovo’s green agenda.
Keywords:
RSF ARRANGEMENT; government liquidity buffer; CBK balance sheet; Kosovo authorities; budget revenue; Budget planning and preparation; Fiscal risks; Europe; Global