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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

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.

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

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.

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

Abstract

The main medium-term scenario summarized in Table 7 depends on assumptions about macro-economic developments and policies on taxes and expenditures. The scenario treats Kosovo as a continuing autonomous economic entity.

International Monetary Fund. European Dept.

The post-crisis economic recovery has been solid and broad-based due to accommodative policies, low commodity prices and large infrastructure and foreign investment. However, a prolonged period of domestic political uncertainties is beginning to impact confidence and the country's EU accession prospects. Growth should pick up in the medium term contingent on the return of political stability following parliamentary elections in December.

International Monetary Fund

The staff report for the Second Review Under the Stand-By Arrangement on the Former Yugoslav Republic (FYR) of Macedonia highlights economic developments and policies. FYR of Macedonia’s economic performance since independence has been marked by notable achievements in macroeconomic management, as well as some disappointments in the area of structural reforms. Inflation was brought down from hyperinflation levels to the low single digits by the de facto exchange rate peg, which was sustained in spite of sometimes challenging circumstances.

International Monetary Fund

This 2009 Article IV Consultation highlights that the Former Yugoslav Republic of Macedonia’s vulnerability at the outset of the global crisis was its large current account deficit in the context of the exchange rate peg to the euro. At the same time, it benefited from a small fiscal deficit, modest public debt, and significant international reserve buffers. Executive Directors have praised the Macedonian authorities for the conduct of macroeconomic policies, which contributed to a modest downturn in Macedonia’s economy relative to other countries in the region.