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Holger Fabig
This paper proposes a general framework for monitoring macro-critical energy sectors in low-income countries, defined as consisting of the three subsectors of crude oil and natural gas production, refinery, and electricity production. It aims to derive consistent information on physical and financial flows in the sector, including on interlinkages between the subsectors. It then applies this framework to Côte d'Ivoire. While being an important source of growth, the Ivoirien energy sector is found to have important shortcomings, in particular as regards transparency, efficiency and contribution to fiscal revenue. Among the key problems are partially intransparent production sharing arrangements for hydrocarbon production, price distortions for natural gas, administered prices for refined petroleum products, underfunding and lack of investment in the electricity sector, and inefficient government subsidies in the latter two subsectors.
International Monetary Fund. External Relations Dept.

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International Monetary Fund

Trinidad and Tobago showed strong economic performance. Executive Directors welcomed this development, and emphasized the need to maintain strong fiscal and monetary policies, and accelerate structural reforms. They appreciated the proposals to include the state energy companies in the list of government assets, and noted the restructuring of the sugar sector. They mentioned Trinidad and Tobago's growing importance as a regional financial center, and commended the supervision of the financial system in line with international standards, and the good quality of statistics.

International Monetary Fund. African Dept.

This 2015 Article IV Consultation highlights that despite lower commodity prices and a weaker global environment, Mozambique's economic prospects remain positive given planned massive investment in natural resources. Although GDP growth averaged 7 percent over the last five years, Mozambique's per-capita income and human development index remain low. There is a need to continue implementing policies that support fiscal sustainability, infrastructure investment, and inclusive growth. Mozambique's economic outlook remains robust. Growth of 6.3 percent is expected in 2015, and remains below potential at 6.5 percent in 2016, mainly owing to a stagnant mining sector and substantially tighter fiscal and monetary policies.

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper looks at the factors behind the accumulation of cash positions by Canadian nonfinancial corporations. Focusing only on listed firms and running a model of changes in cash holdings suggest that greater macroeconomic and business uncertainty may have induced firms to raise the cash buffer at their disposal over the last decade. This is especially the case for firms in the energy and mining sector, which account for the majority of cash accumulation in the sample used in current analysis. The analysis also shows that firms’ high cash balances are typically associated with higher levels of capital expenditure, which bodes well for the acceleration of business investment in the near future.