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Sven B. Kjellstrom and and Ayité-Fily d’Almeida

within Togo and among the donors. Within the Government there was no clear policy or mechanism to coordinate aid flows. In large part this was because the overriding objective was to convince donors to finance specific development projects. The authorities were aware of donors’ preference for providing aid in accordance with their own procedures. Consequently they did not wish to intrude upon the donors’ aid decisions and thereby risk discouraging aid flows. However, the need for aid coordination became a pressing issue in the early 1980s as economic difficulties

International Monetary Fund

improved the frequency of IMF signals. 16.7 66.7 16.7 - - - 8. Performance under your PSI-supported program has been an important input into donor aid decisions. 16.7 66.7 - - - 16.7 9. The fixed review schedule has helped facilitate your donor coordination. - 66.7 - 16.7 - 16.7 10. The absence of IMF financing in the PSI has not constrained implementation of your economic reform strategy. 20 60 - 20 - - 11. PSI signals have been useful in attracting private sector interest. - 60 40

International Monetary Fund. European Dept.

State Aid Decision and International Tax Transparency Initiatives II. Luxembourg: External Sector Assessment III. Implementation of the Article IV Recommendations Front Matter Page LUXEMBOURG STAFF REPORT FOR THE 2016 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX April 20, 2016 Prepared By European Department Contents FUND RELATIONS STATISTICAL ISSUES Front Matter Page LUXEMBOURG 2016 ARTICLE IV CONSULTATION—SUPPLEMENTARY INFORMATION May 3, 2016 Prepared By European Department Front Matter

International Monetary Fund
This review is focused mainly on the implementation of the Policy Support Instrument (PSI) against the goals and expectations set out by the Executive Board. Some possible modifications to the PSI that have been considered by various stakeholders are also touched upon in the concluding section. This review was conducted in parallel with ongoing work on a new architecture of lending facilities for low-income countries (LIC). Based on the results of this review, the reform of LIC facilities is not expected to alter the case for the PSI as a complement to financing instruments.
Robert S. McNamara

the form of the proposal contained in Facing One World , the report of the “Independent Group on Financial Flows to Developing Countries,” chaired by former German Chancellor Helmut Schmidt. This group, which included former Presidents or Prime Ministers of Nigeria, Peru, Canada, and the Republic of Korea, urged that in allocating foreign aid decisions, special consideration be given to countries spending less than 2 percent of their GNP in the security sector. The huge savings that many countries could make by reducing their security expenditures to this level

International Monetary Fund. European Dept.

diagnostic study of domestic loan portfolios and stress tests. 6 The public share in the fifth largest bank, Attica, was also high (about 50 percent). 7 See for example, European Commission state aid decision No SA.34826. 8 Such a conversion would require cash injections by the Greek government and would result in dilution of private shareholders. These amendments allowed a mitigation of the impact of regulatory changes to banks’ CET1 capital, as otherwise, the DTAs reliant on future profitability would have been deducted from the regulatory capital. The

Mr. Daniel Kaufmann

against corruption, and take steps (as Switzerland is starting to do) to repatriate assets looted and stashed abroad by corrupt officials. And transnational corporations should refrain from bribery and support improving governance practices in host countries. As for the IFIs and donors, there is a need to grapple with questions of selectivity and effectiveness in aid programs, anchoring aid decisions within a governance prism and helping countries build capacity to effectively absorb aid. Improving transparency will be key. Finally, countries themselves must take the