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International Monetary Fund. Asia and Pacific Dept

is heavily import dependent and has a small export base, with consequences for its external balance. Moreover, given that electricity export prices are fixed per unit, export revenues are set to decline as a share of GDP over time. 2. Cross-country research suggests a positive link between trade and real sector diversification, and macroeconomic outcomes. Real sector diversification, by channeling resources from more volatile (and correlated) sectors to less volatile sectors—such as from mining and agriculture to manufacturing—can increase stability. Trade

International Monetary Fund

/10. However, hydro-related revenue as a share of GDP is projected to decline until the new projects come on stream, as the electricity export price is fixed and the construction of the new hydropower plants is exempt from taxes. Bhutan’s hydropower revenue is also subject to strong seasonality due to the seasonal changes in water levels and the lack of water storage capacity. More than 50 percent of the annual revenue is generated in the third quarter. This in turn poses challenges to the government to manage its outflows throughout the fiscal year with volatile resources

International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper describes the current tax system in Bhutan and suggests options for tax policy reform. Though significant hydropower revenues are expected in the medium term as major projects come on-stream, reforms to the existing tax system in the interim will generate fiscal room and prevent recourse to domestic debt to finance development needs. Key reforms include reducing tax exemptions in the near term and introduction of value-added tax in the medium term. The paper also analyzes the adequacy of international reserves in Bhutan using a customized risk-weighted metric. The results indicate that Bhutan’s reserve levels are ample.
International Monetary Fund. African Dept.

grants and loans 47.6 56.6 Residual gap 60.0 60.0 Of which : IMF-ECF 60.0 60.0 Sources: Ivoirien authorities; and IMF staff estimates and projections. 17. While the staff supported the adoption of the planned supplementary budget law, it drew the government’s attention to the still fragile financial situation of the electricity sector despite all the restructuring measures adopted in 2012 and 2013 (MEFP¶32) . Staff welcomed the government’s renewed commitment to raise electricity export prices to the marginal cost of

International Monetary Fund
Bhutan’s rapid growth has been underpinned by hydropower sector development with donor support. However, fiscal policy should be tightened to address overheating, and spending and revenue reforms are needed to bolster the fiscal framework. Executive Directors suggested to adopt multiyear rolling budget to ensure debt sustainability. They assessed the need to strengthen the Royal Monetary Authority (RMA's) power to safeguard financial stability. They welcomed the comprehensive strategy embedded in the Economic Development Policy (EDP) that identifies activities that have strong job-generating potential and also promote foreign direct investment and private sector development.
International Monetary Fund. African Dept.
This paper discusses Côte d’Ivoire’s Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility (ECF) and Requests for Modification of Performance Criteria (PC) and Extension of the Current Arrangement. Program performance has been strong. All end-December PCs and all but one indicative target were met. On the downside, fiscal discipline and structural reform momentum could be adversely affected during the run-up to the October 2015 presidential elections. The IMF staff supports the completion of the fifth review under the ECF and the authorities’ requests for the modifications of PCs and an extension of the current arrangement to end-December 2014.
International Monetary Fund
Economic activity strengthened in Côte d’Ivoire in 2009, but it is expected to decelerate. Financial performance under the Extended Credit Facility-supported program was broadly satisfactory. Good progress was made in restructuring external debt. The program is in line with the agreed reform goals, but reflects the constraints imposed by the pre-election political situation. Tight expenditure management remains critical for the success of the program. Structural reforms are essential to strengthen growth. The risks to the program are high but manageable.
International Monetary Fund

technical assistance (revision of cross-subsidies for transport and butane, the quasi-fiscal levies for the national security reserve, the distribution margins, and the refineries’ protective margin), before end-September 2009. The automatic petroleum products pricing mechanism has been in effect since April 2009. To limit the electricity sector’s deficit, renegotiation with gas producers of the gas purchase price, renegotiation of electricity export prices, and revision of the tariff structure, before end-June 2009; and, if necessary, a rate increase before end

International Monetary Fund. Asia and Pacific Dept
This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle. Inflation has remained elevated, tracking closely that of India (Bhutan’s main trading partner). Social development indicators have improved steadily, and Bhutan is on track or has achieved most of its Millennium Development Goals. Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services.