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International Monetary Fund

Executive Board discussion on Kosovo, Ms. Shafik, Deputy Managing Director and Acting Chair, said: “The Fund-supported program comprehensively addresses Kosovo’s macroeconomic challenges through policies and reforms to restore fiscal sustainability, re-build government cash buffers, strengthen the fiscal framework, and preserve financial stability. Determined program implementation, backed by broad political support, will be crucial to build confidence and credibility in the policy framework. In this regard, the strong track record of policy implementation under the

International Monetary Fund. European Dept.
Kosovo’s macroeconomic and financial policies have remained broadly on track. Progress continues to be made toward the key objectives, i.e., restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy, and enhancing the resilience of the financial system. Careful preparation of social spending initiatives and fragile political environment remains key. The policies under the program provide the best safeguard to steer the economy through the period ahead, establish confidence in macroeconomic management, and lay the foundations for robust and balanced growth.
International Monetary Fund

fiscal position, and financial stability. 3. Against this backdrop, the program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system . Structural fiscal adjustment . Structural adjustment of 1.1 percent of GDP is being implemented in 2012 (¶8). The authorities and staff reached understandings on the broad parameters of the 2013 budget, including further structural adjustment of 0.6 percent of

International Monetary Fund. European Dept.

.e., restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy, and enhancing the resilience of the financial system . Fiscal adjustment and fiscal rule . The fiscal stance inscribed into the 2013 budget is sustainable, following the implementation of a fiscal adjustment program that stretched over three years. The rules-based fiscal framework—which has been developed in close cooperation with IMF technical assistance—would safeguard fiscal sustainability from 2014. Cash buffers . The government’s usable bank balance stood at

International Monetary Fund
This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.
International Monetary Fund
This staff report discusses the Republic of Kosovo’s request for a Stand-By Arrangement. Kosovo is in the final stages of transition to full self-governance in economic and financial affairs. Kosovo’s economy has remained largely shielded from turbulence in the euro area, owing to limited integration into cross-border financial markets and a small export base. Real GDP growth in 2011 is estimated at 5 percent, driven principally by domestic demand, in particular investment. Inflation has been moderated to 3.5 percent, after a spike to double-digit figures in early 2011 triggered by higher prices for imported foodstuffs.
International Monetary Fund

adequate level of government cash buffers, anchoring fiscal policy in the medium term, and fostering financial stability are the key objectives of the proposed Stand-By Arrangement. If fully implemented, the program would significantly enhance Kosovo’s framework for the conduct of macroeconomic policy. 32. While some risks to the program are mitigated by its design, success will ultimately depend on the formation of a broad political consensus that grants macro- financial stability priority over short-term considerations . Most policies under the program are within

Hidetaka Nishizawa, Mr. Scott Roger, and Huan Zhang
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
International Monetary Fund. European Dept.

Kosovo’s macroeconomic and financial policies have remained broadly on track. Progress continues to be made toward the key objectives, i.e., restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy, and enhancing the resilience of the financial system. Careful preparation of social spending initiatives and fragile political environment remains key. The policies under the program provide the best safeguard to steer the economy through the period ahead, establish confidence in macroeconomic management, and lay the foundations for robust and balanced growth.