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International Monetary Fund

Capital account (net) 6 2 2 Foreign direct investment (net) 371 423 629 Net bank financing 25 −76 −8 Government loans 8 34 59 Net Foreign assets of the Central Bank of Kosovo 11 −44 −298 Other financing inc. net erros and omissions 534 485 567 Financing Need 87 15 IMF 1/ 87 15 in percent of quota 125 22 Memorandum items: Kosovo IMF quota (SDR millions) 59 59 59 Kosovo IMF quota (Euro millions) 69 69 69 Source

International Monetary Fund

Financial Policies (MEFP), Table A1 ). However, the performance criteria and indicative targets on the domestic primary fiscal balance and net bank financing of the government were missed because of shortfalls in tax revenues, partly due to the adverse impact of the global crisis on imports and growth. Lower import taxes were responsible for a 30 percent shortfall in total government revenue in the first half of the year. On the expenditure side, current spending was 15 percent below program in the first half of the year on a cash basis, but was accompanied by an

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. European Dept.

Requirements 465 654 624 Current account deficit 441 594 572 Amortization of medium and long term public debt 25 60 53 Sources of Financing 396 555 608 Capital account (net) 2 2 2 Foreign direct investment (net) 230 324 340 Net bank financing −3 26 124 Government loans 12 44 15 Net Foreign assets of the Central Bank of Kosovo −45 −62 −66 Other financing inc. net erros and omissions 201 221 192 Financing need 69 99 16 IMF 69

International Monetary Fund. Middle East and Central Asia Dept.


A year into the coronavirus (COVID-19) pandemic, the race between vaccine and virus entered a new phase in the Middle East and Central Asia, and the path to recovery in 2021 is expected to be long and divergent. The outlook will vary significantly across countries, depending on the pandemic’s path, vaccine rollouts, underlying fragilities, exposure to tourism and contact-intensive sectors, and policy space and actions. 2021 will be the year of policies that continue saving lives and livelihoods and promote recovery, while balancing the need for debt sustainability and financial resilience. At the same time, policymakers must not lose sight of the transformational challenges to build forward better and accelerate the creation of more inclusive, resilient, sustainable, and green economies. Regional and international cooperation will be key complements to strong domestic policies.

International Monetary Fund. African Dept.

domestic primary balance and changes in net bank financing of the central government, based on the corrective measures introduced by the authorities. In addition, the Executive Board established targets and structural benchmarks for 2018. The ECF arrangement for São Tomé and Príncipe in the amount of SDR 4.44 million (about US$6.2 million or 60 percent of the country’s quota at the time of approval) was approved on July 13, 2015 (see Press Release No. 15/336 ) to support the government’s economic reform program for stronger and more inclusive growth. Following the