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Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

increase in growth is hindered by the scheduled reduction in Compact grants and limited private sector expansion. Near-term risks are on the downside, stemming from possible further delays in project implementation. Insufficient fiscal buffers and public contingent liabilities constitute key risks for the medium to long term. Policy Issues: The RMI faces persistent budget deficits, substantial fiscal risks from poorly performing state-owned enterprises (SOEs) and the social security system, and the expiration of most Compact grants after FY2023

International Monetary Fund. Asia and Pacific Dept

. Near-term risks are on the downside, stemming from possible further delays in project implementation. Insufficient fiscal buffers and public contingent liabilities constitute key risks for the medium-long term. Policy Issues . The RMI faces persistent budget deficits, substantial fiscal risks from poorly performing state-owned enterprises (SOEs) and the social security system, and the expiration of most Compact grants after FY2023. Private sector development is limited by remoteness, small market size, SOE dominance in some sectors and a weak business climate

International Monetary Fund. Asia and Pacific Dept

implementation of infrastructure projects. Meanwhile, inflation is estimated to have eased from 4.3 percent in FY2012 to 1.6 percent in FY2013, thanks to subdued global commodity prices. The fiscal balance slipped into deficit in FY2012, and is expected to stay at -0.8 percent of GDP in FY2013, driven by large transfers to poorly performing state-owned enterprises (SOEs). The current account deficit including official transfers remained elevated at 8.1 percent of GDP in FY2012, as high imports more than offset a pickup in exports and an increase in receipts from fishing

International Monetary Fund. Middle East and Central Asia Dept.

welcome. To support its development, competition in the banking sector should be fostered, the development of credit bureaus sped up, the guarantee mechanisms revisited, collateral and insolvency regimes strengthened. The ban on consumer lending should be lifted, and more space provided for mortgage finance. Issuing more sovereign debt and listing well-performing state-owned enterprises on the stock exchange, while removing disincentives to private sector debt and equity issuance, would support the development of capital markets. Finally, immediate steps need to be

MARY M. SHIRLEY

Changing the relationship between government and the managers of state-owned enterprises is key to improving enterprises’ performance. Enterprise contracts can accomplish this, but only under certain conditions . DESPITE more than a decade of divestiture and reform, many developing countries continue to have large, poorly performing state-owned enterprises (SOEs) that contribute to fiscal deficits and slow growth. In response, most governments are searching for ways to enhance efficiency and reduce their fiscal burdens. These efforts include rewriting the

International Monetary Fund. Fiscal Affairs Dept.

estimates to inform the MTBF discussions between the Ministry of Finance (MoF) and KSUs. Strengthening Fiscal Risk Management Ukraine’s public finances are exposed to several important fiscal risks. Macroeconomic and geopolitical risks create substantial volatility in nominal GDP and government revenue, while government debt is highly exposed to exchange rate fluctuations. Fiscal exposures emanate from a large and poorly performing State-owned Enterprise (SOE) sector. Liabilities of the largest 100 enterprises are around 25 percent of GDP, and around one

International Monetary Fund

, strengthen the regulatory environment, and tackle the problem of poorly performing state-owned enterprises Insufficient financing 52. Bangladesh has a relatively shallow financial sector, where weak governance and large nonperforming loans limit access to finance . Bank credit to the private sector and broad money as a percentage of GDP are relatively low. Deep-rooted institutional weaknesses drastically restrict the efficacy of the banking sector. Due to ineffectual management, political interference, and problems of corruption and directed lending, the four

International Monetary Fund. Asia and Pacific Dept
This Informational Annex highlights the Marshall Islands’ existing tax system’s inability to raise additional revenue, discouragement of private investment, and inequitability. Careful consideration needs to be given to the potential of a comprehensive tax reform program, including strengthening tax administration, for raising additional revenue while supporting the private sector. Many state-owned enterprises (SOEs) are a drain on public finances, and their unreliable or costly services undermine private sector development. To improve their performance, reforms are needed to strengthen efficiency, better delineate commercial and noncommercial services, and introduce tariff systems that better reflect cost of services. In areas where SOEs provide purely commercial services, divestment should be considered.
International Monetary Fund. Middle East and Central Asia Dept.
This Informational Annex highlights that data provision in Algeria has some shortcomings, but is broadly adequate for surveillance. Data are published with a delay of less than one month. Key shortcomings in government finance statistics include insufficient institutional coverage, classification problems, long lags for production of statistics, and lack of reconciliation of financing with the monetary accounts. Key factors behind these weaknesses include the lack of financial resources allocated to the compilation of statistics, insufficient interagency coordination, and concern about accuracy that give rise to reluctance to publish provisional data. Monetary statistics compiled by the authorities are largely in line with the methodology in the 2000 Monetary and Financial Statistics Manual and its companion 2008Compilation Guide.
International Monetary Fund
This Selected Issues paper reviews Bangladesh’s recent growth experience and per capita income. The paper identifies several key impediments to growth, namely: poor governance; restrictive trade and regulatory regimes; and inadequate investment in human capital and physical infrastructure. The paper makes the case that the medium-term fiscal strategy should be centered on boosting the revenue performance of the National Board of Revenue (NBR) by reorganizing it along functional lines, adopting a system of self-assessment, establishing a risk-based auditing system, and introducing a unique taxpayer identification number.