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Emine Gürgen

primarily on fiscal adjustment, which entailed cutting expenditures (particularly real wages, subsidies, and capital outlays) and tightening budget constraints on state enterprises. Kazakhstan and the Kyrgyz Republic focused on state enterprise restructuring early and eliminated directed credits, but the other three countries moved much more slowly in this area. All five countries reduced inflation dramatically; currencies were stabilized—some even appreciated in real terms; and parallel market premiums were reduced (except in Uzbekistan, until very recently, and

Emine Gürgen

countries, therefore, initially opted for money-based stabilization programs, with some exchange rate flexibility allowed under managed floats. Under these programs, the burden of stabilization fell primarily on fiscal adjustment, which entailed cuts in expenditure (notably real wages, subsidies, and capital outlays) and the tightening of budget constraints on state enterprises. Progress in the latter area varied across countries. Kazakhstan and the Kyrgyz Republic focused attention on state enterprise restructuring early on and eliminated directed credits, while the

Mr. Marcos d Chamon and Mr. Eswar S Prasad

Front Matter Page Research Department Authorized for distribution by Atish Ghosh Contents I. Introduction II. Data III. Stylized Facts IV. Demographic Determinants of Household Saving Behavior V. Potential Explanations. A. Habit Formation B. Shifts in Social Expenditures C. Durables Purchases and Savings D. Housing Purchases and Savings E. Effects of State Enterprise Restructuring on Saving Behavior F. Target Savings V. A Composite Sketch VI. Discussion and Implications for Aggregate Saving Patterns Text Tables: 1

International Monetary Fund. Statistics Dept.

Zimbabwe State Enterprise Restructuring Agency UNCTAD United Nations Conference for Trade and Development ZPFMA09 Republic of Zimbabwe Public Finance Management Act of 2009

International Monetary Fund. Statistics Dept.

Statistics Guide for Users and Compilers RBZ Reserve Bank of Zimbabwe SERA Zimbabwe State Enterprise Restructuring Agency SOE State Owned Enterprise PFMA Republic of Zimbabwe Public Finance Management Act (2009) PSPF Zimbabwe Public Sector Pension Fund UCPF Unified Councils Pension Fund WEO IMF World Economic Outlook ZAMCO Zimbabwe Asset Management Corporation ZESAPF Zimbabwe Electricity Supply Authorities Pension Fund

International Monetary Fund. Statistics Dept.

of Mines Drug Information and Poisons Advice Centre National Blood Transfusion Services Sports and Recreation Commission Zimbabwe Schools Examination Council Employment Creation Fund National Coordinating Unit Stadia Revolving Fund Zimbabwe Tourism Authority Engineering Council National Economic Consultative Forum Standard Development Fund Zimhabitat Environment Management Agency National Economic Inspectorate Conduct State Enterprise Restructuring Agency ZIMSTAT Farmer Development Trust National Education and

International Monetary Fund

contained at 13 percent as a result of a sharp decline in net foreign assets, reflecting the fall in official reserves. Structural reforms are focused on current plans to improve the financial sector, public enterprises, public administration, and pensions. The authorities are implementing plans for restructuring and management changes in the two state banks and for an enhanced bank supervision framework for the commercial bank sector. While the privatization and state enterprise restructuring program continues, the challenge remains to reform the civil service and

International Monetary Fund

rationalizing benefits to workers in both the public and private sectors. There was broad support for linking labor market reforms to state enterprise restructuring and private sector development, to facilitate redeployment of jobs from the public to the private sector. Directors commended the authorities for maintaining financial system stability through sound macroeconomic policies and effective banking regulation and supervision. They welcomed the FSAP findings that the most critical elements of the systemic liquidity and crisis management policies are in place. They

International Monetary Fund

that the goal of monetary policy will be to lower inflation, and they are making additional efforts to put in place the preconditions for successful inflation targeting. Improving financial market conditions and a stabilizing exchange rate will rebuild confidence in the financial system and free monetary policy to target inflation. Structural priorities under the program are threefold: in the banking sector to restore credit flows to the real sector; in the public sector, greater transparency of government operations, and state enterprise restructuring; and in the

International Monetary Fund

reduction. “Following the recent adoption of an overall framework for SOCB reform, top priority will now need to be given to defining and implementing the restructuring plans for each of the four large SOCBs, with adequate transparency and close oversight from the State Bank of Vietnam. “The government’s three-year SOE reform plan is a meaningful first step in the medium-term process of state enterprise restructuring. Sustained implementation of this plan, together with safeguards to strengthen SOE financial discipline and curb credit to SOEs, would advance the