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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
The Bahamas: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that economic growth in The Bahamas is estimated to have stalled in 2015, as a modest increase in air tourism arrivals was not sufficient to offset a contraction in domestic demand and weak exports of goods. Private consumption and investment were weighed down by headwinds from fiscal consolidation, as well as an end to construction. Inflation was moderate at 1.9 percent on average in 2015. Growth is expected to strengthen to about 0.5 percent in 2016, supported by continued growth in air tourist arrivals and moderating headwinds to private consumption and investment.
Keywords:
ISCR; CR; budget communication; deficit; authority; budget projection; Bahamian authorities; further deficit reduction; goods export; Fiscal consolidation; Value-added tax; Global; Caribbean
Cover IMF Staff Papers
IMF Staff papers: Volume 5 No. 1
International Monetary Fund. Research Dept.
This paper discusses impact of purchasing power on deferred payments. The importance of the economic consequences for the economy of the adoption of purchasing power guarantees would, of course, depend on the range within which these guarantees were applied. Any practical proposals are therefore predicated on the assumption that, for the country in question, there is uncertainty about future general price movements. The problem which purchasing power guarantees are intended to solve is shown in its simplest form in the settlement of a private debt. In countries suffering from inflation, the improvement in the lender–borrower relationship would also be strengthened, since, with a purchasing power clause in the contract, the stigma of usury that would attach to any attempt to insist on high nominal rates of interest in order to ensure a proper real return would be avoided. The legal and social sanctions against usury in money terms give rise to a paradox in discussing the use of a purchasing power clause. The analytical discussion seems to show that, if anything, the borrower would gain more than the lender from the use of the clause—simply because interest payments are likely to be larger relative to his net income, and to have their real value stabilized would have a greater stabilizing effect on real income.
Keywords:
SP; sc; price; purchasing power clause; import; exchange tax; sterling area; government expenditure; raw material; Budget planning and preparation; Capital budget; Purchasing power; Exchange taxes; Western Europe; Europe; Africa; Eastern Europe