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Business and Economics > Budgeting

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
St. Lucia: 2017 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights St. Lucia’s GDP growth, estimated to have reached 0.8 percent in 2016, down from 1.8 percent in 2015. Strong employment growth in agriculture and construction put a dent in unemployment, which declined to 20 percent in the third quarter of 2016. Youth unemployment also fell, but remains very high at 41 percent. GDP is projected to grow at 0.5 percent in 2017, driven mostly by continued strong performance in construction and agriculture. Higher import prices, including for oil, will cause inflation to rise temporarily and, together with weak tourism expenditures, will contribute to wider external imbalances.
Keywords:
ISCR; CR; GDP; financing terms; executive board assessment; growth prospect; CARTAC Customs Administration; ECCU member country; expenditure pressure; Natural disasters; External sector statistics; Caribbean; Global
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 Country Reports
Jamaica: Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria
International Monetary Fund. Western Hemisphere Dept.
This paper presents Jamaica’s Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria report. The IMF staff report highlights that recent data is in-line with GDP growth of some 1 percent in 2013–2014. Inflation has increased since 2012 due to the depreciation of the exchange rate as well as higher administered prices, but has moderated in recent months. The policy agenda under the program is now shifting to reforms in several areas including tax and customs administration, public financial management, securities dealers, the framework for monetary policy, and the business environment.
Keywords:
ISCR; CR; staff appraisal; government; supplementary budget; program implementation; end-March performance criterion; disbursement of an amount equivalent; Public sector; Global
Cover IMF Working Papers
Public Debt Targeting An Application to the Caribbean
Mr. Alejandro D Guerson
and
Mr. Giovanni Melina
This paper proposes a fiscal policy framework we call Public Debt Targeting. The framework seeks to smooth primary spending over the business cycle while remaining consistent with public debt sustainability. Under the proposed framework, a government announces a commitment to a public debt band trajectory over the medium term, while sequentially announcing primary expenditures for the next budget cycle, which are determined recursively based on the history of shocks. Public debt targeting differs from a structural balance rule in that it internalizes the effect of the deterioration in creditworthiness from fiscal deficits and public debt accumulation, which tend to affect sovereign spreads, interest rates, exchange rates, and economic activity. The proposed framework is applied to Caribbean economies, which in general show high levels of public debt and procyclical primary expenditure.
Keywords:
WP; primary expenditure; country authorities; expenditure simulation; aggregate demand; political economy; real GDP; Procyclical spending; public debt sustainability; fiscal rules; expenditure consolidation; expenditure impulse; potential GDP; expenditure envelope; expenditure vis-à-vis GDP; vis-à-vis GDP; pro-cyclical bias; interest expenditure; expenditure growth; expenditure stance; Fiscal stance; Budget planning and preparation; Caribbean
Cover IMF Staff Country Reports
Jamaica: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Jamaica
International Monetary Fund
This 2007 Article IV Consultation highlights that Jamaica’s economy is estimated to have achieved its best growth performance in over a decade during FY2006/07, which ended on March 31, 2007. Notwithstanding some recent moderation of momentum, the economy is estimated to have expanded by just below 3 percent in real terms, up from 2 percent the previous year and 0.4 percent the year before. Monetary policy remains focused on containing inflation while seeking to engender a sustainable reduction in interest rates.
Keywords:
ISCR; CR; debt; fiscal year; GDP; BoJ special issue bond; BoJ cash loss; BoJ special issue; draft FY 2007/08 budget; inflation rate; debt estimate; Public sector; Exchange rates; Caribbean; Global
Cover IMF Staff Country Reports
Jamaica: Interim Staff Report Under Intensified Surveillance
International Monetary Fund
The Jamaican economy made progress in reducing public debt despite adverse shocks and revenue shortfalls through fiscal consolidation under intensified IMF surveillance. IMF staff monitors the implementation of economic strategy formulated by the authorities. Executive Directors welcomed the monetary stance and the strategy to widen the tax base and strengthen the underlying fiscal position by improving tax administration. They advised to strengthen fiscal consolidation, accelerate structural reforms, and strengthen the resilience of the financial system. They emphasized the need for intensified fiscal efforts to reduce debt rapidly.
Keywords:
ISCR; CR; GDP ratio; debt dynamics; foreign currency; interest rate; percent of GDP; private sector; current account; broad money; Public sector; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Jamaica: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that the economic activity in Jamaica has been adversely affected by shocks. Real GDP contracted sharply in late 2004 following the devastating effects of Hurricane Ivan. Thereafter, while output recovered, it was dampened by the poor performance of agriculture, which suffered from adverse weather conditions. The nominal exchange rate has depreciated in recent months. Fiscal targets have been missed, and the monetary policy has been geared at containing inflation while also seeking to engender a sustainable reduction in interest rates.
Keywords:
ISCR; CR; narrowing interest rate differential; balance; targeted revenue; current account; debt dynamics; headline inflation; percent GDP; foreign currency; Inflation; Monetary base; Global; Caribbean
Cover IMF Staff Country Reports
Jamaica: Interim Staff Report Under Intensified Surveillance
International Monetary Fund
This paper reviews the Interim Staff Report Under Intensified Surveillance for Jamaica. The authorities have reaffirmed their objective of balancing the budget in FY 2005/06, while recognizing that this now poses a greater challenge. The IMF staff now estimates that measures in the range of 2.5–3.0 percent of GDP would be required to meet this goal, compared with the IMF staff’s estimate of 1.7 percent of GDP at the time of the 2004 Article IV consultation. The room to maneuver in monetary and exchange rate policy remains constrained by the debt overhang.
Keywords:
ISCR; CR; GDP; current account; fiscal year; exchange rate; public debt-GDP ratio; forex position; financing of the budget; public debt debt ratio; foreign currency financing; FDI inflow; debt stock; policy area; International reserves; Budget planning and preparation; Open market operations; Caribbean
Cover IMF Staff Country Reports
Jamaica: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
This 2004 Article IV Consultation highlights that following the near crisis in the first half of 2003, the authorities in Jamaica have succeeded over the past year in stabilizing the economy and restoring market confidence. The foreign exchange market stabilized in mid-2003, inflation has decelerated, domestic interest rates have declined, and growth improved, while Jamaica has returned to the international capital market. Real GDP growth reached 2 percent in FY 2003/04. The improvement was led by strong performance in the key tourism and mining sectors.
Keywords:
ISCR; CR; monetary policy; debt ratio; authority; GDP; fiscal year; public debt debt ratio; maturing debt; U.S. dollar; foreign currency; education sector; Jamaica case; Exchange rates; Government debt management; Global; Caribbean