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Business and Economics > Public Finance

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Renewable Resources and Conservation: Water x
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Cover IMF Working Papers
Investing in Electricity, Growth, and Debt Sustainability: The Case of Lesotho
Michele Andreolli
and
Aidar Abdychev
This paper analyses a large public investment in a construction of a hydropower plant in Lesotho and its implications on the growth and debt sustainability. The paper employs an open economy dynamic general equilibrium model to assess the benefits of a large public investment through growth-enhancing increase in domestic energy supply and receipts from selling electricity abroad to ease the fiscal burden, which is often associated with big investment projects. During the transition (construction stage), various financing options are explored: increase in the public debt, increase in domestic revenue (fiscal adjustment), and combination. The calibration matches Lesotho's data and it captures the project's main challenges regarding the project costs. Moreover,the key remaining issue is the agreement with South Africa to purchase sufficient amount of electricity to allow the potential plant to run at a high capacity. We find that, the project can lead to sizable macroeconomic benefits as long as costs are relatively low and demand from South Africa is sufficiently high. However, the risks for the viability of the project are high, if these assumptions are violated.
Keywords:
WP; financing cost; depreciation rate; investment cost; concessional debt; GDP ratio; Lesotho GDP; policy instrument terms; Public Investment; Energy Production; Growth; Debt Sustainability; Fiscal Policy; cost share; energy sales; electricity market; debt terms; capital adjustment cost parameter; Electricity; Public investment spending; Consumption; Fiscal consolidation; Africa
Cover Staff Discussion Notes
Is the Glass Half Empty Or Half Full?: Issues in Managing Water Challenges and Policy Instruments
Ms. Kalpana Kochhar
,
Ms. Catherine A Pattillo
,
Ms. Yan M Sun
,
Mrs. Nujin Suphaphiphat
,
Mr. Andrew J Swiston
,
Mr. Robert Tchaidze
,
Mr. Benedict J. Clements
,
Ms. Stefania Fabrizio
,
Valentina Flamini
,
Ms. Laure Redifer
, and
Mr. Harald Finger
This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management.
Keywords:
SDN; water use; water resource; country water price subsidy; cost recovery; demand management; natural resource; water withdrawal; Water; subsidies; externalities; public utilities; pricing reform; Water resources; Infrastructure; Agricultural sector; Water subsidies; Global; South Asia; Middle East; Sub-Saharan Africa
Cover IMF Staff Country Reports
Guinea: Poverty Reduction Strategy Paper Progress Report
International Monetary Fund
This paper reviews the Progress Report for Guinea’s Poverty Reduction Strategy Paper (PRSP). Several measures were taken at the institutional, technical, and human levels to improve the mobilization of fiscal resources. In the monetary area, the government continued to use indirect instruments to control liquidity: reserve requirements, open market operations, treasury bills, and lead interest rates. In the area of transportation and public works, priority was given to road transport by opening up access to production areas, improving the conditions of passenger transport, and strengthening the competitiveness of the national economy.
Keywords:
ISCR; CR; establishment; GDP; PRS; border; enrolment ratio; ratio; reform program; inflation rate; b. public enterprise reform; land policy statement; teaching establishment; PRS implementation; Water resources; Public expenditure review; Health care; Africa; Global