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Europe > Ukraine

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • IMF Policy Discussion Papers x
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Cover IMF Policy Discussion Papers
Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings
Ms. Julie A Kozack
Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.
Keywords:
PDP; NPV calculation; NPV saving; debt-service payment; Discount rate; sovereign debt restructuring; financial crisis; net present value; discount rate range; uniform discount rate; NPV cost; default premium; NPV estimate; stock concept; calculations to the choice; savings from the perspective; associated NPV calculation; NPV neutral; Discount rates; Debt restructuring; Debt service; Debt sustainability; Yield curve; Global
Cover IMF Policy Discussion Papers
FDI and the Investment Climate in the CIS Countries
Mr. Clinton R. Shiells
In view of disappointing levels of inward foreign direct investment (FDI), this paper examines capital flows into the Commonwealth of Independent States (CIS) countries and investigates the main impediments to a more favorable investment climate. Direct investment inflows have generally been related to natural resource extraction or energy transportation infrastructure projects, large privatization transactions, and debt/equity swaps to pay for energy supplies. Low FDI inflows despite strengthening macroeconomic performance has reflected a weak investment climate particularly owing to incomplete structural reforms. IMF staff working on the countries concerned cited burdensome tax systems, widespread corruption, extensive state intervention coupled with weak legal and regulatory frameworks, and incomplete structural reforms as the main impediments.
Keywords:
PDP; CIS country; FDI flow; investment climate; FDI inflow; firm Gazprom; IMF country team; Moldovan firm Moldova-Gaz; FDI; Former Soviet Union; Transition economies; Regional issues; enterprise performance; Foreign direct investment; Privatization; Capital flows; Capital inflows; Oil sector; Central and Eastern Europe; Eastern Europe; Baltics; Central Asia
Cover IMF Policy Discussion Papers
Cross-Border Issues in Energy Trade in the CIS Countries
Mr. Clinton R. Shiells
,
Mr. John R Dodsworth
, and
Mr. Paul Henri Mathieu
This paper explores from a regional perspective the distorted nature of trade in energy products within the CIS countries. The persistence of pricing distortions, barter arrangements, and discriminatory access to pipelines, as well as failure to honor contracts, has disrupted and distorted energy exports to non-CIS countries, undermined energy sector reforms, and distorted investment decisions. The paper focuses on cross-border issues as an integral component of the wider problem of inefficient energy use within the CIS. Several policy recommendations are proposed, including measures to foster greater competition, reduce state involvement, and promote regional cooperation.
Keywords:
PDP; country; CIS country; firm; price; Kazakhstani firm; state involvement; Energy sector; Former Soviet Union; Transition economies; Regional issues; net importer; incumbent firm; firms in the region; utility company; Oil; Exports; Electricity; Energy prices; Baltics; Western Europe; Central Asia
Cover IMF Policy Discussion Papers
Privatization in Ukraine: Challenges of Assessment and Coverage in Fund Conditionality
Ms. Katrin Elborgh-Woytek
and
Mr. Mark W Lewis
The paper examines the recent privatization experience in Ukraine in the context of the streamlining of Fund structural conditionality. A particular focus is the shift from privatization-related conditionality based on quantitative targets to conditionality aimed at strengthening privatization procedures. The paper examines how this shift was managed in Ukraine and discusses the challenges of applying conditionality to privatization procedures and the implications for country ownership.
Keywords:
PDP; enterprise; privatization program; government; privatization procedure; Public enterprises; privatization; transition; enterprise restructuring; telecommunications firm Ukrtelecom; privatization conditionality; Stock markets; Eastern Europe
Cover IMF Policy Discussion Papers
Social Protection in Transition Countries: Emerging Issues
Mr. Sanjeev Gupta
and
Mr. Ke-young Chu
The paper discusses the social protection implications of the weakening financial and administrative capacity of countries undergoing economic transition. The formal sector is shrinking, and unemployment and underemployment are rising rapidly. This is affecting both the revenue base of social protection programs and the ability of these countries to target social benefits. These developments make it imperative for these countries to restructure social benefits, rely more on self-targeting mechanisms to deliver benefits, as well as take immediate steps to improve payroll tax compliance. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; transition country; country; wage; government; wage bill; government cash benefit; wage fund; sector wage; retirement age; earnings history; Wages; Income; Payroll tax; Pension spending; Aging; Baltics; Eastern Europe
Cover IMF Policy Discussion Papers
Ukraine's Gas Arrears: Issues and Recommendations
Amer Bisat
This paper discusses issues related to the gas arrears ‘crisis’ in Ukraine. It concludes that the problem, which can be traced to policy distortions, can be contained through an acceleration of structural reforms. The paper examines the nature of the contractual relations between Ukraine and its foreign suppliers; the role of the de facto government guarantee for gas import payments; the process of imposing financial discipline on non-payers; the nature of gas-related subsidy schemes; and the methods used in calculating domestic energy prices. An Appendix derives lessons from the Estonian case--an economy which, despite relatively similar initial conditions, avoided the emergence of energy payment difficulties. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; enterprise; subsidy; supplier; gas arrears; enterprise restructuring; gas import payment; restructuring program; arrears accumulation; gas import company; Arrears; Tariffs; Imports; Import payments; Social assistance spending; Western Europe