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Europe > Ukraine

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

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Cover IMF Staff Country Reports
Republic of Serbia: 2023 Article IV Consultation, First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Serbia
International Monetary Fund. European Dept.
This 2023 Article IV Consultation highlights that Serbia has made impressive economic gains over much of the past decade: living standards improved, inflation fell, public finances were strengthened, and reserves increased, helped by ample foreign direct investment (FDI) inflows. But spillovers from the war in Ukraine—especially the sharp increase in international energy prices—and deep-rooted problems in Serbia’s energy sector that came to a head last year, led to large external and fiscal financing needs, prompting the authorities to request a IMF-supported Stand-By Arrangement (SBA). Tighter monetary policy is needed to reduce inflation. The National Bank of Serbia should ensure that real ex-ante policy rates become positive and that such rates stay positive until the path of inflation is clearly converging to target. Fiscal policy should work alongside monetary policy as fiscal consolidation helps disinflation and lowers public debt. In addition, any fiscal over-performance should be saved or used for priority investments.
Keywords:
inflation expectation; rate hike; food price inflation; precautionary Stand-By Arrangement; budget financing; inflation dynamics; SBA approval; A. monetary policy; Inflation; Energy sector; Government finance statistics; Loans; Global; Europe
Cover IMF Staff Country Reports
Republic of Serbia: Third Review Under the Policy Coordination Instrument, Request for a Stand-By Arrangement, and Cancellation of the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia
International Monetary Fund. European Dept.
In the wake of the Covid pandemic, Serbia embarked on a well-paced consolidation path to rebuild buffers, supported by a program under the Policy Coordination Instrument (PCI). Given higher energy prices and domestic electricity production problems, high global inflation, weaker trading partner growth, and spillovers from Russia’s war in Ukraine, the authorities have requested financial support under a two-year Stand-by Arrangement (SBA) of SDR 1,898.92 million (290 percent of quota, about EUR 2.4 billion). The SBA supports economic and financial policies to address external and fiscal financing needs, maintain macroeconomic and financial stability, and continue to strengthen the economy’s performance and resilience through structural reforms. The PCI was cancelled upon approval of the SBA.
Keywords:
oil price shock; energy price inflation; energy price pressure; public debt debt ratio; reference rate; existing Policy Coordination Instrument; Inflation; Energy prices; Energy sector; Imports; Tariffs; Global; Europe
Cover IMF Staff Country Reports
Ukraine: Staff Report for the 2013 Article IV Consultation and First Post-Program Monitoring
International Monetary Fund. European Dept.
This paper discusses Ukraine’s 2013 Article IV Consultation and First Post-Program Monitoring. The Ukrainian economy has been in recession since mid-2012, and the outlook remains challenging. In January–September 2013, GDP contracted by 1¼ percent year-over-year, reflecting lower demand for Ukrainian exports and falling investments. Consumer prices stayed flat, held down by decreasing food prices and tight monetary policy. The fiscal stance loosened in 2012–2013, contributing to the buildup of vulnerabilities. Ukraine remains current on all its payments to the IMF, and the authorities have reaffirmed their commitment to repay all outstanding IMF credit.
Keywords:
ISCR; CR; government; energy company Naftogaz; CDS spread; NBU intervention; staff appraisal; gross reserve; deficit monetization; Exchange rates; Loans; Global; Eastern Europe; Europe; baseline General government; Energy sector
Cover IMF Working Papers
Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries
Mr. Tapio Saavalainen
and
Joy Mylène ten Berge
Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS). They constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability. This paper presents a simple framework for measuring and monitoring such deficits and highlights their macroeconomic relevance. It reviews the progress under IMF conditionality aimed at correcting these imbalances during 1993-2003. The paper suggests that the extensive conditionality under the IMF-supported programs has yielded only limited progress in reducing the energy sector's financial imbalances. In conclusion, different policy options are discussed in light of the lessons learned.
Keywords:
WP; state capture; aluminum smelter; country authorities; state debt; trading company; Energy; quasi-fiscal deficit; transition; conditionality; governance; CIS country; enterprise restructuring; energy enterprise; government decree; General government cash deficit; nonviable enterprise; Tariffs; Energy sector; Electricity; Privatization; Europe; Central Asia
Cover IMF Staff Country Reports
Georgia: Selected Issues and Statistical Appendix
International Monetary Fund
The econometric results show that it is feasible to estimate robust price and inflation equations for Georgia. The long-term price equation expresses prices as a function of money, the exchange rate, and real income and may be interpreted as portraying equilibrium in the goods market. The paper also represents statistical data of transportation indicators, population and employment, personal income tax, monetary survey, average monthly wages, developments in commercial banking, interest rates, prudential indicators of commercial banks, balance of payments, and so on.
Keywords:
ISCR; CR; NPV; bank; ratio; debt service; U.S. Dollar exchange rate; revenue arrears; distribution company; tax arrears registration; land tax tax collection; Electricity; Energy sector; Commercial banks; Stress testing; Europe; Global
Cover IMF Staff Country Reports
Ukraine: 2003 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Ukraine.
International Monetary Fund
This 2003 Article IV Consultation highlights that real GDP of Ukraine grew by more than 4½ percent in 2002, marking the third year of Ukraine’s economic expansion following the 1998/99 financial crisis. As in 2001, growth was not only supported by robust consumer spending, reflecting large wage increases, but also by an increase in net external demand. Consumer price inflation fell to near zero in 2002, reflecting primarily the good harvests in 2001/02 and the resulting sharp drop in food prices. Low inflation was also supported by a tightening of fiscal policy and delays in increasing administered prices.
Keywords:
ISCR; CR; government; government program; budget legislation; government intervention; consumer price inflation; exchange rate; Energy sector; Arrears; Currencies; Global; Asia and Pacific
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 Working Papers
Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union
Mr. Aleh Tsyvinski
,
Mr. Martin Petri
, and
Mr. Günther Taube
A decade into the transition, many of the successor states of the former Soviet Union (FSU) continue to use energy sector quasi-fiscal activities (QFAs), especially low energy prices and the toleration of payment arrears, to provide large implicit and untargeted subsidies. These activities disguise the overall size of the government, cause overconsumption and waste, and contribute to macroeconomic imbalances. This paper analyses such activities in FSU countries, with particular emphasis on two case studies (Azerbaijan and Ukraine). The paper's policy conclusions point to the need to increase energy prices, combined with a strengthening of safety nets to protect the poor, better enforcement of payment discipline, and more efforts to achieve fiscal transparency.
Keywords:
WP; electricity company Azerenergy; extraction company; energy QFAs; energy enterprise; Former Soviet Union; transition countries; fiscal policy; quasi-fiscal activities; energy sector; energy prices; implicit subsidies; implicit taxation; payment arrears; energy sector company; gas distribution enterprise; collection ratio; enterprise restructuring; Arrears; Electricity; Quasi-fiscal operations; Western Europe
Cover IMF Working Papers
Payment Arrears in the Gas and Electric Power Sectors of the Russian Federation and Ukraine
Emine Gürgen
and
Hrant Bagratian
This paper discusses payments arrears in the Russian Federation and Ukraine, with emphasis on the gas and electric power sectors. Payments arrears, which were triggered primarily by the dislocations experienced during the transition from a centrally planned to a market economy, have reached significant proportions in these two countries. Governments have aggravated the problem by not honoring their own bills and by condoning payments arrears outside the budget. The paper argues that the solution to the problem lies in the implementation of comprehensive systemic reforms and outlines possible measures.
Keywords:
WP; government; payments Arrears; enterprise; payment; Russian Federation; Ukraine; gas; electric power; government interference; accounts payable; gas subsidy policy; accounts receivable; Arrears; Renewable energy; Energy sector; Energy pricing; Transportation; Baltics; Eastern Europe