Design of Adjusters Related to Privatization Receipts in Programs with Case Study Countries
Revenue in the
|Fiscal Quantitative Performance Criteria||Adjusters Related to Privatization Receipts|
|Argentina||EFF 1998||Financing||Federal government||Overall balance, net disbursements of foreign and domestic debt||Measurement of net disbursements of external and domestic debt of the public sector adjusted downward (upward) for any shortfall (excess) in privatization receipts to the program|
|Bolivia||ESAF 1994||Revenue2||Public sector||Overall balance, net domestic financing||Overall balance, net domestic financing, net international reserves, and net domestic assets of central bank adjusted for privatization proceeds in excess of programmed amounts|
|Côte d’Ivoire||ESAF 1998||Financing||Central government||Primary balance, net bank credit||No adjusters|
|Egypt||SBA 1996||Financing 3||General government||Overall balance, net domestic financing||Net domestic financing adjusted downward by the amount of privatization proceeds accruing to the government 4|
|Estonia||SBA 1997||Not included (off budget)||General government||Overall balance||No adjusters|
|Hungary||SBA 1996||Revenue3||Consolidated government||Overall balance (excluding privatization receipts): quarterly performance criterion||Net international reserves and net domestic assets of central bank adjusted for excesses over the program baseline in cash privatization receipts from abroad|
|Overall balance (including privatization receipts): annual performance criterion|
|Kazakhstan||EFF 1996||Financing 5||General government||Overall balance, net central bank credit||No adjusters|
|Mexico||SBA 1995||Revenue 6||Public sector||Overall balance, primary surplus (both excluding privatization receipts), net foreign credit||Net foreign credit, net international reserves, and net domestic assets of central bank adjusted for privatization proceeds in foreign currency (excluding external debt instruments of the Mexican government)4|
|Mongolia||ESAF 1997||Revenue||General government||Net bank credit, net domestic financing||Net bank credit and net domestic financing adjusted downward for privatization revenues in excess of program baseline|
|Mozambique||ESAF 1996||Revenue7||Central government||Net bank credit||Net bank credit adjusted downward for privatization revenues in excess of program baseline|
|Peru||ESAF 1996||Financing||Public sector||Net domestic financing (including privatization receipts)||Net international reserves and net domestic assets of central bank adjusted for excesses and shortfalls in privatization proceeds relative to program baseline: adjusters in the event of shortfalls capped|
|Philippines||SBA 1998||Financing||Public sector||Public sector borrowing requirement||No adjusters|
|Russia||EFF 1996||Financing||Federal government||Overall balance, monetary authorities’ net credit||No adjusters|
|Enlarged government||Overall balance, monetary authorities’ net credit||No adjusters|
|Uganda||ESAF 1997||Not included||Central government||Net bank credit||No adjusters|
|Ukraine||SBA 1997||Financing||Consolidated government||Overall balance||No adjusters|
|Vietnam||ESAF 1994||Not included||General government||Net bank credit||No adjusters|
Types of IMF arrangements: Extended Fund Facility (EFF), Enhanced Structural Adjustment Facility (ESAF), and Stand-by Arrangement (SBA). In 1999, the ESAF was replaced by the Poverty Reduction and Growth Facility (PRGF).
Cash receipts. The recapitalization program is treated as off-budget investment in the firms partly divested.
Only includes the privatization proceeds transferred to the government by the privatization agencies.
Program baseline assumed no privatization proceeds.
Until 1997: revenue; since 1998: financing.
Excludes proceeds from privatization of Telmex and commercial banks.
Until 1998: not included (off budget); since 1999: revenue.