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Lebanon 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Lebanon

Lebanon  2014 Article IV Consultation Staff Report  Press Release  and Statement by the Executive Director for Lebanon PDF
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 72
View: 1849

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KEY ISSUES Context: The economy is being severely tested by the Syria crisis. The refugee influx has reached one quarter of the population, fueling already high unemployment and poverty. The political impasse from the presidential elections—following months of negotiations over a new government—adds to the uncertainty. The economy is meanwhile suffering from a broad-based deterioration, with subdued growth and widening fiscal imbalances. Public debt is on the rise. Progress on structural reforms has been limited. On the positive side, deposit inflows have held up and foreign exchange reserves are sizeable; and security conditions have significantly improved, lifting tourism prospects. Key challenges: There is an urgent need for fiscal adjustment to achieve a sustainable debt reduction, and structural reforms to boost growth and address social inequities. Key policy recommendations: • Fiscal policy. The immediate priority is to stop the fiscal deterioration and return to primary surpluses, to avoid a possible loss of market confidence and put debt on a sustainable path. The consolidation strategy should minimize the impact of a planned salary increase for the public sector; include broad-based and non- distortionary revenue measures; and rebalance expenditure away from electricity transfers toward capital and social spending, to promote inclusive growth. Passing a budget for 2014 would help anchor confidence. Fiscal management should be strengthened and anchored in a medium-term perspective. • Monetary policy. The Banque du Liban (BdL) should continue to maintain high foreign exchange reserves as a buffer and signal of commitment to macro-financial stability. It should gradually withdraw from T-bill auctions, and adopt a strategy to improve its balance sheet over time. • Financial sector. Capital buffers should be strengthened, and the loan classification and restructuring rules and the AML/CFT regime further enhanced. • Structural reforms. Reforms in the electricity sector and the labor market are imperative to address current competitiveness pressures, lay the foundations for higher-productivity growth, and improve social conditions. • Refugee crisis. Lebanon cannot shoulder the costs of the massive inflow of Syrian refugees alone, and international budget support is needed. Strong government commitment to adjustment and reforms—along with a concerted policy framework to deal with the refugee crisis—would bolster credibility and help mobilize support.


Sustainability And Equity Challenges

Sustainability and Equity Challenges PDF
Author: Mariusz Jarmuzek
Publisher: International Monetary Fund
Category : Political Science
Languages : en
Pages : 20
View: 7494

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Book Description:
Reform of Lebanon’s pension system is indispensable. The country already faces fiscal sustainability risks, which will be compounded in the future by significantly higher pensionrelated spending and liabilities, mainly reflecting adverse demographics. In addition to sustainability issues, the pension system also suffers from equity shortcomings—Lebanon is the only MENA country that does not offer social security for retirees in the private sector. While several reform proposals have been formulated since the early 2000s, none has been implemented to date. Costs mount with every year of delay, so action is required soon to address these challenges.


Cyprus

Cyprus PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 51
View: 828

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Book Description:
The economic recovery has strengthened since Cyprus exited the Fund-supported program 15 months ago. Broad-based growth and improved external competitiveness have reduced unemployment. The fiscal position is in small surplus. External adjustment has continued, and borrowing costs for the public and private sectors have moderated. While the stock of credit continues to decline, returning confidence in the banks has encouraged deposit inflows.


World Economic Outlook October 2016

World Economic Outlook  October 2016 PDF
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 288
View: 4596

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Book Description:
According to the October 2016 "World Economic Outlook," global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017. The forecast, revised down by 0.1 percentage point for 2016 and 2017 relative to April’s report, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States. These developments have put further downward pressure on global interest rates, as monetary policy is now expected to remain accommodative for longer. Although the market reaction to the Brexit shock was reassuringly orderly, the ultimate impact remains very unclear, as the fate of institutional and trade arrangements between the United Kingdom and the European Union is uncertain. Financial market sentiment toward emerging market economies has improved with expectations of lower interest rates in advanced economies, reduced concern about China’s near-term prospects following policy support to growth, and some firming of commodity prices. But prospects differ sharply across countries and regions, with emerging Asia in general and India in particular showing robust growth and sub-Saharan Africa experiencing a sharp slowdown. In advanced economies, a subdued outlook subject to sizable uncertainty and downside risks may fuel further political discontent, with anti-integration policy platforms gaining more traction. Several emerging market and developing economies still face daunting policy challenges in adjusting to weaker commodity prices. These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more urgent than ever.


                                                                                                               PDF
Author: ويلفريد بوختا
Publisher:
Category : Iran
Languages : ar
Pages : 340
View: 1274

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Author: Anthony Sampson
Publisher: العبيكان للنشر
Category : Political Science
Languages : ar
Pages : 1005
View: 6667

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Book Description:
إنه أشبه بمشهد أوبرالي مهيب يحف به حرس من فرقة أكلة لحم البقر، مصطفا على جانبي السلالم المؤدية إلى القاعة، وحرس آخرون اعتمروا خوذاتهم في مؤخرة القاعة. ويحضر رئيس مجلس اللوردات، اللورد ماكاي صاحب كلاشفيرن Clashfern of Mackay Lord بزيه الرسمي. ويمشي مرتعشا إلى أسفل السلم يظهر نلسون مانديلا بقامته الطويلة النحيلة الكبير، ممسكا بيد رئيسة مجلس العموم بيتي بوثرويد. Boothroyd Betty. التي قالت فيما بعد؛ إنها دقائق خمس، كانت أعظم ما انطبع في ذاكرتها مدى حياتها. وهذا نبيل من حزب العمال كان يجلس أمامي، وقد أذن لدمعه أن ينسكب على خديه. وعزفت جوقة الحرس (من سلاح المشاة) موسيقى انكوسي سيكليلإأفريكاء 'iAfrika Sikelel Nkosi، وهي ترتيلة أنشدها الثوار السود في جنوب إفريقية لعشرات السنين. ويلقي رئيس مجلس اللوردات كلمة متواضعة، مستذكرا كيف شهدن هذه القاعة تطور الديمقراطية البطيء منذ الوثيقة العظمى Carta Magna سنة 1215، كيف شارك أبناء ورعايا بريطانيون وجنوب إفريقيون الحق الديمقراطي بالإدلاء بأصواتهم في الانتخابات على حد سواء، صوت واحد لكل منهم. ثم يقدم بحرارة الثائر السابق، الذي يبدو الآن كأنه سيد إنكليزي كريم من الطراز القديم. ويتحدث مانديلا بتؤدة، وبنبرته المؤدبة المعتادة. ورغم أن معظم الحضور لا يستطيعون سماعه بسبب تردد الصدى، فقد كان خطابا قاسيا لا يعجب الليدي تاتشر Thatcher Lady، كما تصرح فيما بعد. فهو ينظر إلى مئتي سنة خلت؛ إلى الوقت الذي استعمرت فيه بريطانيا أولا جنوب إفريقية واستولت على أرض أجداده. وذكر المستمعين كيف تقدم حزب مؤتمر جنوب إفريقية منذ ثمانين سنة بعريضة إلى مجلس العموم البريطاني، يحتج فيها على فرقة اكلة لحم البقر BccfeaIcrs، فرقة من فرق الحرم الملكي البريطاني .


World Economic Outlook April 2019

World Economic Outlook  April 2019 PDF
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Category : Political Science
Languages : en
Pages : 216
View: 419

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Book Description:
After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. China’s growth declined following a combination of needed regulatory tightening to rein in shadow banking and an increase in trade tensions with the United States. The euro area economy lost more momentum than expected as consumer and business confidence weakened and car production in Germany was disrupted by the introduction of new emission standards; investment dropped in Italy as sovereign spreads widened; and external demand, especially from emerging Asia, softened. Elsewhere, natural disasters hurt activity in Japan. Trade tensions increasingly took a toll on business confidence and, so, financial market sentiment worsened, with financial conditions tightening for vulnerable emerging markets in the spring of 2018 and then in advanced economies later in the year, weighing on global demand. Conditions have eased in 2019 as the US Federal Reserve signaled a more accommodative monetary policy stance and markets became more optimistic about a US–China trade deal, but they remain slightly more restrictive than in the fall.


Saudi Arabia

Saudi Arabia PDF
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 77
View: 6289

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Book Description:
Saudi Arabia: Selected Issues


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Author: أمين معلوف
Publisher:
Category : Ethnicity
Languages : ar
Pages : 231
View: 4741

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