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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: 541

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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.


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

France  2014 Article IV Consultation Staff Report  Press Release  and Statement by the Executive Director for France PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 66
View: 422

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Book Description:
This 2014 Article IV Consultation highlights that the economy of France fared better than most other large euro areas economies through the crisis, reflecting the resilience of private consumption, lack of financial fragmentation, and lower levels of household and corporate debt. Banks’ financial position has also been strengthened. But after two years of near stagnation, unemployment remains high. A loss of competitiveness has also weighed on growth. The outlook is for a gradual recovery, with GDP growth projected at 0.7 percent in 2014 and 1.4 percent in 2015, based on stronger external and domestic private demand, reflecting gains in real disposable income and improved profit margins.


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

United Kingdom  2014 Article IV Consultation Staff Report  Press Release  and Statement by the Executive Director for the United Kingdom PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 60
View: 3295

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KEY ISSUES The economy has rebounded strongly and prospects are promising. Headwinds that previously held back the economy—relating notably to credit conditions and confidence—have eased. Nonetheless, sustaining strong growth will depend on a recovery in productivity growth and further demand rebalancing. The housing market brings risks of financial vulnerabilities. Sterling is moderately overvalued. The overall policy mix is appropriate, but policy settings might need to be adjusted quickly. Effective monetary conditions are very supportive, compensating for ongoing fiscal consolidation: ? Accommodative monetary policy is appropriate for now, given weak inflation pressures, but policy might need to be adjusted quickly if inflation takes off. Interest rate increases may also need to be considered if macroprudential tools are insufficient to deal with financial stability risks from the housing market. ? The authorities have recently implemented macroprudential measures, including limiting the share of high loan-to-income mortgages lenders can issue, establishing them as the primary defense against housing-related risks. They should stand ready to tighten these limits should current settings prove ineffective in reining in those risks. ? A lasting solution to house price pressures requires measures to address insufficient supply. Significant planning reforms have been undertaken, but political consensus is needed to make further progress in this area. ? High deficits and rising debt mean that fiscal consolidation needs to continue. The pace and composition of deficit reduction over the near term is appropriate. Further reducing the deficit over the medium term will be challenging; both revenue and expenditure measures should be considered, keeping in mind both equity and efficiency. ? The financial sector is more robust, the new financial architecture is settling in, and significant changes have been made to banks’ liquidity backstops to adapt to changing needs. Implementing macroprudential policy will be a test of the new architecture. Some problems—such as Too Important To Fail and bank misconduct— persist, and new challenges, such as from shadow banking, are emerging.


Ecuador 2015 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Ecuador

Ecuador  2015 Article IV Consultation Press Release  Staff Report  and Statement by the Executive Director for Ecuador PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 79
View: 1048

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Book Description:
Article IV discussions with Ecuador were conducted on-site for the first time since 2007 (Annex I). After growing at an average of about 41⁄2 percent over the past decade—on the wave of high oil prices, a strong public investment agenda, and the anchor of full dollarization—the economy has been hit by significant external shocks since late 2014. The sharp decline in oil prices and significant real exchange rate appreciation have undercut exports and fiscal revenues. The authorities responded rapidly with a large fiscal adjustment, introduction of temporary import surcharges, and moderation of minimum wage growth. The economy is projected to contract in 2015 and growth to remain subdued in 2016, while medium-term potential has been revised down given prospects of lower investment and employment growth.


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Author: UNESCO
Publisher: UNESCO Publishing
Category :
Languages : ar
Pages : 483
View: 7734

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Government Finance Statistics Manual 2001

Government Finance Statistics Manual 2001 PDF
Author:
Publisher: International Monetary Fund
Category : Business & Economics
Languages : ar
Pages : 212
View: 6917

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Book Description:
This Manual, which updates the first edition published in 1986, is a major advance in the standards for compilation and presentation of fiscal statistics. It is intended as a reference volume for compilers of government finance statistics, fiscal analysts, and other users of fiscal data. The Manual introduces accrual accounting, balance sheets, and complete coverage of government economic and financial activities. It covers concepts, definitions, classifications, and accounting rules, and provides a comprehensive framework for analysis, planning, and policy determination. To the extent possible, the Manual has been harmonized with the System of National Accounts 1993.


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Author: ويلفريد بوختا
Publisher:
Category : Iran
Languages : ar
Pages : 340
View: 285

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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: 3891

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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.


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Author: ثعالي، عبد الملك بن محمد،
Publisher:
Category : Arabic literature
Languages : ar
Pages : 278
View: 5205

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Finance And Development December 2013

Finance and Development  December 2013 PDF
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 60
View: 927

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Book Description:
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.