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

Chile  2014 Article IV Consultation   Staff Report  Press Release  and Statement by the Executive Director for Chile PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498310974
Size: 33.49 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 71
View: 4804

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KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.

Chile

Chile PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498380336
Size: 39.43 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 71
View: 2130

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KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.

Sharing Resource Wealth Inclusively Within And Across Generations

Sharing Resource Wealth Inclusively Within and Across Generations PDF
Author: Nathalie Pouokam
Publisher: International Monetary Fund
ISBN: 1513582429
Size: 50.11 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 36
View: 2249

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This paper discusses the main challenges faced by resource-rich nations in promoting equity; describes policy tools available for managing exhaustible natural resources; and analyzes the relationship between resource wealth and state fragility. It is argued that human capital accumulation, innovation, and technology diffusion can help escape the trap of low growth and resource dependence that plagues so many developing countries. But to make this possible, resource-rich nations must sustain strong citizen participation in the policy making to hold governments accountable and ensure the inclusive management of resource wealth.

Colombia

Colombia PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1484361156
Size: 58.31 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 78
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This paper discusses key issues related to the Colombian economy. Despite adverse global circumstances, Colombia’s successful policies and inclusive growth agenda continued in 2015. Colombia’s strong policy framework helped ensure an orderly adjustment to the deteriorated external conditions. Although the medium-term outlook is favorable, it is surrounded by downside risks. The main near-term risks stem from Colombia’s still significant near-term external financing needs and potential capital inflow reversals, the result of volatile global financial conditions. On the upside, bringing the peace process to fruition could further improve business confidence and capital inflows, reinforcing the recovery that will follow the necessary adjustment process.

Revenue Statistics In Latin America And The Caribbean 2018

Revenue Statistics in Latin America and the Caribbean 2018 PDF
Author: OECD
Publisher: OECD Publishing
ISBN: 9264292233
Size: 50.34 MB
Format: PDF, Kindle
Category :
Languages : en
Pages : 308
View: 4428

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Revenue Statistics in Latin America and the Caribbean 2018 compiles comparable tax revenue statistics for 25 Latin American and Caribbean economies, the majority of which are not OECD member countries. The publication is based on the OECD Revenue Statistics database.

Mongolia

Mongolia PDF
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1484346343
Size: 38.34 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 89
View: 3161

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This 2015 Article IV Consultation highlights that Mongolia’s medium- to long-term prospects are promising given its large natural resources. In the near term, however, the country continues to face balance-of-payments (BOP) pressures on account of low foreign direct investment and weak commodity prices, as well as expansionary macro policies. Imports have now started to taper off and, with the first phase of the Oyu Tolgoi copper and gold mine now in operation, exports have picked up. The trade balance has thus improved, but the overall BOP remains weak. The executive directors have supported ongoing efforts to foster high, inclusive growth by improving the investment climate, enhancing competitiveness, and promoting economic diversification.

Panama 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Panama

Panama  2021 Article IV Consultation Press Release  Staff Report  and Statement by the Executive Director for Panama PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513588141
Size: 21.89 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 81
View: 3813

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After over two decades of unprecedented economic expansion, Panama’s economy contracted sharply in 2020 amidst challenges from the COVID-19 pandemic. As conditions rapidly deteriorated, Panama requested financial support under the Rapid Financing Instrument (RFI) for 100 percent of quota equivalent to US$0.5 billion (SDR 0.4 billion) to address immediate balance of payments needs, which the IMF Executive Board approved on April 15, 2020. Subsequently, uncertainties magnified, and Panama requested a two-year arrangement under the Precautionary and Liquidity Line (PLL) for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.9 billion), as insurance against extreme external shocks, which was approved by the IMF Executive Board on January 19, 2021.

Peru

Peru PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513574809
Size: 29.92 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 94
View: 2471

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Peru entered the pandemic with a sustained track record of implementing very strong policies amid very strong economic fundamentals and institutional policy frameworks, but was hit hard by the pandemic, which took a heavy toll in terms of human lives and economic output. Tensions between executive and legislative powers continue to affect institutional cohesion, but new general elections will be held in April-June 2021. The IMF Executive Board approved a two-year FCL arrangement in the amount of US$11 billion (600 percent of quota) on May 28, 2020.

Revenue Statistics In Latin America And The Caribbean 2017

Revenue Statistics in Latin America and the Caribbean 2017 PDF
Author: OECD
Publisher: OECD Publishing
ISBN: 9264272925
Size: 31.76 MB
Format: PDF
Category :
Languages : en
Pages : 300
View: 7334

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The Revenue Statistics in Latin America and the Caribbean publication compiles comparable tax revenue statistics for a number of Latin American and Caribbean economies. The model is the OECD Revenue Statistics database, backed by a well-established OECD methodology.

Bolivia 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Bolivia

Bolivia  2021 Article IV Consultation Press Release  Staff Report  and Statement by the Executive Director for Bolivia PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513593056
Size: 44.94 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 60
View: 3751

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Following the October 2020 election, the new administration moved to tackle the devastating human and economic effects of the COVID-19 pandemic. The economy shows signs of recovery from its 8.8 percent contraction in 2020. However, fiscal imbalances have increased and international reserves continue to fall. On February 12, Bolivia repurchased the 240.1 million SDR purchase under the Fund’s Rapid Financing Instrument (that was approved by the Fund’s Executive Board in April 2020).

Iceland 2021 Article Iv Consultation Press Release Staff Report Staff Statement And Statement By The Executive Director For Iceland

Iceland  2021 Article IV Consultation Press Release  Staff Report  Staff Statement  and Statement by the Executive Director for Iceland PDF
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513573144
Size: 28.24 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 76
View: 4994

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The Icelandic economy has been severely affected by the pandemic. Sharp tourism contraction and containment measures caused real GDP to plummet by 6.6 percent in 2020. A modest recovery will take hold in 2021. Recovery prospects in the tourism sector depend on control of the epidemic and progress in global and domestic vaccine distribution, spelling a challenging outlook with possibly deep medium-term scarring. Fiscal policy should continue to support the economy for now. Policy buffers accumulated over the last decade provided space for a large fiscal support and accommodated substantial automatic stabilizers. Additional stimulus is planned in 2021 to address still large slack in the economy, mitigate scarring, and provide confidence in the event of downside risks. Medium-term policies should ensure that public debt is firmly on a downward path, while limiting the drag on growth.

Extractive Industries

Extractive Industries PDF
Author: Tony Addison
Publisher: Oxford University Press
ISBN: 0198817363
Size: 49.32 MB
Format: PDF, ePub
Category : Mineral industries
Languages : en
Pages : 768
View: 102

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This volume is about the challenges and opportunities facing developing countries in using their extractive industries to achieve inclusive and sustainable development. It recognises explicitly the greatly increased importance of mining, oil and gas in many lower income countries.

Argentina

Argentina PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1484335767
Size: 79.16 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 83
View: 2553

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This 2017 Article IV Consultation highlights that Argentina’s government has made important progress in restoring integrity and transparency in public sector operations. These policy changes have put the economy on a stronger footing and corrected many of the most urgent macroeconomic imbalances. Private consumption strengthened in 2017, supported by greater real wages and buoyant credit growth. With stronger domestic demand, the trade surplus turned into a deficit and the current account deficit increased. Annual inflation has declined from its peak in 2016, but remained relatively resilient and inflation expectations moved up, prompting the central bank to raise interest rates. Going forward, GDP growth is expected to consolidate, inflation inertia will slowly subside, and the fiscal deficit will gradually fall.

Islamic Republic Of Iran

Islamic Republic of Iran PDF
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1513598945
Size: 32.67 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 67
View: 2707

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This 2015 Article IV Consultation highlights that economic activity in Iran has slowed down significantly since the fourth quarter of 2014/15 owing to sharp decline in global oil prices, tight corporate and bank balance sheets, and postponed consumption and investment decisions ahead of the expected lifting of economic sanctions. Twelve-month (point-to-point) inflation has declined to about 10 percent in recent months, largely reflecting lower food and beverage inflation, and the inflation rate is expected to remain close to 14 percent by year-end. Prospects for 2016/17 are brighter, owing to the prospective lifting of economic sanctions.

Sierra Leone

Sierra Leone PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498369219
Size: 63.65 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 125
View: 4646

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This 2016 Article IV Consultation highlights that economic outcomes in Sierra Leone have deteriorated sharply over the past two years. Growth declined dramatically from 20.7 percent in 2013, to 4.6 percent in 2014, and further to –21.1 percent in 2015. The budget is under severe pressure. Between mid-2014 and end-2015, the Leone depreciated 22 percent against the U.S. dollar. Banking sector vulnerabilities have increased. Living standards have also deteriorated significantly since late 2014. The medium-term outlook is somewhat positive, with growth projected to recover to 4.3 percent in 2016, increasing gradually to about 6.5 percent by 2020.

Global Finance And Development

Global Finance and Development PDF
Author: David Hudson
Publisher: Routledge
ISBN: 1134612710
Size: 33.55 MB
Format: PDF, ePub, Docs
Category : Social Science
Languages : en
Pages : 382
View: 761

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The question of money, how to provide it, and how to acquire it where needed is axiomatic to development. The realities of global poverty and the inequalities between the ‘haves’ and the ‘have-nots’ are clear and well documented, and the gaps between world’s richest and the world’s poorest are ever-increasing. But, even though funding development is assumed to be key, the relationship between finance and development is contested and complex. This book explores the variety of relationships between finance and development, offering a broad and critical understanding of these connections and perspectives. It breaks finance down into its various aspects, with separate chapters on aid, debt, equity, microfinance and remittances. Throughout the text, finance is presented as a double-edged sword: while it is a vital tool towards poverty reduction, helping to fund development, more critical approaches remind us of the ways in which finance can hinder development. It contains a range of case studies throughout to illustrate finance in practice, including, UK aid to India, debt in Zambia, Apple’s investment in China, microfinance in Mexico, government bond issues in Chile, and financial crisis in East Asia. The text develops and explores a number of themes throughout, such as the relationship between public and private sources of finance and debates about direct funding versus the allocation of credit through commercial financial markets. The book also explores finance and development interactions at various levels, from the global structure of finance through to local and everyday practices. Global Finance and Development offers a critical understanding of the nature of finance and development. This book encourages the reader to see financial processes as embedded within the broader structure of social relationships. Finance is defined and demonstrated to be money and credit, but also, crucially, the social relationships and institutions that enable the creation and distribution of credit and the consequences thereof. This valuable text is essential reading for all those concerned with poverty, inequality and development.

The Gambia

The Gambia PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1513558919
Size: 11.29 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 76
View: 5774

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This 2015 Article IV Consultation highlights that The Gambia has experienced large balance of payments and fiscal imbalances, caused by persistent policy slippages in recent years and financial difficulties in public enterprises. The IMF supported the authorities’ efforts through a Rapid Credit Facility (RCF) disbursement in early April 2015 and a Staff-Monitored Program (SMP). However, major policy slippages have occurred since the RCF disbursement, pushing the SMP off track and worsening the outlook considerably. In light of the elevated level of public debt, the government should prioritize infrastructure investments that help address poverty and improve the business environment. The authorities are encouraged to continue their efforts to improve supervision capacity to enhance financial stability.

Ecuador

Ecuador PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513519077
Size: 26.59 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 79
View: 4563

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This 2015 Article IV Consultation highlights that since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down. The sharp decline in the international oil price, by about half for the Ecuadorian mix, significantly undercut oil revenues. In addition, competitiveness is being eroded by the real appreciation of the exchange rate. In the face of the economic slowdown, bank liquidity conditions have tightened, credit growth has slowed, and nonperforming loans have risen. Despite the slowdown, inflation is picking up. Owing to the shocks and expected adjustment, the economy is projected to contract somewhat in 2015, while the external position deteriorates.

Reforming The Greek Pension System

Reforming the Greek Pension System PDF
Author: Mr. Alvar Kangur
Publisher: International Monetary Fund
ISBN: 1513588842
Size: 74.90 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 25
View: 6576

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The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.

El Salvador

El Salvador PDF
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498316972
Size: 77.28 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 68
View: 1311

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This 2019 Article IV Consultation discusses that structural reforms, strengthened policy frameworks and the ongoing smooth political transition have laid the foundations for sustained growth in El Salvador. The discussions focused on policies that build on these achievements and address fiscal vulnerabilities, boost long-term growth, and strengthen the governance, anticorruption and Anti-Money Laundering and Combating the Financing of Terrorism frameworks. Continued US dollar appreciation led to a significant decline in inflation and widening of the current account deficit. The authorities agreed that debt would continue to drift upward in the absence of measures, and that weaker-than-expected global growth could have a negative impact on the domestic economy. The authorities emphasized their commitment to guarantee a smooth political transition by sharing information with the new administration and by inviting the Audit Office to oversee the handover process. It is recommended to improve the governance and anticorruption frameworks by increasing the fiscal transparency of the 2020 budget laws, strengthening audit and spending controls, and promptly implementing electronic invoicing.