Download or read book El Salvador Third Review under the stand by arrangement Staff Report Press Release on the Executive Board Discussion and Statement by the Executive Director written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-10-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF staff report for the third review under the Stand-By arrangement with the officials of El Salvador on economic developments and policies. Developments from the second review are outlined. Discussions on the policy adjustments needed to keep the key objectives of the program for 2011 and 2012 have been explained. Revenue administration, treasury single account (TSA), medium-term expenditure framework (MTEF), and budget reforms are used to strengthen the fiscal consolidation strategy. Lender-of-last-resort (LOLR) facility has been set up to improve liquidity defenses.

Download or read book El Salvador written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-02-24 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report for El Salvador’s request for a Stand-By Arrangement is examined. Fiscal consolidation led to a reduction in the public debt-to-GDP ratio, and the country has experienced the highest growth rates in a decade. Real GDP growth is projected to slow to 3.2 percent in 2008, reflecting lower growth in remittances, a tightening of external financing conditions, and a decline in investment. Exports, however, have remained buoyant despite weaker external demand. The banking system remains liquid and well capitalized, although nonperforming loans have increased and profitability is declining.

Download or read book El Salvador written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-03-29 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses El Salvador’s Request for a Stand-By Arrangement and cancellation of the current arrangement. The program seeks to preserve financial stability, safeguard the economic recovery, and strengthen the medium-term fiscal position. Fiscal policy will aim at offsetting the impact of the adverse external environment on domestic activity and the most vulnerable while ensuring debt sustainability over the medium term. IMF financial support would have a catalytic role for official creditors and private investors. It would also provide a liquidity buffer to help absorb any potential shocks to the financial system.

Download or read book Guatemala Third Review Under the Stand By Arrangement Staff Report Staff Statement Press Release on the Executive Board Discussion and Statement by the Executive Director for Guatemala written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book El Salvador written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-10-13 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Salvadoran economy was severely affected by the global economic slowdown. Further strengthening the economy’s growth prospects and reducing poverty will depend on a durable fiscal consolidation effort and improvements in the investment climate through continued commitment to macroeconomic and financial stability. A recent IMF/World Bank Financial System Stability Assessment (FSSA) confirmed that the Salvadoran financial system withstood the global financial crisis well and was well capitalized and liquid. The FSSA recommended enhancements to the legal and regulatory frameworks as well as measures to reduce some remaining vulnerabilities.

Download or read book El Salvador written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-19 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of macroeconomic performance in El Salvador in the second half of 2010 was broadly positive, but economic activity remains subdued. The medium-term economic outlook has been revised to incorporate changes to the external environment since the first program review. The economic program for 2011 will adhere to the fiscal consolidation path envisaged in the Stand-By Arrangement (SBA). Higher tax revenue will be critical for attaining the fiscal target. Placing the public debt-to-GDP ratio on a downward path and increasing social spending on a sustained basis remain the key priorities.

Download or read book Paraguay written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-06-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent tightening of credit conditions in segments of mature financial markets abroad has not had an impact on Paraguay. The current mix of macroeconomic policies combined with favorable external conditions and the appreciation of the guaraní, have facilitated strong program performance and a decline in core inflation over the past months. At the international level, there is a risk that a global slowdown associated with the credit tightening could spill over to emerging economies and to Paraguay’s neighbors, which could affect Paraguayan exports.

Download or read book Guatemala written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-05-12 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses a request from the Guatemalan authorities for an 18-month Stand-By Arrangement (SBA) with total access of SDR 630.6 million (about US$951 million). Guatemala has a strong track record of macroeconomic stability. The economy is open and hence vulnerable to external shocks. The authorities have taken a number of upfront measures to mitigate the impact of the external shock and preserve macroeconomic stability. The program will support the authorities’ policies and provide insurance against significant downside risks.

Download or read book Guatemala written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-10-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the First Review Under the Stand-By Arrangement for Guatemala. The fiscal deficit is increasing owing to a sharp decline in revenues, associated with the contraction in imports and domestic demand. The policy interest rate has been cut. All quantitative performance criteria through June have been met. Inflation has fallen below the consultation band set in the program, triggering a consultation with IMF staff. Fiscal policy needs to continue striking a balance between avoiding a procyclical stance and maintaining debt sustainability.

Download or read book Paraguay written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bolivia written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-07-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bolivia’s Third Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria are discussed. The highly dollarized financial system suffered a renewed deposit run in October 2003, and conditions in the financial sector have remained fragile in 2004. Spending exceeded program targets by 0.7 percent of GDP, mostly owing to higher capital expenditure by municipalities, reflecting in part efforts to reduce social tensions. The authorities have allowed interest rates to increase in response to liquidity conditions and have been able to start placing a moderate amount of bonds.

Download or read book Peru written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-07-13 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Peru’s First Review Under the Stand-By Arrangement for SDR 172.37 million approved on January 26, 2007. Implementing sound macroeconomic policies and reforms would reduce vulnerabilities, entrench sustainable growth, and reduce poverty, setting the stage for a strong exit from IMF-supported programs and for achieving investment grade. The economic outlook remains favorable, with risks largely dependent on external conditions, most notably related to commodity prices and global financial conditions.

Download or read book Uruguay written by International Monetary Fund and published by . This book was released on 2006-06-05 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strong economic policies and a supportive external environment have contributed to rapid growth, low inflation, strengthened external position, and an improved debt structure helping Uruguay perform well under the Stand-By Arrangement. Executive Directors commended the fiscal and monetary polices and urged to maintain exchange rate flexibility. They emphasized that restructuring of public banks would contain contingent fiscal liabilities. They appreciated the efforts to strengthen tax administration, and agreed that continued strong macroeconomic polices and progress with structural reforms will raise Uruguay's growth prospects.

Download or read book Honduras written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-11-21 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Honduras’ Fifth and Sixth Reviews under the Stand-by Arrangement (SBA). All continuous performance criteria for the end of June 2017 were met. The indicative target on the National Electricity Company’s (ENEE) operating revenue-to-spending ratio was missed by a small margin owing to up-front fees paid to the loss-recovery concessionaire. On the structural front, notable reforms are the adoption of a fiscal responsibility law to anchor a sustainable medium-term fiscal position; the overhaul of the tax administration; and the reduction in the heavily overstaffed payroll of ENEE. The authorities have indicated that they will not purchase the amount available on completion of these reviews, in line with their intention to treat the SBA as precautionary.

Download or read book Costa Rica written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-04-29 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the request from Costa Rica for a Stand-By Arrangement (SBA). The program seeks to enable an orderly adjustment of the Costa Rican economy to an adverse external environment, while mitigating its adverse effects on growth and household incomes. To strengthen the external position, the authorities have tightened monetary conditions and increased exchange rate flexibility. Fiscal policy will be geared toward mitigating the impact of the adjustment on domestic activity and the most vulnerable population. IMF financial support is intended to bolster investor confidence in the authorities’ policy framework.

Download or read book Republic of Mozambique written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-02-08 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Mozambique’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Modification of Performance Criteria. Performance under the program has been broadly satisfactory so far in 2005. All quantitative and structural performance criteria have been met through end-September. The two structural benchmarks for end-June were not met; however, one of the corresponding measures was implemented in August and the other is expected to be implemented by end-April 2006. The fiscal program is also on track.

Download or read book Honduras written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-07-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses request from Honduras’ authorities for a Stand-By Arrangement (SBA). Honduras has had three previous Poverty Reduction and Growth Facility (PRGF) arrangements, the last of which ended in February 2007. The most recent PRGF program focused on fiscal consolidation and structural reforms. However, the program went off track owing to large wage increases granted in 2006, including a four-year agreement with teachers. The authorities are now requesting a 12-month SBA covering economic policies through December 2008. In IMF staff’s view, the authorities’ program appropriately addresses emerging imbalances.