Download or read book Republic of Armenia Public Expenditure Review written by World Bank Group and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Republic of Armenia Public Expenditure Review written by Weltbankgruppe and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Armenia's small revenue and spending envelopes limit the government's ability to influence the economy, even while its influence through laws, rules, and regulations is significant. The government has an important role to play to reduce poverty and boost shared prosperity, and needs fiscal space. This public expenditure review (PER) analyzes and provides recommendations for the different dimensions of expanding the fiscal envelope. There are three ways of creating fiscal space: the first is higher tax revenue mobilization (through better administration and enforcement of existing taxes, higher tax rates, or new taxes on previously untaxed goods and services or incomes), second, lower spending on less productive programs, and third, an increase in the effectiveness of spending, that is, a higher output of the things the government wants (efficient administration, human capital, services for the population) for a given level of spending. The report highlights Armeniaapos;s limited fiscal envelope, and points out that key areas, such as education, health, and road transport, had been consistently underfunded. It suggests that revenue needs to be significantly improved, and the government will have to revisit its expenditure priorities to create the spending headroom needed to at least maintain the spending level in these areas. The structure of the report is presented as follows: section one gives executive summary. Section two focuses on quantifying fiscal activities. Section three analyzes a number of tax exemptions and loopholes. Section four analyzes ways to improve the impact out of every Armenian dram raised and spent. Section five evaluates in detail the social protection system's performance. Section six accompanies the reforms of Armenia's public service remuneration system.
Download or read book Public Expenditure Review of Armenia written by World Bank and published by World Bank Publications. This book was released on 2003 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This, the first full-scale World Bank Public Expenditure Review for Armenia, reviews the main fiscal trends in Armenia for the period of 1997-2001 and develops recommendations with respect to further fiscal adjustment, expenditure prioritization, and budget consolidation. The analysis focuses on the following core issues: Sustainability of fiscal adjustment, fiscal transparency, expenditure priorities, and short-term expenditure management given the existing economy-wide institutional constraints. This study covers extra-budgetary funds, in-kind external grants, subsidies provided by the state-owned companies in the energy and utility sectors, and operation of the Social Insurance Fund, as well as regular budgetary spending. It suggests a medium-term action plan to address identified weaknesses. Sector chapters review health, education, and social protection and insurance. The report also analyzes budget support for core public infrastructure, and ArmeniaA's public investment program.
Download or read book Public Expenditure Review of Armenia written by and published by . This book was released on 2003 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Expenditure Review of Armenia written by World Bank and published by World Bank Publications. This book was released on 2003 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Armenia written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Armenia written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first full scale World Bank Public Expenditure Review (PER) for Armenia. The primary objective of the Report was to review the main fiscal trends in Armenia for the period of 1997-2001 and develop recommendations with respect to further fiscal adjustment, expenditure prioritization, and budget consolidation. The report has the following structure. Chapter 1 reviews the main features of the Government's fiscal adjustment effort, initiated in the mid 90-s. It is focused on the analysis of aggregated indicators of fiscal performance such as deficit, public debt, budget arrears, and tax revenues. Chapter 2 looks at the main expenditure trends in the Armenia consolidated budget for 1997-2001 and makes an assessment of the quality and depth of expenditure restructuring undertaken in this period. Chapter 3 looks at the public sector's activities that remain non-reflected in the regular Government budget, which includes extra- budgetary funds, in-kind external grants, subsidies provided by the state-owned companies in the energy and utility sectors, and operations of the Social Insurance Fund. Chapter 4 presents in-depth analysis of progress made to date in the area of expenditure management and suggests a draft medium-term action plan to address identified weaknesses in budget preparation, presentation, execution, and reporting. Annexes 1 and 2 reflect more specific recommendations with respect to upgrading budget management procedures and the regulatory framework. Chapters 5-7 review expenditure policies in the main social sectors (health, education, social protection and insurance) and provide recommendations on: (i) how current expenditures could be made more efficient; (ii) what should be the main direction for intra-sectoral expenditure reallocation; and (iii) what should be medium-term targets for an increase in public expenditures in these sectors. Chapter 8 estimates a minimum level of budget support in core public infrastructure, which would stop deterioration of existing core assets in respective sectors and prevent the further accumulation of arrears. Sectoral Chapters 5-8 also provide recommendations for policy changes that would facilitate a return of these sectors to fiscal sustainability . Chapter 9 presents an analysis of Armenia's public investment program.
Download or read book Armenia Programmatic Public Expenditure Review written by World Bank and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This module draws upon the work of the local consultants together with the Avag report on irrigation and a study on the specific problems in rural infrastructure. It aims to given a broad overview of infrastructure problems, the outlook given public policy objectives, and a suggested public policy framework and proposes medium term policy, structural, governance and regulatory improvements in the sector. In Armenia considerable progress has been made in bringing infrastructure services up to economically efficient levels. But major challenges remain concerning service quality, sustainability and adequacy of development to meet demand. The government faces three challenging issues in respect of infrastructure: the desirability of policy settings consistent with sustained high rates of growth; improving the stewardship of state infrastructure assets; and making effective use of future investments, particularly those arising from donor contributions such as the millennium challenge corporation along with funds from customers. Consistent with implementation of the Government's growth and poverty alleviation strategy and related policy settings supportive of the continuation of rapid economic growth including high rates of private investment. The report estimates that addressing basic minimum infrastructure needs will require about US$300 million of investment.
Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2020-05-22 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Republic of Armenia’s Second Review Under the Stand-By Arrangement, Requests for Augmentation of Access, Modification of Performance Criteria, and Monetary Policy Consultation Clause. Following a strong performance in 2019, the Armenian economy was hit hard by the coronavirus disease 2019 pandemic. The government has proactively responded to the crisis, adopting widespread containment measures while supporting vulnerable individuals and firms in the most affected sectors. The fiscal deficit is projected to widen considerably in 2020, reflecting the impact of the cycle on revenues and higher current spending for healthcare and economic support to vulnerable households and firms. The authorities are committed to pursuing their medium-term goal of debt sustainability once the crisis abates, and public debt is expected to decline over the medium-term in line with Armenia’s fiscal rule, while maintaining space for investment and social spending. The augmentation of access under the Stand-by Arrangement will provide much needed support, allowing the authorities to mitigate the pandemic and support affected households and businesses.
Download or read book Republic of Armenia written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-04-23 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Armenia’s third review under the Stand-By Arrangement and its request for Waiver of Nonobservance of Performance Criterion are discussed. The uptick in inflation was largely driven by exogenous factors, but it is important that these do not feed into further inflationary expectations. The financial sector has been resilient to the crisis and almost all banks are well capitalized. The fiscal stimulus has appropriately supported the economy during the crisis and maintaining priority public spending has been critical for mitigating the impact of the crisis on the poor
Download or read book Republic of Armenia 2004 2006 Medium Term Public Expenditure Framework written by Armenia (Republic) and published by . This book was released on 2003 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2015-11-19 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Armenia’s Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance and Rephasing. Since late 2014, Armenia’s economic performance has been affected by significantly weaker external conditions, as the slowdown of the Russian economy, the weakening of the ruble, lower metals prices, and the strengthening of the dollar have led to pressures on external receipts, particularly remittances. Performance under the program has come under strain. Three performance criteria (PCs) were missed both at end-December 2014 and end-June 2015. The authorities are requesting waivers of nonobservance for the missed June and continuous PCs. The IMF staff supports completion of the review.
Download or read book Republic of Armenia Sixth Review Under the Stand by Arrangement Press Release and Staff Report written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-03 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real GDP growth rebounded strongly in 2021 and early 2022, driven by a pickup in construction, trade, and services activities, and benefiting from strong policies and a gradual improvement of the pandemic, notwithstanding its various waves. In 2022, the budget aimed at continuing a gradual fiscal consolidation, while still providing temporary and targeted support to the economy, and monetary policy aimed at continuing its tightening cycle that started in late-2020 to cool down inflation. The favorable near-term outlook, however, is set to be interrupted by the spillovers from the war in Ukraine and the sanctions against Russia, given Armenia’s economic links and exposure to the Russian economy. Growth has been revised down markedly this year, while inflationary pressures are expected to persist, keeping inflation above the Central Bank of Armenia’s (CBA) target in 2022.
Download or read book Republic of Armenia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-05-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Fiscal Transparency Evaluation (FTE) for Armenia. This report provides 10 recommendations aimed at further enhancing fiscal transparency in the areas prioritized. Fiscal forecasts and budgets have become more forward looking and policy oriented, with the introduction of a medium-term expenditure framework (MTEF), improved fiscal objectives, and a performance budgeting system. The report presents the assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC). Armenia’s fiscal transparency practices have strengths and weaknesses in all areas of FTC: fiscal reporting, fiscal forecasting and budgeting, and fiscal risk disclosure and management. The fiscal transparency evaluation also estimates Armenia’s public sector financial position, in order to provide a more comprehensive view of public finances. Expanding the institutional coverage of Armenia’s fiscal reports to the entire public sector would increase the deficit by 1.3 percent of gross domestic product and would have a material impact on revenue and expenditure.
Download or read book Republic of Armenia Programmatic Fiscal Work written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Republic of Armenia Programmatic Fiscal Work written by Weltbank and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this report, which is the third in a series of programmatic public expenditure reviews (PPER), is to identify potential measures to strengthen public finances in line with the Government's strategy to reduce fiscal risks and support budgetary consolidation. The PPER series assesses public expenditures and their alignment with development goals. For this phase of the PPER, three areas were identified with the Government as absent from previous reports yet of particular relevance given growing spending pressures. The first is efficiency of government spending on social sectors and public investment, where efficiency is defined in terms of outcomes achieved. The second area of relevance encompasses quasi-fiscal risks and contingent liabilities of the energy sector. The third area pertains to selected subsidies, which are budgeted to rise exponentially in 2016. This report is anchored in the Country Partnership Strategy (CPS) pillars of improving governance, efficiency of public administration, and service delivery. This report is divided into three chapters, each covering the very distinct fields of fiscal management identified above: (i) first chapter covers on Macroeconomic and Fiscal Challenges; (ii) second chapter focuses on Quasi-Fiscal Pressures of the Energy Sector; and (iii) third chapter deals with the Assessment of Explicit Budget Subsidies. The report employs highly discrete conceptual and analytic frameworks for each of the analyzed areas in order to draw conclusions and provide recommendations.
Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-06-13 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stand-By Arrangement (SBA) is off to a good start, and the economic outlook is generally positive. Real GDP growth reached 12.6 percent in 2022, driven by robust consumption and a surge in inflow of income, capital, business, and labor. Growth is expected to decelerate but remain robust in 2023. Headline inflation fell to 3.2 percent (year-on-year) in April, including due to base effects, lower food inflation, dram appreciation, and monetary policy tightening. Risks to the outlook are elevated, requiring the continuation of strong policies to build resilience further.
