Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo:
EXECUTIVE SUMMARY Key issues: Kosovo faces the dual challenge of maintaining fiscal credibility and debt sustainability while shifting its growth model from one driven by remittances and consumption to one driven by investment and the tradable sector. This requires fiscal consolidation over the next...
Gespeichert in:
| Körperschaft: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
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| Schriftenreihe: | IMF Staff Country Reports: Country Report No. 15 / 210
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| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | EXECUTIVE SUMMARY Key issues: Kosovo faces the dual challenge of maintaining fiscal credibility and debt sustainability while shifting its growth model from one driven by remittances and consumption to one driven by investment and the tradable sector. This requires fiscal consolidation over the next two years that deflates unproductive current spending while increasing space for critical public investment and donor-financed capital projects. It also requires steps to further preserve financial stability, improve competitiveness, remove structural impediments to bank lending, and reduce corruption. Stand-By Arrangement (SBA): The authorities have requested a 22-month, SDR 147.5 million (250 percent of quota) SBA. An initial purchase of SDR 28.1 million would become available upon approval of this request. The program will seek to preserve low debt and financial stability and rebuild government bank balances while creating conditions for more dynamic and better-balanced growth. Specifically, policies would aim at: • Strengthening public finances through fiscal consolidation, with the deficit path within the fiscal rule's limits. This will be supported by steps to improve budget composition and deflate unproductive current spending. Capital expenditure will be protected and even enhanced through the modification of the investment clause under the fiscal rule. A new debt limit will ensure that debt remains sustainable. • Advancing financial sector reforms related to emergency liquidity assistance and risk-based supervision to bolster financial sector stability. • Raising Kosovo's long-term growth prospects. Reforms will include the introduction of a public wage bill to boost competitiveness, a new public procurement process to improve the business environment, and steps to catalyze donor-project financing related to Kosovo's large development needs |
| Beschreibung: | Description based upon print version of record |
| Beschreibung: | 1 Online-Ressource (58 p) |
| ISBN: | 1513528343 9781513528342 |
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| id | DE-604.BV048355840 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
| isbn | 1513528343 9781513528342 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033735108 |
| oclc_num | 1337131042 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (58 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Country Reports: Country Report No. 15 / 210 |
| spelling | International Monetary Fund. European Dept Verfasser aut Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo International Monetary Fund. European Dept Washington, D.C International Monetary Fund 2015 1 Online-Ressource (58 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports: Country Report No. 15 / 210 Description based upon print version of record EXECUTIVE SUMMARY Key issues: Kosovo faces the dual challenge of maintaining fiscal credibility and debt sustainability while shifting its growth model from one driven by remittances and consumption to one driven by investment and the tradable sector. This requires fiscal consolidation over the next two years that deflates unproductive current spending while increasing space for critical public investment and donor-financed capital projects. It also requires steps to further preserve financial stability, improve competitiveness, remove structural impediments to bank lending, and reduce corruption. Stand-By Arrangement (SBA): The authorities have requested a 22-month, SDR 147.5 million (250 percent of quota) SBA. An initial purchase of SDR 28.1 million would become available upon approval of this request. The program will seek to preserve low debt and financial stability and rebuild government bank balances while creating conditions for more dynamic and better-balanced growth. Specifically, policies would aim at: • Strengthening public finances through fiscal consolidation, with the deficit path within the fiscal rule's limits. This will be supported by steps to improve budget composition and deflate unproductive current spending. Capital expenditure will be protected and even enhanced through the modification of the investment clause under the fiscal rule. A new debt limit will ensure that debt remains sustainable. • Advancing financial sector reforms related to emergency liquidity assistance and risk-based supervision to bolster financial sector stability. • Raising Kosovo's long-term growth prospects. Reforms will include the introduction of a public wage bill to boost competitiveness, a new public procurement process to improve the business environment, and steps to catalyze donor-project financing related to Kosovo's large development needs Online-Ausg Electronic books International Monetary Fund. European Dept Sonstige oth http://www.elibrary.imf.org/view/IMF002/22731-9781513541020/22731-9781513541020/22731-9781513541020.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title_auth | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title_exact_search | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title_exact_search_txtP | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title_full | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo International Monetary Fund. European Dept |
| title_fullStr | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo International Monetary Fund. European Dept |
| title_full_unstemmed | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo International Monetary Fund. European Dept |
| title_short | Republic of Kosovo: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo |
| title_sort | republic of kosovo request for stand by arrangement press release staff report and statement by the executive director for republic of kosovo |
| url | http://www.elibrary.imf.org/view/IMF002/22731-9781513541020/22731-9781513541020/22731-9781513541020.xml |
| work_keys_str_mv | AT internationalmonetaryfundeuropeandept republicofkosovorequestforstandbyarrangementpressreleasestaffreportandstatementbytheexecutivedirectorforrepublicofkosovo |