Albania First Review Under The Extended Arrangement And Request For Modification Of Performance Criteria Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498337309
Size: 43.56 MB
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KEY ISSUES Background: On February 28, the Executive Board approved a three-year Extended Arrangement with access of SDR 295.42 million (492.4 percent of quota). A purchase of SDR 23.55 million (about EUR 26.4 million) was made in April 2014, and another will be made in the same amount upon completion of the first review. Recent Economic Developments: Growth in 2013 was the lowest in more than 15 years. The economy is showing tentative signs of recovery, but remains below potential. Successive monetary easing has not prevented credit contraction. The banking system remains stable, but asset quality is a concern. Program Performance and Risks: The program is on track. All end-March quantitative performance criteria and structural benchmarks were met, except for the structural benchmark on contracting an external auditor to conduct risk-based audits of arrears payments, which was not met but the government expects to complete in the coming weeks. An indicative target on accumulation of new arrears was not met although by a small margin and inflation has been slightly below the inner band prescribed under the inflation consultation clause. Program risks emanate from the complexity of reforms, particularly in electricity sector, and the need for sustained political commitment over the medium term. Policy Recommendations: No new fiscal measures will be needed in 2014, but the authorities should tackle emerging fiscal risks. Arrears clearance can be accelerated once external audits have progressed sufficiently. Addressing high NPLs will require continued efforts to clean bank and private sector balance sheets. Preparatory work related to the 2015 budget and structural reforms should start soon.

Albania

Author: International Monetary Fund
Publisher:
ISBN: 9781513525310
Size: 13.39 MB
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This paper discusses Albania's Fourth Review Under the Extended Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria (PC). Economic recovery is under way, but growth remains below potential. The low oil price is expected to have a muted effect on growth and on the balance of payments, as pass-through is weak and Albania is only a small net oil exporter. The program is on track. All end-December 2014 and continuous PCs and most indicative targets were met, with comfortable margins. The IMF staff supports the completion of the Fourth Review under the Extended Arrangement, as well as the modification and waiver of applicability of PC.

Albania Fourth Review Under The Extended Arrangement And Request For Modification And Waiver Of Applicability Of Performance Criteria Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513597191
Size: 54.21 MB
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KEY ISSUES Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, three purchases totaling the equivalent of SDR 94.2 million have been made, and another one equivalent to SDR 28.88 million will be made available upon completion of the fourth review. Recent Economic Developments: Economic recovery is underway, but growth remains below potential. The low oil price is expected to have a muted effect on growth and on the balance of payments, as pass-through is weak and Albania is only a small net oil exporter. High non-performing loans (NPLs) make banks risk-averse, and credit growth remains sluggish despite monetary easing. Program Performance and Risks: The program is on track. All end-December 2014 and continuous performance criteria (PCs) and most indicative targets (ITs) were met, with comfortable margins. An exception was the IT on new domestic arrears, which was missed by a small margin; the authorities will repay the arrears by end-April and have taken other corrective measures to prevent arrears from recurring. Inflation has been slightly below the inner band prescribed under the inflation consultation clause. All but one structural benchmarks (SBs) were implemented, though two more were delayed. Delays in the appointment of a new central bank governor as well as in procurement postponed the hiring of an external expert to assist the Bank of Albania’s Audit Committee from February to May 2015. Program risks emanate from external disinflationary pressures, the complexity of electricity sector reforms, and the need for sustained political commitment to fiscal adjustment. The authorities request, and staff supports, a modification of PCs for August and December 2015, and a waiver of applicability for all end-April 2015 PCs. Policy Recommendations: The authorities should shield the 2015 budget deficit target from the risk of falling oil royalties and external disinflationary pressures. Reducing public debt over the medium term will require political commitment to sustain the significant fiscal consolidation which began in 2014. The central bank’s cautious monetary easing is broadly appropriate. Addressing the high stock of NPLs is crucial for reviving credit. The micro-prudential focus on the fastest-growing segments of the banking system is appropriate. Regulatory gaps in nonbank supervision should be filled promptly. While the early results from the authorities’ ambitious power sector reform have been impressive, sustaining the effort is critical.

Albania Second And Third Reviews Under The Extended Arrangement And Request For Waiver For The Nonobservance Of Performance Criterion Waiver Of Applicability Of Performance Criteria And Rephasing Of Future Disbursements Staff Report Press Release And Statement By The Executive Director For Albania

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1616357673
Size: 27.68 MB
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This paper discusses Albania’s Second and Third Reviews Under the Extended Arrangement and Request for Waiver for the Nonobservance of Performance Criterion, Waiver of Applicability of PCs, and Rephasing of Future Disbursements. The program is on track. All end-June, end-September, and available end-December quantitative PCs were met. However, the continuous PC on the accumulation of external arrears was not observed because of technical delay with one interest payment. The IMF staff supports the authorities’ request for the completion of the second and third reviews under the Extended Arrangement, waiver of applicability of PCs, and rephasing of future disbursements.

Ten Steps To A Results Based Monitoring And Evaluation System

Author: Jody Zall Kusek
Publisher: World Bank Publications
ISBN: 0821389076
Size: 45.43 MB
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This Handbook provides a comprehensive ten-step model that will help guide development practitioners through the process of designing and building a results-based monitoring and evaluation system.

Safeguarding Financial Stability Theory And Practice

Author: Garry J. Schinasi
Publisher: International Monetary Fund
ISBN: 9781589064409
Size: 75.47 MB
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How is finance related to economic processes, and why should it be viewed as a public good requiring policy action? This book provides an answer. The book develops a practical framework for safeguarding financial stability, which encompasses both prevention and resolution of problems. It also examines on-going and future challenges to financial stability posed by globalization, a growing reliance on derivatives and their markets, and the capital market activities of insurers and reinsurers.

World Report On Disability

Author: World Health Organization
Publisher:
ISBN: 9789241564182
Size: 27.18 MB
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The World Report on Disability suggests more than a billion people totally experience disability. They generally have poorer health, lower education and fewer economic opportunities and higher rates of poverty than people without disabilities. This report provides the best available evidence about what works to overcome barriers to better care and services.