Liberia Third Review Under The Extended Credit Facility Arrangement And Request For Waiver Of Nonobservance Of Performance Criterion And Modification Of Performance Criteria Staff Report And Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498397875
Size: 50.79 MB
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This paper focuses on Liberia’s Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waiver of Nonobservance of Performance Criterion (PC) and Modification of Performance Criteria. Real GDP grew at 8.7 percent in 2013 and is projected to decline to 5.9 percent in 2014 as mining production decelerates. Most end-December 2013 PCs and indicative targets (ITs) were met, except for the PC on government revenue and the IT on external borrowing. Four out of five structural benchmarks were met on time. The IMF staff supports the completion of the third ECF review.


Author: International Monetary Fund. African Dept
ISBN: 9781484311523
Size: 33.47 MB
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KEY ISSUES Context: Real GDP growth is projected to remain robust at 8.1 percent in 2013, led bymining, construction, and services. Inflation should reach 8.5 percent in December (y/y)due to higher international food prices and recent exchange rate pressures. The baseline outlook is positive, with new mining projects and plantations due to start operations inthe coming years. Downside risks stem from delays in public investment, and uncertaintylinked to the weak external environment. Accelerating implementation of the authorities'poverty reduction strategy, the Agenda for Transformation, and in particular road andenergy projects, is key to boosting growth in the non-mining sector and reduce poverty.Policies: Fiscal policy focuses on scaling-up public investment while maintaining debtsustainability and strengthening project execution capacity. Budget implementationhas improved, but weaknesses in liquidity management have led to repeatedspending overruns in FY2012 and FY2013. After delays in securing external financing,recent agreements bring debt close to the program limits. The monetary and exchange rate policy framework needs to be strengthened. In thehighly dollarized setting, an increase in government spending in Liberian dollars ledto exchange rate and inflation pressures. In the context of the recent launch of bothT-bills and CBL bills, improved liquidity management and forecasting would be keysteps towards establishing a monetary policy anchor. The authorities continue to make headway with their structural reform agenda. TheProject Management Unit will help ensure readiness and quality of investmentprojects. Progress towards a Treasury Single Account continues, albeit with delays.The creation of the Liberia Revenue Authority will help strengthen tax administration.Program performance: Program performance has weakened relative to the previousreview, as well as the former ECF-supported arrangement. Three out of six performancecriteria (PCs) and two out of four indicative targets (ITs) were missed. Although deviationsfrom two PCs were only minor, foreign reserves fell below the program floor byUS$14 million, reflecting the CBL's larger sales of U.S. dollars to mitigate exchange ratepressures, the launch of a new credit stimulus scheme, and high operationalexpenditures. Four out of eight structural benchmarks were met, including two withdelays; three are proposed to be re-set, and one (on procurement plans) became a prioraction. An update of the 2011 safeguards assessment has been completed.

Imf Financial Operations 2014

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1484317440
Size: 35.82 MB
Format: PDF
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IMF Financial Operations 2014 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF’s activities during the most recent financial year. This publication updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF’s structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007-09 and the institutional reforms aimed at ensuring that the IMF’s governance structure evolves in line with developments in the global economy, as well as reforms to the IMF’s income model.

Foreign Direct Investment

Author: Neil K. Patterson
Publisher: International Monetary Fund
ISBN: 1451938403
Size: 50.84 MB
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The increasing importance of multinational enterprises in the global economy has stimulated interest in improving the availability, accuracy, and comparability of foreign direct investment (FDI) statistics among policymakers, analysts, and statisticians. This report notes recent trends in FDI and examines the progress made in moving toward compilation of FDI statistics in accordance with standards established by the IMF and the Organization for Economic Cooperation and Development (OECD). The report also reviews international recommendations for the compilation, analysis, and dissemination of FDI data and notes discrepancies in global balance of payments statistics and in data on bilateral FDI stocks. In addition, the report provides information on selected countries' current practices in measuring FDI--on the basis of results from a joint IMF/OECD survey that covered 30 OECD countries and 31 other IMF member countries and was the subject of Foreign Direct Investment Statistics: How Countries Measure FDI 2001, published by the IMF and OECD in 2003.

Risks And Reconstruction

Author: Michael M. Cernea
Publisher: World Bank Publications
ISBN: 9780821344446
Size: 44.65 MB
Format: PDF, Mobi
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This book offers a multidimensional comparative analysis of two large groups of the world's displaced populations : resettlers uprooted by development and refugees fleeing military conflicts or natural calamities. The authors explore common central issues: the condition of being "displaced," the risks of impoverishment and destitu-tion, the rights and entitlements of those uprooted, and, most important, the means of reconstruction of their livelihoods. (Adapté de l'Introduction).

Europe S Role In Nation Building

Author: James Dobbins
Publisher: Rand Corporation
ISBN: 083304138X
Size: 68.79 MB
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The European Union and its member nations have proven adept at mounting small-scale nation-building operations and should be ready to handle more substantial missions. Building on prior RAND work, this volume presents six case studies of recent European-led nation-building missions, in Albania, Sierra Leone, Macedonia, Côte d'Ivoire, the Congo, and Bosnia, as well as a review of the Australian mission to the Solomon Islands.

Farthing On International Shipping

Author: Proshanto K. Mukherjee
Publisher: Springer Science & Business Media
ISBN: 3642345980
Size: 51.57 MB
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The book provides an introduction to shipping in all its aspects. It is a valuable source of information for students of traditional maritime law as well as for those who seek to understand maritime and shipping services on a global scale. The text includes information and analytical content on national and international practices in shipping, including the age-old dichotomy between freedom in international shipping and the persistent demands of states to control specific maritime areas, as well as the tension between, on the one hand, the desire on the part of sovereign states to regulate and protect their shipping interests and, on the other, the abiding concern and unquestioned right of the international community to regulate the global shipping industry effectively, in order to ensure maritime safety, protection of the environment and fair competition.

Voyages Of Abuse

Author: A. D. Couper
Publisher: Pluto Press
ISBN: 9780745315409
Size: 30.31 MB
Format: PDF
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'Voyages of Abuse is a most useful and much needed addition to the ocean literature ... The book is extremely well written and painstakingly documented ... The detailed case histories will shake some consciences.' Elisabeth Mann Borgese, Founder and Honorary Chair for Life, International Ocean Institute, Malta'This book is a fine contribution to the ongoing debate about global governance in shipping and will doubtless help in persuading those who remain opposed to the notion that with flag state rights come flag state responsibilities.' David Cockroft, ITF General Secretary'Professor Couper is well known in maritime circles for his passion and commitment for the welfare of the men and women of the sea. This book is a valuable addition to the cause of seafarers and their human rights. I warmly recommend it to all those who have the wellbeing of the shipping industry at heart.' Rev Jacques Harel, General Secretary, International Christian Maritime AssociationVoyages of Abuse details the deplorable conditions that exist in a minority sector of international shipping operating mainly, although not exclusively, under flags of convenience. In a horrific account of human rights abuses that would be little tolerated in the countries of the shipowners, the authors demonstrate that governments often pay little attention to cases of robbery, abandonment, deprivation and even death perpetrated by these shipowners or on vessels bearing their national flag. The financial and shipping institutions that support substandard shipowners are also prepared to ignore the plight of the individual seafarer serving on the ships under their tenure.The authors draw on case studies to illustrate the issues, including a perspective on Adriatic Tanker Company of Greece and examples of incompetent management and the reckless finance provisions in merchant shipping. The authors also examine the plight of seafarers' families, who are particularly vulnerable, and the legal rights of abused and abandoned seafarers. They conclude by arguing for a global governance of shipping.