Republic of Kosovo: First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion.
International Monetary Fund, Jul 17, 2012 - Business & Economics - 49 pages
This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.
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0.0 Percent 3.188 million SDR Amortization April Bank of Kosovo beneﬁt creating laws Capital expenditure capital spending capital/risk weighted assets Central Bank Civil Servants Commercial banks continuous performance criteria cumulative foryear deﬁcit Deposits Domestic Donor sector end-August estimates and projections Euro millions excl Exports February 28 ﬁnancing ﬁrst review Fiscal Foreign direct investment GDP millions government bank balances Gross Financing Requirements Highway project IMF staff estimates incl Indirect taxes Interest income Kosovo authorities Liquid assets LPFMA Memorandum items million SDR 3.188 millions of euros millions of SDR municipalities NPL ratio official transfers Own-source revenue PAK-related spending PAK’s activities percent of GDP Percent of quota privatization and liquidation prospective purchases Quantitative performance criteria receipts reﬂecting Republic of Kosovo revenue collection robust SBA review SDR 3.188 million secondary legislation speciﬁed structural benchmark Subsidies and transfers taxes Total primary revenue Trust fund UNMIK World Bank