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This Selected Issues paper and Statistical Appendix estimates the size of quasi-fiscal subsidies implicit in domestic energy policies in Azerbaijan. The paper highlights that from a consolidated public sector perspective, quasi-fiscal subsidies are no cheaper than fiscal or on-budget subsidies. Eventually, the budget bears the cost of the quasi-fiscal activity via reduced tax or dividend payments. The only difference between the quasi-fiscal subsidy and the on-budget subsidy is transparency. The paper also outlines a method for estimating energy-related quasi-fiscal subsidies.

Investments: Energy --- Macroeconomics --- Industries: Energy --- Energy: General --- Energy: Demand and Supply --- Prices --- Energy and the Macroeconomy --- Electric Utilities --- Investment & securities --- Petroleum, oil & gas industries --- Oil --- Energy sector --- Electricity --- Fuel prices --- Oil prices --- Commodities --- Economic sectors --- Petroleum industry and trade --- Energy industries --- Electric utilities --- Azerbaijan, Republic of

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This paper explores from a regional perspective the distorted nature of trade in energy products within the CIS countries. The persistence of pricing distortions, barter arrangements, and discriminatory access to pipelines, as well as failure to honor contracts, has disrupted and distorted energy exports to non-CIS countries, undermined energy sector reforms, and distorted investment decisions. The paper focuses on cross-border issues as an integral component of the wider problem of inefficient energy use within the CIS. Several policy recommendations are proposed, including measures to foster greater competition, reduce state involvement, and promote regional cooperation.

Investments: Energy --- Exports and Imports --- Macroeconomics --- Industries: Energy --- Empirical Studies of Trade --- Economic Integration --- Gas Utilities --- Pipelines --- Water Utilities --- Energy: General --- Trade: General --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Prices --- Electric Utilities --- Investment & securities --- International economics --- Petroleum, oil & gas industries --- Oil --- Exports --- Energy sector --- Energy prices --- Electricity --- Commodities --- International trade --- Economic sectors --- Petroleum industry and trade --- Energy industries --- Electric utilities --- Russian Federation

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A decade into the transition, many of the successor states of the former Soviet Union (FSU) continue to use energy sector quasi-fiscal activities (QFAs), especially low energy prices and the toleration of payment arrears, to provide large implicit and untargeted subsidies. These activities disguise the overall size of the government, cause overconsumption and waste, and contribute to macroeconomic imbalances. This paper analyses such activities in FSU countries, with particular emphasis on two case studies (Azerbaijan and Ukraine). The paper's policy conclusions point to the need to increase energy prices, combined with a strengthening of safety nets to protect the poor, better enforcement of payment discipline, and more efforts to achieve fiscal transparency.

Banks and Banking --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Industries: Energy --- Fiscal Policy --- Structure, Scope, and Performance of Government --- Taxation, Subsidies, and Revenue: General --- Mining, Extraction, and Refining: Hydrocarbon Fuels --- Electric Utilities --- Gas Utilities --- Pipelines --- Water Utilities --- Energy and the Macroeconomy --- International Lending and Debt Problems --- Energy: Demand and Supply --- Prices --- Central Banks and Their Policies --- Petroleum, oil & gas industries --- International economics --- Investment & securities --- Banking --- Energy sector --- Arrears --- Electricity --- Energy prices --- Quasi-fiscal operations --- Economic sectors --- External debt --- Commodities --- Central banks --- Energy industries --- Debts, External --- Electric utilities --- Banks and banking, Central --- Azerbaijan, Republic of

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This paper assesses Azerbaijan’s 2001 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Economic and financial performance was satisfactory, and all quantitative performance criteria were met. Implementation of structural reforms was somewhat slower than programmed, and the authorities are requesting waivers for nonobservance of three structural performance criteria for end-September 2001 and the continuous performance criterion on the stock of external arrears. The adoption of regulations on the oil fund budget was done on time.

Budgeting --- Investments: Energy --- Money and Monetary Policy --- Public Finance --- Industries: Energy --- Energy and the Macroeconomy --- Energy: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Petroleum, oil & gas industries --- Investment & securities --- Budgeting & financial management --- Public finance & taxation --- Monetary economics --- Energy sector --- Oil --- Budget planning and preparation --- Expenditure --- Monetary base --- Commodities --- Economic sectors --- Public financial management (PFM) --- Money --- Energy industries --- Petroleum industry and trade --- Budget --- Expenditures, Public --- Money supply --- Azerbaijan, Republic of

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This paper focuses on the Republic of Armenia’s 2002 Article IV Consultation, First and Second Reviews Under the Poverty Reduction and Growth Facility (PRGF), and a Request for Waiver of Performance Criteria. The PRGF-supported program approved in 2001 focuses on revenue mobilization, the clearance of government arrears, and a decline in the deficit of the energy sector. Performance during the first year of the program was mixed. Tax collection was sluggish, and delays with structural reforms in the energy, water, and irrigation sectors led to the nonobservance of several quantitative performance criteria under the program.

Banks and Banking --- Exports and Imports --- Public Finance --- Taxation --- Social Services and Welfare --- Industries: Energy --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Government Policy --- Provision and Effects of Welfare Program --- National Government Expenditures and Related Policies: General --- Energy and the Macroeconomy --- International economics --- Banking --- Public finance & taxation --- Social welfare & social services --- Petroleum, oil & gas industries --- Revenue administration --- Arrears --- Commercial banks --- Poverty reduction strategy --- External debt --- Expenditure --- Energy sector --- Economic sectors --- Poverty --- Debts, External --- Banks and banking --- Revenue --- Expenditures, Public --- Energy industries --- Armenia, Republic of