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Economic stabilization --- Investment of public funds --- Financial crises --- Management. --- Management. --- United States. --- Troubled Asset Relief Program (U.S.) --- Management. --- Evaluation.

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This paper discusses the status of Ukraine’s Eurobond held by the Russian Federation. The bond was acquired by Russia’s National Wealth Fund (NWF) pursuant to a decision by the Russian Government to provide assistance to Ukraine. In public statements at the time the bond was issued, Russia’s Finance Minister, Mr. Siluanov, explained that assistance was being provided via the NWF because the funds had not been appropriated in the federal budget, ruling out a direct intergovernmental credit. The IMF staff is of the view that the Eurobond is an official claim for the purposes of the IMF’s policy on arrears to official bilateral creditors.

Bonds --- Sovereign wealth funds --- Funds, Sovereign wealth --- SWFs (Sovereign wealth funds) --- Investment of public funds --- Bond issues --- Debentures --- Negotiable instruments --- Securities --- Debts, Public --- Stocks --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- E-books --- Budgeting --- Exports and Imports --- Investments: Bonds --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- International Lending and Debt Problems --- Trade Policy --- International Trade Organizations --- National Budget --- Budget Systems --- International economics --- Monetary economics --- Investment & securities --- Budgeting & financial management --- Arrears --- Credit ratings --- Credit --- Export credits --- Financial institutions --- External debt --- Money --- International trade --- Debts, External --- Export credit --- Ukraine

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Infrastructure bottlenecks have been identified as a key obstacle to growth affecting productivity and market efficiency, and hindering domestic integration and export performance. This paper assesses the state of Brazil’s infrastructure, in light of past investment trends and various quality and quantity indicators. Brazil’s infrastructure stock and its quality rank low in relation to that of comparator countries, chosen amongst main export competitors. We provide evidence that infrastructure affects domestic integration by analyzing price convergence of tradable goods across major cities. The government’s concession program will narrow part of the infrastructure gap, however, governance reforms will be crucial to improving investment efficiency.

Infrastructure (Economics) --- Transportation --- Public investments --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Finance --- Exports and Imports --- Infrastructure --- Investments: General --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Economic History: Transport, Trade, Energy, Technology, and Other Services: Latin America --- Caribbean --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Investment --- Capital --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Trade: General --- Macroeconomics --- Public finance & taxation --- International economics --- Private investment --- Public investment spending --- Exports --- National accounts --- Expenditure --- International trade --- Saving and investment --- Brazil

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EXECUTIVE SUMMARY A transition government has been put in place to lead the country to elections in October 2015 and wishes to continue the existing ECF arrangement. The authorities feel the program provides continuity for the transition, and helps safeguard macroeconomic stability, while supporting reforms to address long-standing structural problems. Program performance has been satisfactory, with all performance criteria and most quantitative targets and structural benchmarks met. Staff’s assessment is that the transition authorities have the technical capacity and political will to implement the agreed measures. Growth has been revised downwards following multiple shocks. Reductions in commodity prices for the country’s two leading exports, the impact of Ebola in the region on tourism and services, and political uncertainty leading up to resignation of Compaoré’s government in late October 2014 all contributed to a marked slowdown in growth. Real growth is estimated to have been 4 percent in 2014 and is projected at 5 percent for 2015. Lower fiscal revenues forced large spending reduction/import compression. To eliminate large external and fiscal imbalances implied by the shocks and recent depreciation of the CFAF against the US dollar, through the CFAF peg to the euro, the transition government has reduced spending sharply. Even with spending adjustment, revenue measures, and additional budget support commitments from donors, large reserves drawdown will be required meet balance of payment needs. Together with approval of the delayed 2nd review and the 3rd review, the authorities request 40 percent of quota augmentation of access to help meet immediate balance of payments needs. Forward-looking program commitments encompass wide-ranging measures that have both immediate and longer term impacts. Revenue measures aim to reduce fraud and increase revenue intake, along with passage of the long-awaited revised mining code. Spending measures aim to safeguard priority social spending and contain the public wage bill. Extensive reforms are underway to improve budget transparency and cash management, after cash rationing in 2014 gave rise to domestic arrears. Finally, the authorities will implement recommendations of recent audits of state-owned energy companies, including performance contracts to regularize financial obligations and reduce costs, providing scope for better cost recovery, including through more flexible price-setting, in the future.

Public investments --- Competition --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Economic aspects --- Finance --- Exports and Imports --- Macroeconomics --- Public Finance --- Economic Development --- Natural Resource Extraction --- Money and Monetary Policy --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Industry Studies: Primary Products and Construction: General --- Energy: Demand and Supply --- Prices --- Taxation, Subsidies, and Revenue: General --- International economics --- Public finance & taxation --- Extractive industries --- Development economics & emerging economies --- Monetary economics --- External debt --- Public debt --- Expenditure --- Debt sustainability analysis --- Fiscal policy --- Arrears --- Debts, External --- Debts, Public --- Mineral industries --- Revenue --- Burkina Faso

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The global boom in hydrocarbon, metal and mineral prices since the year 2000 created huge economic rents - rents which, once invested, were widely expected to promote productivity growth in other parts of the booming economies, creating a lasting legacy of the boom years. This paper asks whether this has happened. To properly address this question the empirical strategy must look behind the veil of the booming sector because that, by definition, will boom in a boom. So the paper considers new data on GDP per person outside of the resource sector. Despite having vast sums to invest, GDP growth per-capita outside of the booming sectors appears on average to have been no faster during the boom years than before. The paper finds no country in which (non-resource) growth per-person has been statisticallysignificantly higher during the boom years. In some Gulf states, oil rents have financed a migration-facilitated economic expansion with small or negative productivity gains. Overall, there is little evidence the booms have left behind the anticipated productivity transformation in the domestic economies. It appears that current policies are, overall, prooving insufficient to spur lasting development outside resource intensive sectors.

Economic development --- Public investments --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Econometric models. --- Finance --- Investments: Energy --- Labor --- Public Finance --- Natural Resources --- Economic Development: Agriculture --- Energy --- Environment --- Other Primary Products --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Resource Booms --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- National Government Expenditures and Related Policies: General --- Energy: General --- Environmental management --- Public finance & taxation --- Labour --- income economics --- Investment & securities --- Natural resources --- Public investment spending --- Human capital --- Public expenditure review --- Oil --- Expenditure --- Commodities --- Petroleum industry and trade --- United Arab Emirates