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International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.
Macroeconomics --- Economics: General --- Foreign Exchange --- Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Finance --- Exchange rate arrangements --- Exchange rate flexibility --- Exchange rates --- Exchange rate policy --- Currency markets --- Financial markets --- Currency crises --- Informal sector --- Economics --- Foreign exchange market --- Guyana
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In the attached letter, the Somali authorities request an extension of the date on which the arrangement under the Extended Credit Facility (ECF) will automatically expire unless a review is completed to August 17, 2022. On March 25, 2020, the Executive Board approved Somalia’s HIPC Initiative Decision Point1 and a three-year arrangement under the ECF.2 The first review under the ECF arrangement was completed by the Executive Board on November 18, 2020.3 However, as no review has been completed since then, the ECF arrangement is set to automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. Under Fund policy, the Board may decide to delay the automatic expiry of the arrangement by up to three months if staff and the authorities appear close to reaching understandings on targets and measures to put the ECF-supported program back on track.
Money and Monetary Policy --- International Economics --- Public Finance --- Economic Development --- Exports and Imports --- Monetary Policy --- International Agreements and Observance --- International Organizations --- National Government Expenditures and Related Policies: General --- Development Planning and Policy: General --- Foreign Aid --- Monetary economics --- International institutions --- Public finance & taxation --- Development economics & emerging economies --- International economics --- Monetary policy --- International organization --- Public financial management (PFM) --- Development --- Foreign aid --- International agencies --- Finance, Public --- Economic development --- International relief --- Somalia
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The Bank Al-Maghrib (BAM) has implemented expanded and comprehensive transparency practices in a number of areas, notably related to the primary mandate of price stability and the shared mandate of financial stability. This reflects the BAM’s public commitment to transparency anchored in the new 2019 BAM Law and articulated as a strategic orientation under the quinquennial plan for 2019-2023. This level of transparency enabled the BAM to gain the noteworthy trust of the stakeholders met by the mission and to safeguard its autonomy.
Money and Monetary Policy --- International Economics --- Foreign Exchange --- Finance: General --- Public Finance --- Banks and Banking --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- General Financial Markets: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- Central Banks and Their Policies --- Monetary economics --- International institutions --- Currency --- Foreign exchange --- Finance --- Public finance & taxation --- Banking --- Monetary policy --- International organization --- Exchange rate arrangements --- Exchange rate policy --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration transparency and accountability --- Revenue administration --- International agencies --- Financial services industry --- Revenue --- Morocco
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Bolivia has achieved noteworthy success over the past 15 years in raising incomes, reducing poverty, and maintaining macroeconomic stability by deploying commodity revenues to finance transfers, public investment, and state-led development, using an exchange rate peg as a policy anchor. However, with the end of the commodity boom in 2014, fiscal deficits have grown and reserves have fallen. One route to restoring long-run sustainability would be to combine fiscal consolidation with a switch to a floating exchange rate. However, a preference for maintaining the peg could be accommodated with adjustments elsewhere in the policy framework. Employing a detailed dynamic stochastic general equilibrium model of the Bolivian economy, this study assesses the long-run sustainability and relative benefits of alternative policy combinations, and calculates optimal adjustment paths for the transition from the present situation to the steady state. It concludes that continued adherence to a fixed-rate regime, while not optimal, is feasible, if supported by a larger fiscal effort.
Macroeconomics --- Economics: General --- Foreign Exchange --- Public Finance --- Optimization Techniques --- Programming Models --- Dynamic Analysis --- Current Account Adjustment --- Short-term Capital Movements --- International Monetary Arrangements and Institutions --- Open Economy Macroeconomics --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Public finance & taxation --- Exchange rate arrangements --- Conventional peg --- Floating exchange rates --- Government debt management --- Public financial management (PFM) --- Fiscal policy --- Exchange rate flexibility --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Bolivia
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Based on internal data, this paper finds that the capacity development program of the IMF’s Statistics Department has prioritized technical assistance and training to fragile and conflict-affected states. These interventions have yielded only slightly weaker results in fragile states than in other states. However, capacity development is constantly needed to make up for the dissipation of progress resulting from insufficient resources that fragile and conflict-affected states allocate to the statistical function, inadequate inter-agency coordination, and the pervasive impact of shocks exogenous to the statistical system. Greater coordination with other capacity development providers and within the IMF can help partially overcome low absorptive capacity in fragile states. Statistical capacity development is more effective when it is tailored to countries’ level of fragility.
Macroeconomics --- Economics: General --- Statistics --- Information Management --- Data Transmission Systems --- Exports and Imports --- Development Planning and Policy: Other --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Aggregate Factor Income Distribution --- General Aggregative Models: General --- IT Management --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Economic & financial crises & disasters --- Economics of specific sectors --- Econometrics & economic statistics --- Knowledge management --- Finance --- Data capture & analysis --- Income --- National accounts --- Government finance statistics --- Economic and financial statistics --- External sector statistics --- Information and data management --- Technology --- Currency crises --- Informal sector --- Economics --- National income --- Economic statistics --- Information resources management --- Djibouti
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