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This note provides updated general guidance on the use of the Policy Coordination Instrument (PCI). The PCI is a non-financing instrument designed for countries that, at the time of the PCI request, are seeking to unlock financing from sources other than the Fund and/or to demonstrate a commitment to a reform agenda. Since its establishment in 2017 as part of the Fund’s work on the Global Financial Safety Net, the PCI has been used by several members. These experiences helped establish and refine best practices, which are reflected in this updated operational guidance note together with changes to the PCI policy approved by the Executive Board on October 4, 2023. The note covers operational issues in a broad range of areas such as purpose, objectives, eligibility, modalities, applicability of UFR-related and other relevant policies, design of a PCI-supported program, conditionality framework, review schedule , and a comparison with other lending instruments. The note is an aid to the implementation of the PCI policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with the policy approved by the Board, the PCI policy shall prevail.
Arrears --- Balance of payments need --- Balance of payments --- Current Account Adjustment --- Debts, External --- Economics --- Exports and Imports --- External debt --- Government Policy --- International economics --- International Lending and Debt Problems --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Political Economy --- Political economy --- Poverty reduction strategy --- Poverty --- Provision and Effects of Welfare Program --- Short-term Capital Movements --- Social Services and Welfare --- Social welfare & social services
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This paper presents the last six borrowing agreements that were concluded between October 2023 and February 2024 to provide new loan resources to the Poverty Reduction and Growth Trust (PRGT) as part of the loan mobilization round launched in July 2021 to support low-income countries (LICs) during the pandemic and beyond. Five of the six agreements use SDRs in the context of SDR channeling. Together these borrowing agreements provide a total amount of SDR 3.9 billion in new PRGT loan resources. The 2021 loan fundraising campaign was concluded successfully. It mobilized total contributions of SDR 14.65 billion from 17 PRGT lenders, well exceeding the SDR 12.6 billion loan target.
Banks and Banking --- Banks --- Depository Institutions --- Economics --- Finance --- Financial institutions --- Financial services --- Government Policy --- Industries: Financial Services --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Loans --- Micro Finance Institutions --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Mortgages --- Political Economy --- Political economy --- Poverty reduction and development --- Poverty --- Provision and Effects of Welfare Program --- Sdr interest rate --- Social Services and Welfare --- Social welfare & social services
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The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Consumption --- Deflation --- Economics --- Education --- Expenditures, Public --- External debt --- Government Policy --- Household consumption --- Inflation --- Macroeconomics --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- National accounts --- National Government Expenditures and Welfare Programs --- Political Economy --- Political economy --- Poverty & precarity --- Poverty and Homelessness --- Poverty reduction --- Poverty --- Price Level --- Prices --- Provision and Effects of Welfare Program --- Public finance & taxation --- Public Finance --- Social Services and Welfare --- Social welfare & social services --- Urban, Rural, and Regional Economics: Household Analysis: General --- Welfare, Well-Being, and Poverty: General
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During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks.
Aging --- Demography --- Economics of the Elderly --- Economics of the Handicapped --- Expenditure --- Government Policy --- Income tax --- Labor --- National Government Expenditures and Welfare Programs --- Non-labor Market Discrimination --- Nonwage Labor Costs and Benefits --- Pension spending --- Pension system sustainability --- Pensions --- Personal Finance -Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Population & demography --- Population aging --- Population and demographics --- Private Pensions --- Provision and Effects of Welfare Program --- Public finance & taxation --- Public Finance --- Social Security and Public Pensions --- Tax allowances --- Taxes --- Bulgaria
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Prioritizing populations most in need of social assistance is an important policy decision. In the Eastern Caribbean, social assistance targeting is constrained by limited data and the need for rapid support in times of large economic and natural disaster shocks. We leverage recent advances in machine learning and satellite imagery processing to propose an implementable strategy in the face of these constraints. We show that local well-being can be predicted with high accuracy in the Eastern Caribbean region using satellite data and that such predictions can be used to improve targeting by reducing aggregation bias, better allocating resources across areas, and proxying for information difficult to verify.
Aggregate Factor Income Distribution --- Climate --- Computational Techniques --- Crisis Management --- Currency crises --- Demographic Economics: General --- Demography --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Environment --- Expenditures, Public --- Global Warming --- Government Policy --- Income --- Informal sector --- Intelligence (AI) & Semantics --- Machine learning --- Macroeconomics --- Microeconomic Analyses of Economic Development --- National accounts --- National Government Expenditures and Welfare Programs --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Population & demography --- Population and demographics --- Population --- Provision and Effects of Welfare Program --- Public finance & taxation --- Public Finance --- Technological Change: Choices and Consequences --- Technology
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Social protection programs are crucial for stabilizing household income, especially during crises. Brazil's response to the pandemic, the Auxilio Emergencial (AE) program, demonstrated the value of a resilient social safety net and digital tools. This study assesses AE's effectiveness in income stabilization, poverty reduction, and inequality. Results show that the pre-pandemic social protection system would have only buffered about a quarter of income loss, with unemployment insurance more significant for higher-income households, and social safety net transfers crucial for lower-income households, especially those in informal employment. AE successfully supported lower-income households during the pandemic, but its generosity went beyond the stabilization of income, resulting in large fiscal costs.
Aggregate Factor Income Distribution --- Communicable diseases --- Covid-19 --- Currency crises --- Debt Management --- Debt --- Demand and Supply of Labor: General --- Diseases: Contagious --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Expenditure --- Expenditures, Public --- Government Policy --- Health Behavior --- Health --- Income economics --- Income --- Infectious & contagious diseases --- Informal sector --- Labor market --- Labor markets --- Labor --- Labour --- Macroeconomics --- Measurement and Analysis of Poverty --- National accounts --- National Government Expenditures and Welfare Programs --- Provision and Effects of Welfare Program --- Public finance & taxation --- Public Finance --- Social assistance spending --- Social protection spending --- Sovereign Debt
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This paper investigates the impact of automation on the U.S. labor market from 2000 to 2007, specifically examining whether more generous social protection programs can mitigate negative effects. Following Acemoglu and Restrepo (2020), the study finds that areas with higher robot adoption reduced employment and wages, in particular for workers without collegue degree. Notably, the paper exploits differences in social protection generosity across states and finds that areas with more generous unemployment insurance (UI) alleviated the negative effects on wages, especially for less-skilled workers. The results suggest that UI allowed displaced workers to find better matches The findings emphasize the importance of robust social protection policies in addressing the challenges posed by automation, contributing valuable insights for policymakers.
Aggregate Human Capital --- Aggregate Labor Productivity --- Automation --- Currency crises --- Demand and Supply of Labor: General --- Diffusion Processes --- Economic & financial crises & disasters --- Economic sectors --- Economic theory --- Economics of specific sectors --- Economics --- Economics: General --- Employment --- Expenditure --- Financial crises --- Government Policy --- Income economics --- Informal sector --- Intergenerational Income Distribution --- Labor market --- Labor markets --- Labor --- Labour --- Macroeconomics --- Measurement and Analysis of Poverty --- National Government Expenditures and Welfare Programs --- Plant Closings --- Provision and Effects of Welfare Program --- Public finance & taxation --- Public Finance --- Robotics --- Severance Pay --- Technological Change: Choices and Consequences --- Technology --- Unemployment benefits --- Unemployment Insurance --- Unemployment insurance --- Unemployment --- Wages --- Wages, Compensation, and Labor Costs: General
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Le Mémento des marchés publics et des PPP présente de manière claire et structurée la méthode des pouvoirs publics pour effectuer des travaux, acheter des biens et des services ou réaliser des opérations analogues. Il expose aussi les principales techniques de Partenariat Public-Privé, phénomène d’intérêt croissant. L’auteur expose logiquement le déroulement d’une opération, de sa conception à sa réalisation effective. Dans cette perspective, il se fonde sur un examen minutieux de la législation, de la doctrine et de la jurisprudence belge et européenne, et ne manque pas de référer fréquemment aux expériences étrangères. L'ouvrage intègre également les textes légaux fondamentaux actualisés et dans leur version intégrale.
Juridische aspecten : Overheidsopdrachten --- Aspects juridiques : Marchés publics --- Government purchasing --- Public-private sector cooperation --- Marchés publics --- Partenariat public-privé --- Law and legislation --- Droit --- Belgique --- Marchés publics (Administration publique) --- Droit administratif. --- Marchés publics. --- Belgique. --- Marchés publics Overheidsopdrachten --- législation --- overheidsopdrachten --- participation politique --- politiskā līdzdalība --- политичко учешће --- partycypacja polityczna --- përfshirje politike --- poliittinen osallistuminen --- politikai részvétel --- politično udejstvovanje --- participación política --- participare politică --- politiskt deltagande --- politická účasť --- političko sudjelovanje --- partecipazione politica --- politinis aktyvumas --- politieke participatie --- poliitiline osalemine --- политическо участие --- political involvement --- politische Mitbestimmung --- πολιτική συμμετοχή --- politická účast --- involviment politiku --- participação política --- учество во политичкиот живот --- rannpháirtíocht pholaitiúil --- deltagelse i det politiske liv --- политички ангажман --- politisk engagement --- politički angažman --- вклученост во политичкиот живот --- sudjelovanje u političkom životu --- politikai életben való közreműködés --- συμμετοχή στα κοινά --- σύναψη δημόσιων συμβάσεων --- verejné obstarávanie --- viešieji pirkimai --- zadávání veřejných zakázek --- avalik hange --- javno naročanje --- akkwist pubbliku --- közbeszerzés --- Vergabe öffentlicher Aufträge --- marché public --- contratação pública --- soláthar poiblí --- offentlig upphandling --- contratación pública --- appalto pubblico --- public procurement --- achiziții publice --- обществени поръчки --- Јавни набавки --- javna nabava --- udzielanie zamówień publicznych --- publiskais iepirkums --- offentligt udbud --- julkinen hankinta --- javna naročila --- offentlige indkøb --- legislação --- Gesetzgebung --- legislation --- legislación --- legjislacion --- seadusandlus --- teisėkūra --- legislazione --- νομοθεσία --- законодавство --- lainsäädäntö --- lovgivning --- leġiżlazzjoni --- законодателство --- törvényalkotás --- ustawodawstwo --- lagstiftning --- zakonodavstvo --- legislație --- legislativa --- legislatíva --- wetgeving --- zakonodaja --- likumdošana --- reachtaíocht --- koncepcija --- právní normy --- aspetto giuridico --- законска одредба --- rättslig aspekt --- zakonodavni akt --- disposição legislativa --- dimensión jurídica --- legislative provision --- правна норма --- νομοθετική πράξη --- právní předpisy --- juridische aspecten --- lovbestemmelse --- programa --- teisės nuostata --- disposition législative --- dispozitë legjislative --- juridisk aspekt --- õiguslik aspekt --- likumi --- disposizione legislativa --- disposizione di legge --- legislatívny akt --- õigustloov akt --- atto legislativo --- legislatívne ustanovenie --- õigusakt --- aspeto jurídico --- rättsregler --- tiesību normas --- zakonska odredba --- правни прашања --- disposición legislativa --- legislative act --- seadusandlik akt --- νομική πλευρά --- wetgevende handeling --- juridisk dimension --- Gesetzesbestimmung --- Gesetzesvorschrift --- vertiente jurídica --- törvény rendelkezése --- teisės aktų leidimas --- säädös --- punto de vista jurídico --- teisinis aspektas --- zákonodárství --- lagbestämmelse --- tiesību aspekts --- jogalkotási aktus --- νομοθετική διάταξη --- rechtlicher Aspekt --- Gesetzgebungsakt --- teisės aktas --- törvényi rendelkezés --- akt legjislativ --- jogszabály --- säännös --- легислатива --- act legislativ --- wettelijke bepaling --- oikeudellinen näkökohta --- likumdošanas akti --- gesetzliche Vorschrift --- prevederi legislative --- правен акт --- ato legislativo --- jogszabályi rendelkezés --- lagstiftningshandling --- törvényhozás --- acte législatif --- tiesību akti --- gesetzliche Bestimmung --- Belgium --- Bélgica --- Belgija --- Belgien --- Belgie --- Belgicko --- België --- Beļģija --- Белгија --- Belgio --- Белгия --- Belgia --- il-Belġju --- An Bheilg --- Βέλγιο --- Belgjika --- Belgia Kuningriik --- Beļģijas Karaliste --- Royaume de Belgique --- Belgian kuningaskunta --- Belgické kráľovstvo --- Koninkrijk België --- Belgijos Karalystė --- das Königreich Belgien --- Βασίλειο του Βελγίου --- Kingdom of Belgium --- Кралство Белгија --- Краљевина Белгија --- Belgické království --- Reino de Bélgica --- ir-Renju tal-Belġju --- Regatul Belgiei --- Kongeriget Belgien --- Кралство Белгия --- Mbretëria e Belgjikës --- Belga Királyság --- Królestwo Belgii --- Konungariket Belgien --- Reino da Bélgica --- Kraljevina Belgija --- Regno del Belgio --- Administrative law --- PPS (publiek-private samenwerking) --- Marchés publics. --- Droit administratif --- Marchés publics
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