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This paper assesses the main issues faced by the energy sector in a transition economy such as Romania and their macroeconomic dimension. It examines how the size of quasi-fiscal subsidies, owing mainly to inappropriate prices and the lack of financial discipline, has led to an increased focus on the energy sector under the IMF-supported programs. The paper analyzes the macroeconomic impact of recent reform measures and discusses the next steps to improve price policy and collection in energy utilities. Shifting to targeted budgetary subsidies appears also to be a crucial reform step.
Investments: Energy --- Public Finance --- Taxation --- Industries: Energy --- Taxation, Subsidies, and Revenue: General --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Electric Utilities --- Gas Utilities --- Pipelines --- Water Utilities --- Energy and the Macroeconomy --- Hydrocarbon Resources --- Trade Policy --- International Trade Organizations --- National Government Expenditures and Related Policies: General --- Petroleum, oil & gas industries --- Public finance & taxation --- Investment & securities --- Energy sector --- Natural gas sector --- Tariffs --- Electricity --- Government subsidies --- Economic sectors --- Taxes --- Commodities --- Expenditure --- Energy industries --- Gas industry --- Tariff --- Electric utilities --- Subsidies --- Romania
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There has been a growing recognition of the importance of transparency for economic growth and social development in oil producing countries. This paper analyzes transparency issues in Cameroon's oil sector. It shows that, while substantial efforts have already been undertaken, continued action is necessary to strengthen transparency. The paper seeks to identify why and how transparency, especially in the fiscal area, matters for economic development and poverty reduction in Cameroon.
Investments: Energy --- Macroeconomics --- Taxation --- Industries: Energy --- Macroeconomic Analyses of Economic Development --- Microeconomic Analyses of Economic Development --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Economywide Country Studies: Africa --- Nonrenewable Resources and Conservation: General --- Exhaustible Resources and Economic Development --- Nonrenewable Resources and Conservation: Government Policy --- Nonrenewable Resources and Conservation: Other --- Energy: Government Policy --- Business Taxes and Subsidies --- Energy: General --- Macroeconomics: Production --- Energy: Demand and Supply --- Prices --- Public finance & taxation --- Investment & securities --- Petroleum, oil & gas industries --- Oil, gas and mining taxes --- Oil --- Oil sector --- Oil production --- Oil prices --- Taxes --- Commodities --- Economic sectors --- Production --- Petroleum industry and trade --- Cameroon
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This paper highlights selected recent developments in the economies of sub-Saharan Africa. It notes that the outlook for commodity prices has improved, and with it the outlook for economic activity beyond 1994; it also notes, however, the need for higher savings and investment to sustain growth over the medium term. The paper also covers two aspects of structural adjustment: the liberalization of exchange and trade systems, which has been extensive and has resulted in a sharp reduction in exchange market distortions; and the momentum of regional integration in the CFA countries and in the Southern Africa region.
Finance: General --- Foreign Exchange --- International Financial Markets --- Currency --- Foreign exchange --- Finance --- Currency markets --- Exchange rate arrangements --- Exchange rates --- Exchange rate adjustments --- Financial markets --- Foreign exchange market --- South Africa
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Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.
French franc area. --- Devaluation of currency --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Currency devaluation --- Money --- Currency question --- Franc area, French --- Zone franc --- Monetary unions --- Devaluation --- Banks and Banking --- Exports and Imports --- Labor --- Public Finance --- Taxation --- Money and Monetary Policy --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Aspects of Economic Integration --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Trade Policy --- International Trade Organizations --- Business Taxes and Subsidies --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Public finance & taxation --- Banking --- International economics --- Monetary economics --- Finance --- Currency --- Foreign exchange --- Expenditure --- Tax administration core functions --- Commercial banks --- Revenue administration --- Tariffs --- Taxes --- Financial institutions --- Public debt --- Fiscal policy --- Banks and banking --- Expenditures, Public --- Tax administration and procedure --- Spendings tax --- Tariff --- Debts, Public --- Revenue --- Central African Republic
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