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Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,
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Samoa has shown resilience to past economic shocks, underpinned by the authorities' strong commitment to support the economy and financial assistance provided by the international community. Samoa was among the first countries in the world to secure its border to protect its citizens from COVID-19. The authorities' quick response to the measles outbreak and the global pandemic has identified the policy priorities well. The international community also responded swiftly, including the IMF disbursement under the Rapid Credit Facility (RCF) in April 2020 which helped unlock record budget support grants by the Asian Development Bank (ADB) and the World Bank (WB). The authorities strengthened the health care system and provided support to the private sector, with assistance targeted to vulnerable businesses and households to safeguard livelihoods.
Book
Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,
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Korea entered the COVID-19 pandemic with sound macroeconomic fundamentals and a resilient financial system. The initial outbreak led to a sharp decline in economic activity and employment and generated substantial economic slack. With the help of an effective COVID-19 containment strategy and comprehensive economic policy response, the overall impact was smaller than in peers, with real GDP growth in 2020 of -1.0 percent. The economy is projected to grow 3.4 percent in 2021, albeit at varying speeds across sectors, and with a high degree of uncertainty centered on the speed of normalization in the COVID situation. Public debt has risen and deficits have widened but remain at manageable levels. Credit continues to grow rapidly, financial markets have normalized quickly, and the financial sector has remained relatively sound to date despite the pandemic. The authorities are pursuing greener and more digital growth, along with a stronger social safety net, through the Korean New Deal.
Book
Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,
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Book
Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,
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The note concludes that the Fund could support a member's use of buybacks, cash sweeteners, or collateral in the context of a Fund-supported program, provided that (i) debt restructurings using buybacks, cash sweeteners or collateral offer significant efficiency gains relative to debt restructurings that do not rely on such instruments, but are underpinned by a regular Fund-supported program; and (ii) an adequate cushion of non-multilateral debt remains after the operation. The conditions under which buybacks, cash sweeteners or collateral can be expected to deliver significant efficiency gains are narrow and specified in some detail.
Debt --- Social aspects.
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Year: 2018 Publisher: Washington, D.C. : The World Bank,
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This paper uses Mongolia's Household Socio Economic Survey for 2016 to estimate the distributive impact of taxes and transfers. The findings show that the system is progressive and contributes to reductions in poverty and inequality. The Gini coefficient of the pre-tax-and-transfer income is 0.4183 and decreases to 0.3507 after-tax-and-transfer. This is a reduction of 6.76 Gini points (around 16 percent). Something similar happens with the poverty rate, which decreases from 47.31 to 31.96 percent. Despite the progressiveness of the whole system, there are some caveats and policy warnings. First, pensions are the most redistributive instrument in the system, but their actuarial and fiscal sustainability is weak. Second, two programs (the child money program and the mortgage subsidy) do little redistribution-the latter is actually regressive-but represent a large share of the budget (around 2.5 percent of gross domestic product). These two factors, and the fact that up to a 35 percent of total expenditures in monetary and in-kind transfers is funded by corporate taxes and royalties-which are highly dependent on volatile commodity prices-make the redistributive impact of the tax-and-transfer system susceptible to fiscal unsustainability.
Inequality --- Macroeconomics and economic growth --- Poverty --- Poverty reduction --- Redistribution --- Taxes --- Transfers
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