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Program conditionality and ownership are important considerations in the IMF`s current rethinking of program design. This paper contributes to the literature by developing a theory of program conditionality and ownership on the basis of Cumulative Prospect Theory. The policymaker may value a set...
Persistent link: https://www.econbiz.de/10013318005
Restoring macroeconomic stability, providing a foundation for sustainable inclusive growth, and addressing weaknesses in governance remain the main objectives of this program. While allowing for a slight fiscal loosening to meet humanitarian needs during the COVID-19 pandemic, tight monetary...
Persistent link: https://www.econbiz.de/10012439044
Tonga's recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold. FY2020 GDP growth is estimated to fall to -2 1\2 percent due to domestic containment measures, a sudden stop in tourism, and investment delays. The full...
Persistent link: https://www.econbiz.de/10012439213
This staff report proposes the modification of the performance criteria for end-December 2020 for the economic program supported by the three-year Extended Credit Facility (ECF) arrangement that was approved by the Executive Board on August 28, 2019. The modifications aim to accommodate the...
Persistent link: https://www.econbiz.de/10012439276
The economic outlook has substantially deteriorated since the Second Review, driven by the negative effects of the COVID-19 pandemic on global economic activity and oil prices. The adverse impact of the shock on the Angolan economy, which is highly dependent on oil (95 percent of exports,...
Persistent link: https://www.econbiz.de/10012302379
This 2019 Article IV Consultation focuses on Curacao and Sint Maarten's near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The...
Persistent link: https://www.econbiz.de/10012249334
This paper focuses on Barbados' Third Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria. Barbados continues its strong implementation of the comprehensive Economic Recovery and Transformation plan aimed at restoring fiscal and...
Persistent link: https://www.econbiz.de/10012250384
Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the trade balance has improved. The recovery is expected to firm up in 2019 and the...
Persistent link: https://www.econbiz.de/10011986687
Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging more than 6 percent over the past two years. Activity has been supported by...
Persistent link: https://www.econbiz.de/10011986690