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Liberia : second review under the extended credit facility arrangement and request for waiver of nonobservance of performance criteria and modification of a performance criterion /
KEY ISSUES Context: Real GDP growth is projected to remain robust at 8.1 percent in 2013, led by mining, construction, and services. Inflation should reach 8.5 percent in December (y/y) due to higher international food prices and recent exchange rate pressures. The baseline outlook is positive, with...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, District of Columbia :
International Monetary Fund,
[2013]
|
| Colección: | IMF country report ;
no. 13/365. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 110 | 2 | |a International Monetary Fund. | |
| 245 | 1 | 0 | |a Liberia : |b second review under the extended credit facility arrangement and request for waiver of nonobservance of performance criteria and modification of a performance criterion / |c International Monetary Fund. |
| 264 | 1 | |a Washington, District of Columbia : |b International Monetary Fund, |c [2013] | |
| 264 | 4 | |c Ã2013 | |
| 300 | |a 1 online resource (110 pages) : |b illustrations. | ||
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| 337 | |a computer |b c |2 rdamedia | ||
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| 490 | 1 | |a IMF country report ; |v number 13/365 | |
| 588 | 0 | |a Online resource; title from PDF title page (ebrary, viewed February 5, 2014). | |
| 520 | 3 | |a KEY ISSUES Context: Real GDP growth is projected to remain robust at 8.1 percent in 2013, led by mining, construction, and services. Inflation should reach 8.5 percent in December (y/y) due to higher international food prices and recent exchange rate pressures. The baseline outlook is positive, with new mining projects and plantations due to start operations in the coming years. Downside risks stem from delays in public investment, and uncertainty linked to the weak external environment. Accelerating implementation of the authorities' poverty reduction strategy, the Agenda for Transformation, and in particular road and energy projects, is key to boosting growth in the non-mining sector and reduce poverty. Policies: Fiscal policy focuses on scaling-up public investment while maintaining debt sustainability and strengthening project execution capacity. Budget implementation has improved, but weaknesses in liquidity management have led to repeated spending overruns in FY2012 and FY2013. After delays in securing external financing, recent agreements bring debt close to the program limits. The monetary and exchange rate policy framework needs to be strengthened. In the highly dollarized setting, an increase in government spending in Liberian dollars led to exchange rate and inflation pressures. In the context of the recent launch of both T-bills and CBL bills, improved liquidity management and forecasting would be key steps towards establishing a monetary policy anchor. The authorities continue to make headway with their structural reform agenda. The Project Management Unit will help ensure readiness and quality of investment projects. Progress towards a Treasury Single Account continues, albeit with delays. The creation of the Liberia Revenue Authority will help strengthen tax administration. Program performance: Program performance has weakened relative to the previous review, as well as the former ECF-supported arrangement. Three out of six performance criteria (PCs) and two out of four indicative targets (ITs) were missed. Although deviations from two PCs were only minor, foreign reserves fell below the program floor by US |1 4 million, reflecting the CBL's larger sales of U.S. dollars to mitigate exchange rate pressures, the launch of a new credit stimulus scheme, and high operational expenditures. Four out of eight structural benchmarks were met, including two with delays; three are proposed to be re-set, and one (on procurement plans) became a prior action. An update of the 2011 safeguards assessment has been completed. | |
| 505 | 0 | |a Cover; CONTENTS; LIBERIA'S REFORM AGENDA: ACHIEVEMENTS AND CHALLENGES; BOXES; 1. Overcoming the Binding Constraints to Growth; RECENT DEVELOPMENTS; PROGRAM PERFORMANCE; POLICY DISCUSSIONS; A. Outlook and Risks; B. Improving Budget Execution and Scaling Up Public Investment; 2. Liberia's FY2014 Budget; C. Strengthening the Monetary and Exchange Rate Policy Framework; 3. Recent Exchange Rate Developments; D. Enhancing Access to Credit; 4. Improving Access to Finance While Maintaining Financial Stability; E. Addressing Debt Management and Trade Liberalization Challenges | |
| 505 | 8 | |a PROGRAM MONITORING AND RISKS STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments; 2. Monetary and Financial Developments; 3. Medium-Term Outlook, 2010-17; 4. Medium-Term Fiscal Outlook, FY2010-17; TABLES; 1. Selected Economic and Financial Indicators, 2011-17; 2. Balance of Payments, 2011-17; 3. Monetary Survey, 2011-15; 4. Financial Soundness Indicators, 2009-July 2013; 5. Medium-Term Outlook, 2011-17; 6a. Fiscal Operations of the Central Government, FY2011-17 (Millions of U.S. dollars); 6b. Fiscal Operations of the Central Government, FY2011-17 (Percent of GDP) | |
| 505 | 8 | |a 7. Schedule of Disbursements Under the ECF Arrangements, 2012-15 APPENDIX; I. Letter of Intent; Attachment 1. Memorandum of Economic and Financial Policies of the Government of Liberia for FY2013/14; Attachment 2. Technical Memorandum of Understanding; CONTENTS; RELATIONS WITH THE FUND; JOINT WORLD BANK-IMF WORK PROGRAM, 2012-13; RELATIONS WITH THE WORLD BANK GROUP; RELATIONS WITH THE AFRICAN DEVELOPMENT BANK; STATISTICAL ISSUES | |
| 546 | |a English. | ||
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Finance, Public |z Liberia. | |
| 650 | 6 | |a Finances publiques |z Liberia. | |
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