Republic of Kosovo: First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion

International Monetary Fund

No 2012/180, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.

Keywords: ISCR; CR; central bank; cash buffer; government bank balances; country authorities; liquidity needs; fiscal policy; trust fund; IMF staff estimate; debt service; financial system; private sector; capital expenditure; foreign direct investment; labor market; PTK privatization receipts; Fiscal stance; Privatization; Budget planning and preparation; Europe (search for similar items in EconPapers)
Pages: 49
Date: 2012-07-17
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