Modification Of Performance Criteria-Staff Report Research Articles

Pakistan: Sixth Review Under the Extended Arrangement and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Pakistan

Pakistan: Sixth Review Under the Extended Arrangement and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Pakistan

Jamaica: Seventh Review Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Jamaica

Jamaica: Seventh Review Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Jamaica

Solomon Islands: Fourth Review Under the Extended Credit Facility Arrangement and Request For Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands

Solomon Islands: Fourth Review Under the Extended Credit Facility Arrangement and Request For Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands

Pakistan: Third Review Under the Extended Arrangement and Request for Waiver of Nonobservance of Performance Criterion, and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Pakistan

This Paper discusses Pakistan’s Third Review Under the Extended Arrangement and Request for Waiver of Nonobservance of Performance Criterion (PC).The economy is showing signs of improvement. The FY2013/14 growth projection has been revised upward from 3.1 percent to 3.3 percent, as economic indicators continue to show better-than-expected performance. For FY2014/15, the economy is forecast to expand by about 4 percent. All quantitative PCs were met with the exception of the ceiling on Net Domestic Assets of the State Bank of Pakistan, which was missed by a small margin. On the basis of Pakistan’s performance under the extended arrangement, the IMF staff supports the authorities’ request for completion of the third review under the arrangement.

Seychelles: First Review under the Extended Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release

Seychelles: First Review under the Extended Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release

Bangladesh: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria-Staff Report; Debt Sustainability Analysis Update; and Press Release

This paper discusses Bangladesh’s Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria (PC). All PCs at end-December 2013 (the test date for the fourth review) were met, and all structural benchmarks have been completed. Fiscal and monetary policies are set to retain a prudent stance to safeguard macroeconomic stability. Based on strong program performance to date and the policy framework going forward, the IMF staff recommends completion of the review, as well as modification of PCs for end-June 2014 on account of reserve over-performance.

Burundi: 2014 Article IV Consultation, Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility; and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Burundi

Burundi: 2014 Article IV Consultation, Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility; and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Burundi

Liberia: Ad Hoc Review Under the Extended Credit Facility Arrangement and Request for Augmentation of Access and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Liberia

KEY ISSUES Background. With the highest number of new and cumulative Ebola cases recorded to date, Liberia is the country most affected by the epidemic in West Africa. In addition to exacting a heavy human toll, the Ebola outbreak is having a severe economic and social impact, and could jeopardize the gains from a decade of peace. The largest sectors of the economy (agriculture, services and mining) have been weakened by the epidemic, resulting in significant financing gaps for the fiscal and external accounts. The closure of international borders and, in particular, the internal quarantines are disrupting labor and food supply, leading to shortages of basic commodities, depreciation pressures and higher inflation. Request. The authorities are requesting an ad-hoc augmentation of access under the ECF and an immediate additional disbursement of SDR 32.3 million, equivalent to 25 percent of quota, to help bridge the significant financing need that has emerged in the wake of the outbreak. The authorities are also requesting modification of end-December performance criteria to allow on-lending of the equivalent of the Fund support to the government. Appraisal. Staff supports the authorities’ request for an augmentation of access and immediate disbursement in light of the urgency and size of the balance of payments need. Staff also supports the requested modification of end-December 2014 performance criteria via a program adjustor to allow the on-lending of the additional Fund support to the government. Program status. The third ECF review was concluded on July 3, 2014. Available information indicates that the program remains on track and that continuous PCs are being met. Program financing. The proposed augmentation would complement assistance committed by other stakeholders including US$19 million in additional budget support from the African Development Bank and the World Bank, and would help catalyze support from other donors. The authorities have committed to take the necessary measures to address any residual financing gap.

Solomon Islands: Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release and Statement by the Executive Director for Solomon Islands

Solomon Islands: Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release and Statement by the Executive Director for Solomon Islands

Cyprus: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Cyprus

Cyprus: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Cyprus

Jamaica: Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release and Statement by the Executive Director

This paper presents Jamaica’s Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria report. The IMF staff report highlights that recent data is in-line with GDP growth of some 1 percent in 2013–2014. Inflation has increased since 2012 due to the depreciation of the exchange rate as well as higher administered prices, but has moderated in recent months. The policy agenda under the program is now shifting to reforms in several areas including tax and customs administration, public financial management, securities dealers, the framework for monetary policy, and the business environment.

Liberia: Third Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria-Staff Report; and Press Release

This paper focuses on Liberia’s Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waiver of Nonobservance of Performance Criterion (PC) and Modification of Performance Criteria. Real GDP grew at 8.7 percent in 2013 and is projected to decline to 5.9 percent in 2014 as mining production decelerates. Most end-December 2013 PCs and indicative targets (ITs) were met, except for the PC on government revenue and the IT on external borrowing. Four out of five structural benchmarks were met on time. The IMF staff supports the completion of the third ECF review.

Niger: Second and Third Reviews Under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and for Extension of the Program Period and Arrangement, Rephrasing of Disbursements, and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Niger

This paper discusses Niger’s Second and Third Reviews Under the Extended Credit Facility (ECF) Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and for Extension of the Program Period and Arrangement. Fiscal performance was broadly in line with program targets. The medium-term outlook appears favorable, with robust growth benefiting from important natural resource sector investments. However, the outlook is vulnerable to high domestic and external risks, including potential spillovers from the security situation in the region and climatic shocks. The IMF staff recommends the completion of the second and third reviews under the ECF.

Mali: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria, and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Mali

Mali: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria, and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Mali

Malawi: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-observance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Modification of Performance Criteria-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi

This Supplement Information focuses on recent developments regarding the Malawi government’s response to the recent fiscal scandal and on the implementation of two remaining prior actions. The IMF staff welcomes the continued progress in implementing remedial actions to address the recent fraud and actions by the authorities toward meeting the end-December 2013 quantitative targets. The IMF staff also welcomes the interim forensic audit report. Although it did not contain all the information sought by the IMF staff, it had enough to assure the IMF staff that the remedial measures being implemented by the authorities to strengthen system controls and financial management are in the right areas. Some risks remain. It will be important to cautiously implement the fiscal spending program to preserve buffers, lest the final audit reveal slightly larger fund misappropriation.

Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release

Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release

Tunisia: Fourth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Tunisia

Tunisia: Fourth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Tunisia

Haiti: Seventh Review Under the Extended Credit Facility, Requests for Waiver of Nonobservance of Performance Criterion, and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Haiti

Haiti: Seventh Review Under the Extended Credit Facility, Requests for Waiver of Nonobservance of Performance Criterion, and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Haiti

Albania: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria-Staff Report; and Press Release

"Volume 2014 (2014): Issue 211 (Jul 2014): Albania: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria" published on 16 Jul 2014 by International Monetary Fund.

Bosnia and Herzegovina: Sixth and Seventh Reviews Under the Stand-By Arrangement and Requests for Augmentation of Access and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Bosnia and Herzegovina

Bosnia and Herzegovina: Sixth and Seventh Reviews Under the Stand-By Arrangement and Requests for Augmentation of Access and Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Bosnia and Herzegovina