scholarly journals Ukraine

2020 ◽  
Vol 20 (197) ◽  
Author(s):  
Keyword(s):  
Capital Markets ◽  
Balance Of Payments ◽  
Structural Reform ◽  
Government Policies ◽  
Inclusive Growth ◽  
Sharp Decline ◽  
Track Record ◽  
Absolute Majority ◽  
External Demand ◽  
Containment Measures

Ukraine’s track record in macro-stabilization over the last 5 years and under successive Fund programs has been strong, but the goal of robust and inclusive growth remains elusive in the absence of sustained and comprehensive structural reform. Political circumstances were auspicious to address this long-standing challenge, with the President’s anti-corruption platform supported by an unprecedented absolute majority in parliament. However, the outbreak of the COVID-19 pandemic has significantly worsened the outlook and has refocused government policies on containment and stabilization. Uncertainty is large, and the economy is projected to contract sharply as strict containment measures—in Ukraine and globally—led to sizable falls in domestic and external demand. The budget is expected to be hit hard, with a sharp decline in revenues and large emergency spending needs to address the crisis. This, together with the de facto closure of capital markets, has created an urgent balance of payments need.

scholarly journals Djibouti

2020 ◽  
Vol 20 (159) ◽  
Author(s):  
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Balance Of Payments ◽  
Government Revenue ◽  
Demand Shock ◽  
Demand And Supply ◽  
Global Recession ◽  
External Demand ◽  
Containment Measures

The COVID-19 pandemic has considerably weakened macroeconomic prospects for Djibouti. The country is facing a large negative external demand shock due to the global recession. Domestically, virus prevention and containment measures are affecting both demand and supply. Output is contracting, while lower exports of services and foreign direct investment have opened an urgent balance of payments need of the order of US$164 million (4.8 percent of GDP). The pandemic has also created urgent spending needs and is set to reduce government revenue.

Cameroon

2020 ◽  
Vol 20 (294) ◽  
Author(s):  
Keyword(s):  
Balance Of Payments ◽  
Financial Assistance ◽  
Country Report ◽  
Credit Facility ◽  
Exogenous Shocks ◽  
External Demand ◽  
Trading Partners ◽  
Containment Measures ◽  
Growth Prospects

Since the approval of the first Rapid Credit Facility (RCF-1) request on May 4, 2020 (IMF Country Report No 20/185), weaker external demand in major trading partners (China and Europe) and a more pronounced impact of containment measures to slow the rising number of COVID-19 cases, have further deteriorated growth prospects and worsened Cameroon’s external and fiscal positions. Given limited fiscal buffers and urgent balance of payments needs due to the pandemic, the authorities allowed the current ECF arrangement expire at end-September, reiterated their interest on a successor arrangement, and in the meantime requested financial assistance under the “exogenous shocks window” of the RCF equivalent to 40 percent of quota (SDR 110.4 million). This additional request will bring the total disbursement under the RCF to 100 percent of quota in 2020.

scholarly journals Senegal

2020 ◽  
Vol 20 (108) ◽  
Author(s):  
Keyword(s):  
Health System ◽  
Balance Of Payments ◽  
State Of Emergency ◽  
Travel And Tourism ◽  
Comprehensive Plan ◽  
Solidarity Fund ◽  
External Demand ◽  
Containment Measures ◽  
Vulnerable Households ◽  
National Solidarity

The COVID-19 pandemic has weakened the macroeconomic outlook for Senegal’s economy. Containment measures to avoid the propagation of the virus, lower external demand, reduced remittances, and the sudden stop of travel and tourism are having a significant impact on growth and generating an urgent budgetary and balance-of-payments (BOP) needs. The authorities have taken strong actions to address the pandemic by declaring a state of emergency, closing schools, suspending flights, banning public gatherings, and imposing a curfew. They are implementing a comprehensive plan to upgrade the health system and contain the economic impact, including by setting up a national solidarity fund and providing targeted support to vulnerable households and firms.

British Shipping and World Competition

2009 ◽  
Author(s):  
S G Sturmey
Keyword(s):  
Economic Structure ◽  
Balance Of Payments ◽  
Maritime History ◽  
Government Policies ◽  
Shipping Industry ◽  
International Context ◽  
The United Kingdom ◽  
Comprehensive Index ◽  
Initial Release ◽  
The World

This work is a reprint of a 1962 book, British Shipping and World Competition, by maritime economist Dr S. G. Sturmey. It seeks to explain why the tonnage of ships registered in the United Kingdom declined from forty-five percent of the world total in 1900, to sixteen percent by 1960. It presents four possible answers and proceeds to examine them in detail: changes in approaches to competition resulting in changes to the economic structure of the industry; international interference in competitive structures; unrelated factors, such as government policies that didn’t directly concern shipping but still caused an impact; and the internal actions within British shipping relating to changes in industrial circumstances. It is comprised of fifteen chapters, an appendix tabling the contribution of British shipping to the balance of payments, a bibliography, comprehensive index, epilogue, and a foreword from the series editor which states that the Sturmey’s arguments remain resonant in the field of maritime history in the present day. Sturmey makes a particular effort to place the activity in the British shipping industry into an international context for the sake of comparative analysis. It concludes that the decline of the industry was primarily due to internal decision-making rather than external factors - a conclusion that was considered divisive and provocative upon initial release, but has stood the test of time. The epilogue attempts to predict the future of British shipping post-1960, suggesting shipowners could improve the industry’s prospects: however, few of these predictions came to be.

scholarly journals Kingdom of Eswatini

2020 ◽  
Vol 20 (229) ◽  
Author(s):  
Keyword(s):  
Health Care ◽  
Economic Activity ◽  
Balance Of Payments ◽  
Policy Response ◽  
Fiscal Consolidation ◽  
External Demand ◽  
High Prevalence ◽  
Economic Shock ◽  
The Government ◽  
Severe Recession

The COVID-19 pandemic is having a severe impact on Eswatini’s economy at a time when the country is already facing deep economic challenges, and the government has begun fiscal consolidation efforts. A national lockdown to contain the spread of the virus, disruptions in supply chains, and lower external demand for key exports are curtailing economic activity. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession with significant social costs, and have created urgent balance of payments needs. The pandemic is unfolding in a context of high prevalence of HIV/AIDS and a stretched health care system, which increase Eswatini’s vulnerability.

scholarly journals Mali

2020 ◽  
Vol 20 (153) ◽  
Author(s):  
Keyword(s):  
Social Support ◽  
Health System ◽  
Economic Activity ◽  
Balance Of Payments ◽  
Policy Response ◽  
Safety Nets ◽  
Social Challenges ◽  
Support Measures ◽  
Containment Measures ◽  
Social Safety Nets

The COVID-19 pandemic has added to Mali’s significant security and social challenges. The outbreak reached Mali relatively late, with first confirmed cases on March 24 and 293 cases (seventeen deaths) as of April 22, 2020. The authorities took early containment measures in March and announced a package of economic and social support measures in early April. Growth is expected to decelerate sharply in 2020 as a result of declines in travel, trade, FDI and remittances. Job losses, weak social safety nets amid high informality, food insecurity and a fragile health system will exacerbate social challenges. Lower economic activity and the policy response will exert significant pressures on the budget and the balance of payments, opening financing gaps of 2.9 and 3.1 percent of GDP, respectively.

scholarly journals Effects of Internal and External Imbalances and the Role of Relative Prices on Economic Growth: Evidence From Turkey

SAGE Open ◽  
2020 ◽  
Vol 10 (2) ◽  
pp. 215824402091949
Author(s):  
Irfan Civcir ◽  
M. Emir Yücel
Keyword(s):  
Economic Growth ◽  
Budget Deficit ◽  
Aggregate Demand ◽  
Balance Of Payments ◽  
Initial Model ◽  
Relative Prices ◽  
External Imbalances ◽  
External Demand ◽  
Interest Payments

Balance of payments constrained growth model considers that if a country has a chronic external deficit, economic growth can be constrained. Initial model extended by taking into account the effects of capital flows, external debt sustainability, interest payments, budget deficit or public debt, simultaneous effect of internal and external imbalance, and the role of relative prices. We further incorporate Turkey’s high intensity of imports in the aggregate demand components and estimated the model with system estimator. The new version of the model improves significantly explaining the growth in Turkey. Our results reveal that economic growth in Turkey constrained by internal and external imbalances and relative prices play a significant role. Policies aimed at changing the structure of the imports and exports are the most effective for achieving higher growth. It is also shown that economic growth in Turkey highly depends on external demand when the strong depreciation of the domestic currency also acts as a stimulus to growth.

scholarly journals Revenue diversification as a strategic response by Canada’s nonprofit sector

2021 ◽  
Author(s):  
Mary K. Foster ◽  
Agnes G. Meinhard
Keyword(s):  
Nonprofit Organizations ◽  
Service Provision ◽  
Nonprofit Sector ◽  
Government Support ◽  
Government Policies ◽  
Policy Changes ◽  
Revenue Diversification ◽  
Strategic Response ◽  
Working Paper ◽  
Track Record

Government policies in Canada have taken a “hard right turn” and tax cuts now have priority over investing in social programming. Both federal and provincial governments have been withdrawing from direct service provision with the expectation that the nonprofit sector will fill in the gap. At the same time, traditional government support for the sector has declined, which limits organizations’ ability to meet their current service demands. Using a sample of 645 organizations from across Canada, this paper explores the use of revenue diversification as a response to policy changes. The findings indicate that while nonprofit organizations in Canada have embraced revenue diversification to support program delivery, the extent of diversification is influenced by size, whether the organization is run by women or not, whether it is a relatively new organization or one with a long history and track record, and whether its mandate has a broad or narrow appeal. Keywords: CVSS, Centre for Voluntary Sector Studies, Working Paper Series,TRSM, Ted Rogers School of Management Citation:

scholarly journals Republic of Serbia

2020 ◽  
Vol 20 (270) ◽  
Author(s):  
Keyword(s):  
Economic Activity ◽  
Direct Investment ◽  
Early Stage ◽  
Policy Response ◽  
Global Supply Chains ◽  
External Demand ◽  
Percent Increase ◽  
Containment Measures ◽  
The Government ◽  
Economic Developments

Recent economic developments. Notwithstanding a sizeable policy response, the COVID-19 pandemic is having a significant adverse impact on Serbia’s economic activity, with output in 2020 projected to contract by 3 percent, compared to a 4 percent increase expected prior to the COVID-19 shock. The shock is affecting the economy through lower external demand, weaker foreign direct investment and remittances, disruptions in regional and global supply chains, and domestic supply constraints. The government took strong actions to contain the pandemic at an early stage, but the number of infections accelerated again towards end-June. As a result, some containment measures have been re-introduced.

scholarly journals Repeated Use of IMF-Supported Programs

2019 ◽  
Vol 19 (245) ◽  
Author(s):  
Martin Iseringhausen ◽  
Mwanza Nkusu ◽  
Wellian Wiranto
Keyword(s):  
Predictive Power ◽  
Balance Of Payments ◽  
Financial Resources ◽  
Current Account Balance ◽  
Track Record ◽  
Out Of Sample ◽  
Repeated Use ◽  
Imf Programs ◽  
Country Specific

This paper studies the determinants of repeated use of Fund-supported programs in a large sample covering virtually all General Resources Account (GRA) arrangements that were approved between 1952 and 2012. Generally, the revolving nature of the IMF’s resources calls for the temporary sup-port of member countries to address balance of payments problems while repeated use has often been viewed as program failure. First, using probit models we show that a small number of country-specific variables such as growth, the current account balance, the international reserves position, and the institutional framework play a significant role in explaining repeated use. Second, we discuss the role of IMF-specific and program-specific variables and find evidence that a country’s track record with the Fund is a good predictor of repeated use. Finally, we conduct an out-of-sample forecasting exer-cise. While our approach has predictive power for repeated use, exact forecasting remains challenging. From a policy perspective, the results could prove useful to assess the risk IMF programs pose to the revolving nature of the Fund’s financial resources.

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