Reflections on Economic Adjustment and Reform in Antigua and Barbuda: Some Key Lessons. Remarks. Dr. Justine A. Ram
|
|
- Dortha Melton
- 5 years ago
- Views:
Transcription
1 Reflections on Economic Adjustment and Reform in Antigua and Barbuda: Some Key Lessons Remarks by Dr. Justine A. Ram Director Economics Department Caribbean Development Bank at the Antigua and Barbuda s Pre-Budget Forum Antigua December 2, 2013
2 - 2 - Good morning. I am very happy to be here this morning, participating in Antigua and Barbuda s Annual Pre- Budget Forum. I wish to say a special thank you to the Prime Minister for graciously hosting me and to the Minister of Finance for inviting me to speak. Budgeting and planning are perhaps the two most important activities in which any Government can engage. Indeed, Benjamin Franklin, one of the founding fathers of the United States of America, said it best. He stated that: By failing to prepare, you are preparing to fail. When the Government engages in its annual budgeting and planning exercise, it is seeking to avoid failure and to create, instead, a solid framework for continuous improvement in Antigua and Barbuda s fiscal health. Since 2010, the National Economic and Social Transformation (NEST) Plan has provided the framework for the budget exercise. The core of the Plan is fiscal consolidation to address fiscal and debt difficulties; stimulate economic growth and bring relief to the less fortunate members of the society. It provides a roadmap of Antigua and Barbuda s response to the global financial crisis and the global recession. As you begin the 2014 budget exercise and the final year of the NEST Plan, it is useful to take stock of where you are in relation to where you were back in Today we are seeing encouraging signs that the important policy actions of the past three years are beginning to pay dividends. Despite considerable challenges, reasonably good progress toward restoring fiscal and debt sustainability and macroeconomic stability, in general, has been made. The key economic indicators are moving in the right direction: Growth of 1.6% was recorded in 2012, following three consecutive years of contraction. Government reduced its overall fiscal deficit to only 1% of Gross Domestic Product (GDP), from 18% of GDP in 2009, with significant strides made in cutting expenditures. Debt was reduced to more manageable levels from 103% of GDP to only 89%. Public debt arrears also fell to 10% of GDP from over 50% of GDP The significance of these indicators is better understood when placed against the backdrop of the recent global economic and financial crises. The crises posed significant challenges for all of our Region s small open and extremely vulnerable economies. The dampening effect of these developments on visitor arrivals; on tourism earnings; on foreign direct investment; on employment and indeed on overall economic activity in Antigua and Barbuda was swift, and it was deep. The impact was further exacerbated by an already fragile fiscal and debt situation. As well, problems in the financial sector mounted following the collapse of the Stanford Group and of the CL Financial Group, two financial institutions with significant presence in Antigua and Barbuda.
3 - 3 - The recent improvements in performance of the key macroeconomic indicators, therefore, speak to the continuing recovery in the global economy and the spin-off effects on the tourism and construction sectors. Probably more significant, at this stage, is that the performance is the result of the deliberate policy and other initiatives that the Government has been pursuing under the umbrella of its NEST Plan, The indications are that the Government s actions, over the past three years, have planted the seeds for robust and sustainable economic growth over the medium term and have started to create conditions that will better insulate Antigua and Barbuda from future economic shocks I am pleased to say that the Caribbean Development Bank (CDB) was one of the key development partners to provide financial and technical support to the Government as it embarked on its reform journey. In December, 2009, the Board of Directors approved a USD30 million policy-based loan (PBL) to support reforms in the areas of macroeconomic management; expenditure and debt management; revenue enhancement; and social transformation. We also have a solid history of working collaboratively with the Government and people of Antigua and Barbuda for more than 40 years, in pursuit of social and economic development. The Bank therefore has an extremely good perspective of the development challenges facing Antigua and Barbuda. We have also maintained a keen interest in the progress of its macroeconomic adjustment programme. In my brief remarks this morning, I want to share with you my own reflections on the Government s experience with implementing its reform programme and some of the important lessons as we move forward. My core message today is that the adjustment was absolutely necessary for economic recovery and ultimate sustainability of the domestic economy. Admittedly, the Government was required to make some very tough decisions and the medicine was difficult to swallow. But, inaction was also not an option. The challenge that the Government now faces is to remain committed to its reform agenda and to continue to engage the social partners in actively supporting and implementing the programme. Therein, I believe, rests the key to avoiding a reversal of fortunes and for securing sustainable and balanced growth over the medium term Let us examine this message more closely. Why was adjustment necessary? This is a question that has been asked many times. It is a valid question that every citizen, every private investor, every lender and every social partner should ask; and it requires an honest response. In periods of crisis, decisive action and a comprehensive strategic response are imperatives for the restoration of macroeconomic stability and the resurgence of economic growth. The decisive fiscal reforms that underpinned the Government s adjustment programme have helped Antigua and Barbuda to weather the storm of the global crisis. Fiscal discipline provides an important anchor for programme credibility and securing investor confidence. The improvements that we are now seeing in the macro-fundamentals are directly correlated with these efforts.
4 - 4 - On the other hand, failure to act decisively would have worsened an already weak fiscal and debt situation. Unlike Antigua and Barbuda, several countries in our Region have delayed taking corrective action in anticipation of an early recovery from the global crisis. These countries are not showing similar improvements; and the cost of procrastination is mounting. Economic growth is either negative or flat; the fiscal space has been eroded; public debt is burgeoning and arrears have reached chronic levels; unemployment is rising; foreign investments are either being delayed or redirected; Government s capital programmes are being chopped; and social services are being severely undermined. I must sound a warning. Antigua and Barbuda cannot sit back and bask in the glory of its recent achievements. Decisive action is an imperative but commitment to reform is equally vital and must be sustained. You should not interpret the quick wins as a call to relax the vigour with which the macroeconomic agenda is pursued. In fact, you should be very mindful that global growth remains subdued and is still very fragile. Given Antigua and Barbuda s extreme vulnerability to external shocks, the domestic situation also remains fragile; and expectations for higher levels of economic growth must be tempered. Change does not happen overnight. Fiscal adjustment programmes are medium-term programmes. The resulting successful revenue recovery and increase in economic performance are likely to be realised in the medium term. In Antigua and Barbuda, revenue collections have yet to be restored to pre-crisis levels. This has to be a priority if Government to rely less on expenditure cuts to meet programme targets and begin to make much needed investment in social and economic infrastructure. More effort is required if Government is to reach its debt target of 60% of GDP by 2020 and to eliminate public sector arrears. An appropriate institutional and regulatory machinery, that is conducive to the private sector doing business in Antigua and Barbuda and to economic growth, still needs to be in place. These are interconnected elements that will help to safeguard the programmes outcomes; restore normalcy within the shortest possible time; and provide much needed buffer against future crises. The journey is far from over. This is a race that you must be prepared to be in for the long haul. In the words of Benjamin Disraeli, a former British Prime Minister: The secret to success is constancy of purpose. The journey can be made that less tedious if the macroeconomic programme is designed and owned by the Government and people of Antigua and Barbuda. Underpinning this concept is the sense of ownership and the sense that key players are unified around shared goals. Widespread consultation can ignite the social partners with the desire to see the programme succeed and secure their commitment to attainable programme goals. I must compliment the authorities for starting consultation with the social partners, including the private sector and civil society, some four years ago. The challenges facing Antigua and Barbuda demand a national response. Your presence here today is testament to the process having become an integral part of the annual budget exercise.
5 - 5 - May I suggest that the benefits of consultation can be further extended if a broad-based private sector-led committee is charged with monitoring the implementation of the specific policy reforms and other actions included in the adjustment programme. The appeal is that fiscal transparency, through its association with improved fiscal discipline, accountability, and governance can foster even greater confidence in and commitment to reforms. May I also add that sufficient attention be placed on the changing climate, to account for the risks that this poses on your economy and subsequent fiscal reforms. Special attention should also be placed on building the asset base of the economy such as human capital and infrastructure, since economic growth and returns is a function of the size and quality of this asset base. Our goal must be the creation of wealth. My final point, before closing, is that to succeed, many home-grown adjustment programmes require financial and technical support from development partners, like CDB. Promoting sound macroeconomic policies continues to be an important part of the Bank s support to its Borrowing Member Countries. There is often a fear of engaging multilateral financial institutions in a country s adjustment programme. The main concern relates to the view that this association will involve harsh conditionalities, with dire social and political consequences. Contrary to that popular view, the association of home-grown adjustment programme with ownership and commitment to implement has special appeal and can lead to good outcomes. Indeed, it was these factors that cleared the way for multilateral lending institutions and the development agencies to resume assistance to Antigua and Barbuda and provide financial and other much needed assistance for the adjustment programme. Let me assure you that CDB remains a committed partner as you continue along this journey. As recently as October 2013, our Board of Directors approved a loan of USD13.4 million to the Government of Antigua and Barbuda to increase secondary school capacity and to design an Early Childhood Model Centre, as well as a grant of USD114,000 to assist with the financing of a citizens security intervention. We too are here for the long haul. We will continue to engage the Government in constructive policy dialogue and to use our financial and technical assistance to provide a platform for further improvements in overall performance. Thank you. I extend best wishes for a constructive and productive Forum.
Remarks. Dr. William Warren Smith President Caribbean Development Bank Annual News Conference
AS PREPARED FOR DELIVERY Remarks Dr. William Warren Smith President Caribbean Development Bank 2019 Annual News Conference February 7, 2019 CDB Conference Centre, St. Michael, Barbados Good morning all
More informationAddress. Institute of Chartered Accountants ICAJ Accountants Forum. Stability, Interest Rates and Economic Growth
Wednesday, 05 October2011 Address to Institute of Chartered Accountants ICAJ Accountants Forum Stability, Interest Rates and Economic Growth Brian Wynter Governor Bank of Jamaica 1 Ladies and Gentlemen:
More informationChallenges for Monetary Policy in Latin America and the Caribbean
Challenges for Monetary Policy in Latin America and the Caribbean XCVII Meeting of Central Bank Governors of the Center for Latin American Monetary Studies Brian Wynter Governor Bank of Jamaica 29 April
More information2018 NATIONAL BUSINESS CONFERENCE DINNER. Transition to High Income Status The Role of Monetary Policy and Communication
2018 NATIONAL BUSINESS CONFERENCE DINNER Transition to High Income Status The Role of Monetary Policy and Communication Welcome Remarks by Moses D Pelaelo Governor, Bank of Botswana September 9, 2018 Distinguished
More informationANNUAL NEWS CONFERENCE. Dr. Justin Ram Director, Economics Caribbean Development Bank Bridgetown, Barbados February 7, 2019
2019 ANNUAL NEWS CONFERENCE Dr. Justin Ram Director, Economics Caribbean Development Bank Bridgetown, Barbados February 7, 2019 Caribbean Region s challenges LOW GROWTH HIGH DEBT HIGH UNEMPLOYMENT Caribbean
More informationMr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system
Mr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system Speech by Mr Gordon Thiessen, Governor of the Bank of Canada, to the Canadian Society of New York,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Bill Morneau Minister of Finance, Canada On behalf of Antigua and Barbuda, The Bahamas, Barbados, Belize,
More informationStatement by the IMF Managing Director on The Role of the Fund in Low-Income Countries October 2, 2008
Statement by the IMF Managing Director on The Role of the Fund in Low-Income Countries October 2, 2008 1. Progress in recent years but challenges remain. In my first year as Managing Director, I have been
More informationBOARDS OF GOVERNORS 2003 ANNUAL MEETINGS DUBAI, UNITED ARAB EMIRATES
BOARDS OF GOVERNORS 2003 ANNUAL MEETINGS DUBAI, UNITED ARAB EMIRATES WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION
More informationOIL DISCOVERY AND FISCAL DISCIPLINE IN GHANA: OIL CURSE BEFORE THE OIL? Mahamudu Bawumia
OIL DISCOVERY AND FISCAL DISCIPLINE IN GHANA: OIL CURSE BEFORE THE OIL? Mahamudu Bawumia An excessive fiscal expansion in the run-up to the December 2000 Presidential and Parliamentary elections had tipped
More informationEN AIDCO/ (YYYY) D/NNN EN EN
EN AIDCO/ (YYYY) D/NNN EN EN ANNEX 1. IDENTIFICATION Title/Number St. Kitts and Nevis Accompanying Measures for Sugar Protocol Countries Allocation 2010 CRIS Number: 022-412 Budget heading Budget line
More informationThe Canadian Economy: Current and Future Challenges
Remarks by David Dodge Governor of the Bank of Canada to the Greater Moncton Chamber of Commerce and the Conseil économique du Nouveau-Brunswick Moncton, New Brunswick 24 October 2001 The Canadian Economy:
More informationMongolia The SCD-CPF Engagement meeting with development partners September 1 and 22, 2017
Mongolia The SCD-CPF Engagement meeting with development partners September 1 and, 17 This is a brief, informal summary of the issues raised during the meeting. If you were present and wish to make a correction
More informationPolicy Brief. Does Turkey Need a New Standby Agreement? March 2008, No.9. Erdal T. KARAGÖL 1. Standby Agreements in Turkey
Policy Brief, No.9 Does Turkey Need a New Standby Agreement? Erdal T. KARAGÖL 1 Standby Agreements in Turkey Summary Since 1960, nineteen Standby arrangements have been signed. With these agreements, significant
More informationWorldTrade Executive The International Business Information Source TM
EuroWatch WorldTrade Executive The International Business Information Source TM Reporting on Legal and Regulatory Developments Affecting Foreign Companies Operating in the EU March 15, 2010 Volume 22,
More informationDiversifying Africa s Largest Economy PAPER PRESENTED BY DR.OKECHUKWU E.ENELAMAH HONOURABLE MINISTER OF INDUSTRY, TRADE & INVESTMENT
Diversifying Africa s Largest Economy PAPER PRESENTED BY DR.OKECHUKWU E.ENELAMAH HONOURABLE MINISTER OF INDUSTRY, TRADE & INVESTMENT AT 4 TH WTO CHINA ACCESSION ROUNDTABLE. PROTOCOL I will like to thank
More informationINDONESIAN ECONOMY Recent Developments and Challenges. BUDI MULYA Deputy Governor of Bank Indonesia
INDONESIAN ECONOMY Recent Developments and Challenges BUDI MULYA Deputy Governor of Bank Indonesia Addressed at OCBC Global Treasury Economic and Business Forum Singapore, 9 July 2010 First of all, I would
More informationPrasarn Trairatvorakul: Perspectives on Thailand s economy
Prasarn Trairatvorakul: Perspectives on Thailand s economy Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the Global Macro Conference, Hong Kong, 27 January 2015. Distinguished
More informationChairman, ABS Council Members of ABS Ladies and gentlemen
Address by Mr Lim Hng Kiang, Minister for Trade & Industry and Deputy Chairman, Monetary Authority of Singapore, at the ABS Annual Dinner on 29 June 2007, Mandarin Ballroom, Meritus Mandarin, Singapore
More informationEvaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund
Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Fifth Meeting April 21, 2012 Statement by Margrethe Vestager Minister for Economic Affairs and the Interior, Denmark On behalf of Denmark, Estonia,
More informationImplications of Fiscal Austerity for U.S. Monetary Policy
Implications of Fiscal Austerity for U.S. Monetary Policy Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston The Global Interdependence Center Central Banking Conference
More informationJwala Rambarran: Financial stability issues in Trinidad and Tobago
Jwala Rambarran: Financial stability issues in Trinidad and Tobago Remarks by Mr Jwala Rambarran, Governor of the Central Bank of Trinidad and Tobago, at the presentation of the Financial Stability Report,
More informationFinancial Integration, Financial Stability and Central Banking
International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Keynote Speech Financial Integration, Financial Stability and Central Banking Choongsoo Kim Governor, Bank
More informationSpring Forecast: slowly recovering from a protracted recession
EUROPEAN COMMISSION Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Spring Forecast: slowly recovering from a
More informationAddress. Brian Wynter Governor, Bank of Jamaica. Tuesday, 18 January 2010
5 th ANNUAL JAMAICA STOCK EXCHANGE CONFERENCE ON INVESTMENTS AND CAPITAL MARKETS Address Brian Wynter Governor, Bank of Jamaica Tuesday, 18 January 2010 Ladies and Gentlemen, I would like to congratulate
More informationCENTRAL BANK OF KENYA
CENTRAL BANK OF KENYA Remarks by PROF. NJUGUNA NDUNG U GOVERNOR CENTRAL BANK OF KENYA at A MEETING OF THE ACTUARIAL SOCIETY OF KENYA. Hotel, Nairobi March 16, 2009 REMARKS BY THE GOVERNOR A MEETING OF
More informationEuropean supervision in a changing environment
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) European supervision in a changing environment Supervision and Regulation of the Financial Sector in the European
More informationSuggested Solutions to Problem Set 6
Department of Economics University of California, Berkeley Spring 2006 Economics 182 Suggested Solutions to Problem Set 6 Problem 1: International diversification Because raspberries are nontradable, asset
More informationHeads and staffs of the Institute for Fiscal Studies (IFS) and The Natural Resource Governance Institute (NRGI),
MANAGING NATURAL RESOURCE REVENUE FOR SUSTAINABLE GROWTH & DEVELOPMENT Opening Address by Mr. Alex Ashiagbor, Chairman of the Governing Council, IFS and former Governor of the Bank of Ghana Introduction
More informationResolution adopted by the General Assembly. [on the report of the Second Committee (A/66/438/Add.3)]
United Nations A/RES/66/189 General Assembly Distr.: General 14 February 2012 Sixty-sixth session Agenda item 17 (c) Resolution adopted by the General Assembly [on the report of the Second Committee (A/66/438/Add.3)]
More informationJordan Country Brief 2011
Jordan Country Brief 2011 CONTEXT The Hashemite Kingdom of Jordan is an upper middle income country with a population of 6 million and a per-capita GNI of US $4,390. Jordan s natural resources are potash
More informationThe European Social Model and the Greek Economy
SPEECH/05/577 Joaquín Almunia European Commissioner for Economic and Monetary Affairs The European Social Model and the Greek Economy Dinner-Debate Athens, 5 October 2005 Minister, ladies and gentlemen,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 IMFC Statement by Taro Aso Deputy Prime Minister Japan Statement by the Honorable Taro Aso Deputy Prime Minister
More informationEighteenth Meeting October 11, 2008
International Monetary and Financial Committee Eighteenth Meeting October 11, 2008 Statement by Mr. Stefan Ingves Governor, Sveriges Riksbank On behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
More informationUK membership of the single currency
UK membership of the single currency An assessment of the five economic tests June 2003 Cm 5776 Government policy on EMU GOVERNMENT POLICY ON EMU AND THE FIVE ECONOMIC TESTS Government policy on EMU was
More informationthat each of you in the audience is finding it to be well worth your time.
THE FEDERAL RESERVE'S PERSPECTIVE ON FOREIGN BANK REGULATION Remarks by Robert P. Forrestal President and Chief Executive Officer Federal Reserve Bank of Atlanta Federal Reserve Bank of Atlanta Conference
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Fifteenth Meeting April 14, 2007 Statement by Eero Heinäluoma Minister of Finance Finland On behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
More informationGovernor's Statement No. 16 October 10, Statement by the Hon. PATRICK HONOHAN, Alternate Governor of the Fund for IRELAND
Governor's Statement No. 16 October 10, 2014 Statement by the Hon. PATRICK HONOHAN, Alternate Governor of the Fund for IRELAND Statement by Mr. Patrick Honohan, Alternate Governor for Ireland of the International
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 Statement No. 38-19 Statement by Mr. Mnuchin United States United States IMFC Statement October 2018 I am pleased
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 Statement No. 38-27 Statement by Mr. Yi People s Republic of China PBOC Governor YI Gang s Statement at the Ministerial
More informationStatement by the Hon. ROSAMUND EDWARDS, Governor of the Bank and the Fund for DOMINICA, on Behalf of the Joint Caribbean Group
Governor Statement No. 42 September 23, 2011 Statement by the Hon. ROSAMUND EDWARDS, Governor of the Bank and the Fund for DOMINICA, on Behalf of the Joint Caribbean Group Statement by the Hon. Rosamund
More informationResolution adopted by the General Assembly. [on the report of the Second Committee (A/67/435/Add.3)]
United Nations General Assembly Distr.: General 12 February 2013 Sixty-seventh session Agenda item 18 (c) Resolution adopted by the General Assembly [on the report of the Second Committee (A/67/435/Add.3)]
More informationPress Release No. 45 October 8, Statement by the Hon. JAN KEES DE JAGER, Governor of the Bank for the KINGDOM OF THE NETHERLANDS NETHERLANDS
Press Release No. 45 October 8, 2010 Statement by the Hon. JAN KEES DE JAGER, Governor of the Bank for the KINGDOM OF THE NETHERLANDS NETHERLANDS Statement by Jan Kees de Jager Minister of Finance of the
More informationSEACEN High Level Seminar on Integrating Monetary Policies with Macroprudential Framework
SEACEN High Level Seminar on Integrating Monetary Policies with Macroprudential Framework Opening Remarks by Dr. Perry Warjiyo Deputy Governor of Bank Indonesia Bali, November7 th 2013 Distinguished Speakers,
More information***EMBARGOED UNTIL 9:30 a.m ***
Prepared Remarks of Melvin L. Watt Director, Federal Housing Finance Agency At the Brookings Institution Forum on the Future of Fannie Mae and Freddie Mac Managing the Present: The 2014 Strategic Plan
More informationMSB Roundtable 2010 Managing Risk for Growth & Development. Mona Visitors Lodge & Conference Centre University of the West Indies, Mona.
MSB Roundtable 2010 Managing Risk for Growth & Development Mona Visitors Lodge & Conference Centre University of the West Indies, Mona Address Brian Wynter Governor, Bank of Jamaica Thursday, 04 March
More informationGovernment of Grenada. Initial Financing Estimates, March 2014
Government of Grenada Table of Contents Overview...1 Economic Growth... 2 Reform Program...3 Fiscal Reform...5 Financial Stability... 10 Debt Stock and Service...11 Financing Projections... 13 Debt Restructuring
More informationR E S I L I E N C E : B U I L D I N G B E T T E R. Dr. Justin Ram December 8, 2017
R E S I L I E N C E : B U I L D I N G B E T T E R Dr. Justin Ram December 8, 2017 AGENDA 01 Why we are vulnerable: Regional Challenges 02 Cost of Natural Disasters 03 Resilience Building: Stepping back
More informationParis EUROPLACE International Forum New York, 18 April Speech by François Villeroy de Galhau, Governor of the Banque de France
Paris EUROPLACE International Forum New York, 18 April 2018 Speech by François Villeroy de Galhau, Governor of the Banque de France France and Europe: economic developments, reforms and attractiveness
More informationThe Eleventh ASEM Finance Ministers Meeting. Milan, Italy, 12 September Communiqué
The Eleventh ASEM Finance Ministers Meeting Milan, Italy, 12 September 2014 Communiqué 1. The Eleventh ASEM Finance Ministers Meeting (ASEM FinMM11) was held in Milan, Italy, on September 12, 2014. It
More informationHIGHER CAPITAL IS NOT A SUBSTITUTE FOR STRESS TESTS. Nellie Liang, The Brookings Institution
HIGHER CAPITAL IS NOT A SUBSTITUTE FOR STRESS TESTS Nellie Liang, The Brookings Institution INTRODUCTION One of the key innovations in financial regulation that followed the financial crisis was stress
More informationJürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools?
Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Frankfurt
More informationSpring Report Cyprus Fiscal Council
Spring Report 2018 Cyprus Fiscal Council Content Synopsis Risks & challenges / Reforms Summary findings compliance with fiscal framework regulations Medium term objective Upper limits Macroeconomic and
More informationPublic Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Report No.
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Report No. PID7125 Project Name Argentina-Special Structural Adjustment... Loan (SSAL)
More informationPUBLIC DISCLOSURE AUTHORISED
PUBLIC DISCLOSURE AUTHORISED CARIBBEAN DEVELOPMENT BANK EXECUTIVE SUMMARY WITH MANAGEMENT RESPONSE PROJECT COMPLETION VALIDATION REPORT POLICY-BASED LOAN BARBADOS This Document is being made publicly available
More informationGovernor's Statement No. 29 October 13, Statement by the Hon. AIYAZ SAYED-KHAIYUM, Governor of the Bank and the Fund for the REPUBLIC OF FIJI
Governor's Statement No. 29 October 13, 2017 Statement by the Hon. AIYAZ SAYED-KHAIYUM, Governor of the Bank and the Fund for the REPUBLIC OF FIJI Statement by the Hon. Aiyaz Sayed-Khaiyum, Governor of
More informationMario Draghi: Stable euro, strong Europe
Mario Draghi: Stable euro, strong Europe Speech by Mr Mario Draghi, President of the European Central Bank, at the Wirtschaftstag 2013, Berlin, 25 June 2013. Ladies and Gentlemen, * * * It is a great pleasure
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-First Meeting April 18, 2015 IMFC Statement by Wolfgang Schäuble Federal Minister of Finance, Germany On behalf of Germany Statement by Mr. Wolfgang
More information/JordanStrategyForumJSF Jordan Strategy Forum. Amman, Jordan T: F:
The Jordan Strategy Forum (JSF) is a not-for-profit organization, which represents a group of Jordanian private sector companies that are active in corporate and social responsibility (CSR) and in promoting
More informationDavid Dodge: Canada s experience with inflation targets and a flexible exchange rate: lessons learned
David Dodge: Canada s experience with inflation targets and a flexible exchange rate: lessons learned Remarks by Mr David Dodge, Governor of the Bank of Canada, to the Canadian Society of New York, New
More informationBOARDS OF GOVERNORS 2008 ANNUAL MEETINGS WASHINGTON, D.C.
BOARDS OF GOVERNORS 2008 ANNUAL MEETINGS WASHINGTON, D.C. INTERNATIONAL MONETARY FUND WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL
More informationfor small and medium business enterprises, simplifying procedures for obtaining permits to conduct business, start and exit the business and more.
NATIONAL REPORT Promoting productive capacity and decent work to eradicate poverty in the context of inclusive, sustainable and equitable economic growth at all levels for achieving Millennium Development
More informationSeventeenth Meeting April 12, 2008
International Monetary and Financial Committee Seventeenth Meeting April 12, 2008 Statement by Anders Borg Minister of Finance, Sweden On behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
More informationOPENING STATEMENT BY MARIO DRAGHI CANDIDATE FOR PRESIDENT OF THE ECB TO THE ECONOMIC AND MONETARY AFFAIRS COMMITTEE OF THE EUROPEAN PARLIAMENT
OPENING STATEMENT BY MARIO DRAGHI CANDIDATE FOR PRESIDENT OF THE ECB TO THE ECONOMIC AND MONETARY AFFAIRS COMMITTEE OF THE EUROPEAN PARLIAMENT Brussels, 14 June 2011 I am honoured to appear before your
More informationCARIBBEAN ECONOMIC REVIEW AND OUTLOOK
CARIBBEAN ECONOMIC REVIEW AND OUTLOOK Dr. Justin Ram Director of Economics Caribbean Development Bank Conference Centre February 7, 2018 Agenda 01 The global picture 02 Caribbean economic review and outlook
More informationBANK OF BOTSWANA 2018 MONETARY POLICY STATEMENT. Moses D Pelaelo Governor. February 27, 2018
BANK OF BOTSWANA 2018 MONETARY POLICY STATEMENT by Moses D Pelaelo Governor February 27, 2018 Introduction Distinguished Guests, it is my pleasure and privilege to welcome you, on behalf of the Board,
More informationSPEECH BY HON. DR. G. CHAPONDA, MP MINISTER OF LOCAL GOVERNMENT & RURAL DEVELOPMENT AT THE OFFICIAL OPENING OF THE INTEGRATED SUSTAINABLE
SPEECH BY HON. DR. G. CHAPONDA, MP MINISTER OF LOCAL GOVERNMENT & RURAL DEVELOPMENT AT THE OFFICIAL OPENING OF THE INTEGRATED SUSTAINABLE RURAL DEVELOPMENT WORKSHOP MOUNT SOCHE HOTEL BLANTYRE ON 8 th March
More informationFinancial Sector Development in Ghana: Enabling Efficiency and Broad-based Growth
Africa Programme Meeting Summary Financial Sector Development in Ghana: Enabling Efficiency and Broad-based Growth Speaker: CEO, Standard Chartered, Ghana Chair: Elizabeth Donnelly Assistant Head and Research
More informationMinisterial Conference on the Financial Crisis
UNECA Ministerial Conference on the Financial Crisis BRIEFING NOTE 1: The Current Financial Crisis: Impact on African Economies Ramada Plaza Hotel, Tunis, Tunisia November 12, 2008 1. Introduction The
More informationCDB - A catalyst for development resources in the Caribbean
CDB - A catalyst for development resources in the Caribbean High-Level Roundtable on International Cooperation for Sustainable Development in Caribbean Small Island Developing States Bridgetown, Barbados
More informationOslo, Norway. 17 April 2013
Address by Zsuzsanna Jakab, WHO Regional Director for Europe Health systems in times of global economic crisis: an update of the situation in the WHO European Region SLIDE 1 Oslo, Norway 17 April 2013
More informationForum Communiqué. ON THE THEME: Three Years into the IMF-Supported Extended Credit Facility Arrangement: Is the Ghanaian Economy on the Right Path?
Forum Communiqué THIS COMMUNIQUÉ WAS ISSUED AT A ONE-DAY NATIONAL FORUM ORGANIZED BY THE CIVIL SOCIETY PLATFORM ON THE IMF PROGRAMME WITH SUPPORT FROM OXFAM, ATTENDED BY STAKEHOLDERS ACROSS THE COUNTRY
More informationGlobal Metro Summit: Delivering the Next Economy. Keynote Address, Dr. Josef Ackermann. Chicago, 7 8 December 2010
Global Metro Summit: Delivering the Next Economy Keynote Address, Dr. Josef Ackermann Chicago, 7 8 December 2010 Good morning, Ladies and Gentlemen. I m very pleased to be here at the Metro Summit in Chicago.
More informationSustainability and financial stability. Keynote speech by Alexander Karrer Deputy State Secretary for International Finance
Es gilt das gesprochene Wort Sustainability and financial stability Keynote speech by Alexander Karrer Deputy State Secretary for International Finance at the occasion of the Members Assembly of Swiss
More informationThe new challenges facing central banks Colegio de Ingenieros de Caminos
5 March 2018 The new challenges facing central banks Colegio de Ingenieros de Caminos Luis M. Linde Governor Let me begin by thanking the School of Civil Engineering for inviting me to inaugurate this
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Angel Gurría Secretary-General The Organisation for Economic Co-operation and Development (OECD) IMF
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Guy Ryder Director-General International Labour Organization Urgent Action Needed to Break Out of Slow
More informationEwart S Williams: Economic Outlook 2011
Ewart S Williams: Economic Outlook 2011 Address by Mr Ewart S Williams, Governor of the Central Bank of Trinidad and Tobago, on the occasion of a panel discussion at the Trinidad and Tobago Chamber of
More informationFINANCIAL SECURITY AND STABILITY
FINANCIAL SECURITY AND STABILITY Durmuş Yılmaz Governor Central Bank of the Republic of Turkey Measuring and Fostering the Progress of Societies: The OECD World Forum on Statistics, Knowledge and Policy
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 Statement No. 38-4 Statement by Mr. Moscovici European Commission Statement of Vice President Valdis Dombrovskis
More informationGOVERNMENT OF THE REPUBLIC OF TRINIDAD & TOBAGO MINISTRY OF FINANCE & THE ECONOMY SPEAKING NOTES FOR SENATOR THE HONOURABLE LARRY HOWAI
GOVERNMENT OF THE REPUBLIC OF TRINIDAD & TOBAGO MINISTRY OF FINANCE & THE ECONOMY SPEAKING NOTES FOR SENATOR THE HONOURABLE LARRY HOWAI MINISTER OF FINANCE & THE ECONOMY AT THE OPENING OF NIB/EUROMONEY
More information2018 World Savings Day
ACRI Association of Italian Savings Banks 2018 World Savings Day Address by the Governor of the Bank of Italy Ignazio Visco Rome, 31 October 2018 The protection of savings calls, in the first place, for
More informationRECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA
RECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA Remarks by Mr AD Mminele, Deputy Governor of the South African Reserve Bank, at the Citigroup Global Issues Seminar, held at the Ritz Carlton Hotel in Istanbul,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Fourth Meeting September 24, 2011 Statement by Eveline Widmer-Schlumpf Head, Federal Department of Finance, Switzerland On behalf of Azerbaijan, Kazakhstan,
More informationIndependent Review of the Operation of Monetary Policy in New Zealand: Report to the Minister of Finance
Independent Review of the Operation of Monetary Policy in New Zealand: Report to the Minister of Finance Lars E.O. Svensson Institute for International Economic Studies, Stockholm University February 2001
More informationDistinguished guests, Ladies and gentlemen, A very good morning to you all.
Spotlight: Developing a Financial System for the Future Speech by Dr. Veerathai Santiprabhob Governor of the Bank of Thailand Bloomberg ASEAN Business Summit July 12, 2018, Siam Kempinski Hotel, Bangkok
More informationKeynote Speech by Masamichi Kono (Financial Services Agency of Japan) WFE General Assembly & Annual Meeting -
1 28 October 2014 Seoul Keynote Speech by Masamichi Kono (Financial Services Agency of Japan) - 2014 WFE General Assembly & Annual Meeting - It is my great pleasure and honor to be here with you today.
More informationFSA RETAIL CONDUCT RISK OUTLOOK
March 2011 FSA RETAIL CONDUCT RISK OUTLOOK Client Briefing FSA s Retail Conduct Risk Outlook 2011 key points The FSA published its Retail Conduct Risk Outlook (RCRO) for 2011 on 28 February. In previous
More informationGovernor's Statement No. 32 October 7, Statement by the Hon. AIYAZ SAYED-KHAIYUM, Governor of the Fund and the Bank fo the REPUBLIC OF FIJI
Governor's Statement No. 32 October 7, 2016 Statement by the Hon. AIYAZ SAYED-KHAIYUM, Governor of the Fund and the Bank fo the REPUBLIC OF FIJI Statement by the Hon. Aiyaz Sayed-Khaiyum, Governor of the
More informationIn 2010, Europe faced a choice
Europe 2020 Ruth Paserman DG Enterprise and Industry Head of Unit Europe 2020 and National Competitiveness Policies Alpeuregio summer school 2014 2 July 2014 In 2010, Europe faced a choice 2010-2020: a
More informationComments on Credit Frictions and Optimal Monetary Policy, by Cúrdia and Woodford
Comments on Credit Frictions and Optimal Monetary Policy, by Cúrdia and Woodford Olivier Blanchard August 2008 Cúrdia and Woodford (CW) have written a topical and important paper. There is no doubt in
More informationCountry brief. Zimbabwe. Zimbabwe progress on development cooperation. Eleanor Maeresera Policy Officer responsible for Development Aid at AFRODAD
Country brief Zimbabwe Eleanor Maeresera Policy Officer responsible for Development Aid at AFRODAD Zimbabwe progress on development cooperation October 2014 Contacts: eleanor@afrodad.co.zw / eleanormaeresera@gmail.com
More informationINTERNATIONAL MONETARY FUND WORLD BANK GROUP
BOARDS OF GOVERNORS 1998 ANNUAL MEETINGS WASHINGTON, D.C. INTERNATIONAL MONETARY FUND WORLD BANK GROUP J INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL
More information2017 MONETARY POLICY STATEMENT
BANK OF BOTSWANA 2017 MONETARY POLICY STATEMENT by Moses D Pelaelo Governor February 27, 2017 Introduction It is indeed a great pleasure and honour to welcome all of you, on behalf of the Board, management
More informationGovernor Statement No. 24 September 23, Statement by the Hon. JAEWAN BAHK, Governor of the Bank and the Fund for the REPUBLIC OF KOREA
Governor Statement No. 24 September 23, 2011 Statement by the Hon. JAEWAN BAHK, Governor of the Bank and the Fund for the REPUBLIC OF KOREA Statement by the Hon. Jaewan Bahk, Governor of the Bank and
More informationGovernor's Statement No. 7 October 13, Statement by the Hon. AHMED NASEER,
Governor's Statement No. 7 October 13, 2017 Statement by the Hon. AHMED NASEER, Governor of the Fund for MALDIVES Statement by the Hon. Ahmed Naseer, Governor of the Fund for Maldives Mr. Chairman, Mr.
More informationPublic Information Notice (PIN) No. 03/124 FOR IMMEDIATE RELEASE October 17, 2003 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA IMF Concludes 2003 Article IV Consultation
More informationCENTRAL BANK OF KENYA
CENTRAL BANK OF KENYA Message by PROF. NJUGUNA NDUNG U GOVERNOR CENTRAL BANK OF KENYA and THE CHAMPION OF FINANCIAL EDUCATION IN KENYA at the Financial Education Partnership Champion s Breakfast Meeting
More informationBudget Business Breakfast. Francis Kamulegeya
www.pwc.com Budget Business Breakfast Francis Kamulegeya Agenda 1. Economic performance for FY 2013/14 2. Budget priorities for FY 2014/15 3. Medium term economic outlook 4. Proposed tax measures 5. Conclusion
More information