Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries

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Author/Editor: Joy Mylène ten Berge, Tapio Saavalainen
Release Date: © February, 2006
ISBN : 978-1-45186-303-1
Stock #: WPIEA2006043
English
Stock Status: Available

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Description

Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS). They constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability. This paper presents a simple framework for measuring and monitoring such deficits and highlights their macroeconomic relevance. It reviews the progress under IMF conditionality aimed at correcting these imbalances during 1993-2003. The paper suggests that the extensive conditionality under the IMF-supported programs has yielded only limited progress in reducing the energy sector's financial imbalances. In conclusion, different policy options are discussed in light of the lessons learned.

Taxonomy

Economic sectors , Energy sector




More publications in this series: Working Papers


More publications by: Joy Mylène ten Berge ; Tapio Saavalainen