Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries

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

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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.


Economic sectors , Energy sector

More publications in this series: Working Papers

More publications by: Tapio Saavalainen ; Joy Mylène ten Berge