Republic of Kosovo: Fifth Review Under the Stand-By Arrangement

Publication Date: December 30, 2013
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Summary: EXECUTIVE SUMMARY Stand-By Arrangement. A 20-month SBA in an amount of SDR 90.968 million (154 percent of quota) was approved by the Executive Board on April 27, 2012, and the first purchase of SDR 4.251 million was made available following the Board meeting (Country Report 12/100). The second purchase of SDR 39.108 million was made available upon Board approval of the first review on July 16, 2012 (Country Report 12/180), and the third purchase of SDR 34.857 million was made available upon Board completion of the second review on December 20, 2012 (Country Report 12/345). The fourth and the fifth purchases, both of SDR 4.251 million, were made available upon Board completion of the third review on April 24, 2013 (Country Report 13/113) and the fourth review on July 15, 2013 (Country Report 13/224), respectively, but have not been drawn. Program status. All end-August 2013 and continuous performance criteria were met, as a renewed shortfall in customs collection was over-compensated by underexecution of spending. A prior action on issuing a government decision that specifies the non-allocation of €88 million across expenditure categories was also met. The applicable structural benchmarks were met on substance (although in once case not on form). Missed by small margins were the indicative targets on the nonaccumulation of domestic payments arrears by the central and general governments. Under the program, the treasury has implemented several measures to improve the recording and monitoring of payment obligations, covered by structural conditionality. The authorities have expressed interest in a follow-up arrangement once this SBA expires. Purchase. The authorities have indicated they will not purchase the amount that would be made available upon completion of this review, in line with their intention to treat the SBA as precautionary in 2013. Publication. The authorities have agreed to publication of the staff report.
Series: Country Report No. 13/379
Subject(s): Stand-by arrangement reviews | Fiscal policy | External financing | Privatization | Global competitiveness | Banking sector | Bank supervision | Economic indicators | Debt sustainability analysis | Staff Reports | Press releases | Kosovo

Publication Date: December 30, 2013
ISBN/ISSN: 9781475555387/1934-7685 Format: Paper
Stock No: 1UVKEA2013006 Pages: 52
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