{
  "title": "Greece: First Review Under the Stand-By Arrangement",
  "publication": "IMF Staff Country Reports, September 14, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-first-review-under-the-stand-by-arrangement-24208",
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  "summary": "The recession is unfolding in line with expectations. Inflation is higher than expected from indirect tax hikes. The key challenges remain restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The recession is unfolding in line with expectations.\n- Inflation is higher than expected from indirect tax hikes.\n- Key challenges: restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment.\n- Staff and authorities agreed that nominal growth will be somewhat higher than originally anticipated.\n- The government will facilitate private investment including through the privatization program.\n- Stronger public financial management and especially tax administration are needed to mitigate risks.\n- Advancing tax administration reform is a crucial priority to limit risks."
    },
    {
      "heading": "Macroeconomic outlook",
      "content": "- Recession trajectory: unfolding in line with expectations.\n- Inflation: higher than expected due to indirect tax hikes.\n- Nominal growth: staff and authorities expect nominal growth to be somewhat higher than originally anticipated."
    },
    {
      "heading": "Fiscal sustainability and public financial management",
      "content": "- Principal objective: restoring fiscal sustainability.\n- Public financial management (PFM): stronger PFM is needed to mitigate risks.\n- Tax administration: advancing tax administration reform is a crucial priority to limit risks.\n- Pension spending, state budget, budget planning and preparation, and tax arrears collection are highlighted as relevant fiscal areas."
    },
    {
      "heading": "Financial sector stability",
      "content": "- Principal objective: safeguarding financial sector stability.\n- Relevant subjects: Banking, Credit, Money, ECB mission, IMF mission, IMF staff calculation, ISCR."
    },
    {
      "heading": "Competitiveness, growth, and employment",
      "content": "- Principal objective: boosting competitiveness to support growth and employment.\n- Private investment: government will facilitate private investment including through the privatization program."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Restore fiscal sustainability through strengthened public financial management.\n- Advance tax administration reform as a crucial priority to limit risks.\n- Safeguard financial sector stability through appropriate measures.\n- Facilitate private investment, including via the privatization program, to support competitiveness, growth, and employment.\n\n---\n\n Content in this bundle\n\n- Greece: First Review Under the Stand-By Arrangement; IMF Country Report 10/286; August 26, 2010\n  - Greece: First Review Under the Stand-By Arrangement; IMF Country Report 10/286; August 26, 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Greece: First Review Under the Stand-By Arrangement; IMF Country Report 10/286; August 26, 2010 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement The",
    "Published: September 14, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455206926.002",
    "The recession is unfolding in line with expectations.",
    "Inflation is higher than expected from indirect tax hikes.",
    "Key challenges: restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment.",
    "Staff and authorities agreed that nominal growth will be somewhat higher than originally anticipated.",
    "The government will facilitate private investment including through the privatization program.",
    "Stronger public financial management and especially tax administration are needed to mitigate risks.",
    "Advancing tax administration reform is a crucial priority to limit risks.",
    "Recession trajectory: unfolding in line with expectations.",
    "Inflation: higher than expected due to indirect tax hikes.",
    "Nominal growth: staff and authorities expect nominal growth to be somewhat higher than originally anticipated.",
    "Principal objective: restoring fiscal sustainability.",
    "Tax administration: advancing tax administration reform is a crucial priority to limit risks.",
    "Principal objective: safeguarding financial sector stability.",
    "Relevant subjects: Banking, Credit, Money, ECB mission, IMF mission, IMF staff calculation, ISCR.",
    "Principal objective: boosting competitiveness to support growth and employment.",
    "Private investment: government will facilitate private investment including through the privatization program.",
    "Restore fiscal sustainability through strengthened public financial management.",
    "Advance tax administration reform as a crucial priority to limit risks.",
    "Safeguard financial sector stability through appropriate measures.",
    "Facilitate private investment, including via the privatization program, to support competitiveness, growth, and employment.",
    "**Greece: First Review Under the Stand-By Arrangement; IMF Country Report 10/286; August 26, 2010**"
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