{
  "title": "Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries",
  "publication": "IMF Working Papers, February 1, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/quasi-fiscal-deficits-and-energy-conditionality-in-selected-cis-countries-18828",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS).\n- These deficits constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability.\n- The paper presents a simple framework for measuring and monitoring quasi-fiscal deficits and highlights their macroeconomic relevance.\n- It reviews progress under IMF conditionality aimed at correcting these imbalances during 1993-2003.\n- 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.\n- In conclusion, different policy options are discussed in light of the lessons learned."
    },
    {
      "heading": "Measurement and monitoring framework",
      "content": "- A simple framework is presented for measuring and monitoring quasi-fiscal deficits of public utility companies.\n- The framework is designed to highlight the macroeconomic relevance of such deficits and to assist in monitoring their evolution."
    },
    {
      "heading": "Findings on IMF conditionality and outcomes (1993-2003)",
      "content": "- The review covers conditionality applied under IMF-supported programs over the period 1993-2003.\n- The assessment finds that extensive conditionality produced only limited progress in reducing the energy sector's financial imbalances."
    },
    {
      "heading": "Macroeconomic relevance and risks",
      "content": "- Quasi-fiscal deficits impede efficient resource allocation.\n- Quasi-fiscal deficits endanger macroeconomic stability."
    },
    {
      "heading": "Policy discussion and options",
      "content": "- The paper discusses different policy options in light of lessons learned from the 1993-2003 experience.\n- Policy discussion focuses on addressing energy sector financial imbalances tied to quasi-fiscal activities of public utilities."
    },
    {
      "heading": "Subjects and keywords covered",
      "content": "- Subject areas: Banking, Commodities, Economic sectors, Electricity, Energy sector, External debt, Privatization, Tariffs, Taxes.\n- Keywords include: aluminum smelter, Central Asia, CIS country, conditionality, country authorities, Electricity, Energy, energy enterprise, Energy sector, enterprise restructuring, Europe, General government cash deficit, governance, government decree, nonviable enterprise, Privatization, quasi-fiscal deficit, state capture, state debt, Tariffs, trading company, transition, WP.\n\nSource: Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries, Tapio Saavalainen and Joy Mylène ten Berge, IMF Working Papers 2006, 043 (February 1, 2006).\n\n---\n\n Content in this bundle\n\n- wp0643\n  - wp0643 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0643 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/quasi-fiscal-deficits-and-energy-conditionality-in-selected-cis-countries-18828"
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    "Authors: Tapio Saavalainen, Joy Mylène ten Berge",
    "Published: February 1, 2006",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451863031.001",
    "Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS).",
    "These deficits constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability.",
    "The paper presents a simple framework for measuring and monitoring quasi-fiscal deficits and highlights their macroeconomic relevance.",
    "It reviews 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.",
    "A simple framework is presented for measuring and monitoring quasi-fiscal deficits of public utility companies.",
    "The framework is designed to highlight the macroeconomic relevance of such deficits and to assist in monitoring their evolution.",
    "The review covers conditionality applied under IMF-supported programs over the period 1993-2003.",
    "The assessment finds that extensive conditionality produced only limited progress in reducing the energy sector's financial imbalances.",
    "Quasi-fiscal deficits impede efficient resource allocation.",
    "Quasi-fiscal deficits endanger macroeconomic stability.",
    "The paper discusses different policy options in light of lessons learned from the 1993-2003 experience.",
    "Policy discussion focuses on addressing energy sector financial imbalances tied to quasi-fiscal activities of public utilities.",
    "Subject areas: Banking, Commodities, Economic sectors, Electricity, Energy sector, External debt, Privatization, Tariffs, Taxes.",
    "Keywords include: aluminum smelter, Central Asia, CIS country, conditionality, country authorities, Electricity, Energy, energy enterprise, Energy sector, enterprise restructuring, Europe, General government cash deficit, governance, government decree, nonviable enterprise, Privatization, quasi-fiscal deficit, state capture, state debt, Tariffs, trading company, transition, WP.",
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