Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries

 
Author/Editor: Saavalainen, Tapio ; Berge, Joy Mylène ten
 
Publication Date: February 01, 2006
 
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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. 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.
 
Series: Working Paper No. 06/43
Subject(s): Energy | Armenia | Azerbaijan | Georgia | Kyrgyz Republic | Moldova | Tajikistan | Uzbekistan | Budget deficits | Energy sector | Transition economies | Conditionality | Governance

Author's Keyword(s): Energy | Fund conditionality | quasi-fiscal deficit | transition | conditionality | governance
 
English
Publication Date: February 01, 2006
ISBN/ISSN: 1934-7073 Format: Paper
Stock No: WPIEA2006043 Pages: 37
Price:
US$15.00 (Academic Rate:
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