The cocoa sector is dominated by organizations that IMF labels as quasi fiscal agencies.

These programmes included restrictive monetary and fiscal policies, financial sector consolidation and structural reform.

In the first half of fiscal year 2004, the sector grew by 8.2 per cent.

Governments should encourage the banking sector to provide credit to SMEs, for example through fiscal incentives.

Will near zero interest rates, financial sector bailouts, and fiscal stimulus work? What else could be done?

There are currently 12,545 public sector jobs, compared to an average of 12,518 in fiscal year 2002.

It sought to increase its growth rate by maintaining macro economic stability, fiscal sustainability and financial sector reforms.

The law enables investments in the sector by the allocation of fiscal resources and private savings from pension funds.

Private sector provision of water services could be promoted by enhancing private sector confidence and trust in the State's governance structure through implementation of sound and stable legal and fiscal frameworks.

Rising oil prices, unforeseen tsunami related expenditures and revenue shortfalls from the tourism sector are creating significant, alarmingly intense fiscal pressures.

Rising oil prices, unforeseen tsunami related expenditures and revenue shortfalls in the tourism sector are creating significant fiscal pressures at alarmingly high levels.

Other aims were enhanced and transparent fiscal discipline and the strengthening of the banking sector to facilitate rapid economic growth and sustainable development.

Pakistan is implementing its revised national housing policy, which calls for institutional strengthening and fiscal measures to give impetus to the housing sector.

Fiscal Challenges and Fiscal Follies

Total public sector employment, which accounts for 30 per cent of all jobs in the Territory, was virtually at the same level as in fiscal year 2002.

Has also served in a number of government and private sector committees including Caribbean Community (CARICOM) Working Group on Fiscal Policy and Barbados Direct Tax Review Committee.

Private sector development should be accompanied, in turn, by strong fiscal systems that provide adequate tax receipts for government investments in health, education, social protection and infrastructure.

An updated medium term economic strategy is also under way that will incorporate debt management, fiscal policy, public sector investment and growth with equity as integral components.

Fortunately, the outlook appears promising, with increased private sector confidence, rising capacity utilization, and an encouraging sales outlook for companies. Ongoing fiscal consolidation and thus strong pressure to keep a tight rein on the budget will, however, restrict public sector investment.

Service sector industries throughout the EU must be opened up. The countries with stronger fiscal positions should take the lead in a major pan European skill upgrading program.

Two adjustment loans that focused on fiscal management and private sector development were complemented by reconstruction support for agriculture, education, electric power, gas, housing, transport and water supply.

The Forum noted the importance of the private sector and investment as the keys to economic growth and agreed that efforts should be made to ensure macroeconomic stability by improving fiscal discipline, further advancing public sector reforms and broadening the tax base.

Fiscal Follies

Fiscal Year

Fiscal yeara

What's fiscal ?

And here was the clincher By committing themselves to fiscal tightening, finance ministers gave themselves scope for some fiscal loosening. Proclaiming fiscal virtue enabled them to practice fiscal vice.

It is almost as if governments like Britain s are attempting to manipulate the private sector into believing that the dire conditions required for an expansionary fiscal consolidation have already been met. It as if they are trying to terrorize the private sector, so that when the fiscal ax actually falls, consumers and investors will be sufficiently relieved that disaster has been averted that they will increase spending.

A cyclical recovery is underway, supported by monetary easing for years to come and increasingly flexible fiscal rules. More risk sharing will start in the banking sector (with EU wide deposit insurance up next), and eventually more ambitious proposals for a fiscal union will be adopted.

Greater domestic resource mobilization, action against fiscal indiscipline, sound policies to encourage private sector participation, dynamic administration, fiscal and monetary reform and increased domestic capacity achieved through building up sound oversight institutions and better expenditure management may work as effective tools to achieve the Millennium Development Goals.

We also seek to attain a 6.6 per cent annual growth rate for the next five years, to be achieved through macroeconomic stability, fiscal sustainability and financial sector reforms.

Political will and leadership were critical concomitants of implementing the reform, as were peace and economic growth, which provided the fiscal space for increased allocations to the health sector.

fiscal year 2000 2001 to the fiscal year 2002 2003 (table 5).

The Government has made progress in strengthening the accountability of public sector administration and has succeeded in meeting most of the IMF and World Bank benchmarks related to fiscal management.

The manufacturing sector, primarily the watch industry, lost another 50 jobs in fiscal year 2003, after the largest employer and the second largest watch exporter closed operations in December 2002.

According to the CDB, in the public sector, containment of expenditures, particularly on capital items, offset revenue shortfalls and led to an improvement in the Government's overall fiscal position.7

To offset the negative impact of private sector deleveraging on growth, the US government has maintained expansionary fiscal and monetary policies. Now, with household debt sustained on a knife edge after feverish government intervention, the fiscal position has deteriorated dramatically and the current account balance has worsened again.

Europe s Fiscal Wormhole

America s Fiscal Isolationism

Fiscal Apocalypse Now

Germany s Fiscal Follies

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