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This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.

Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Kosovo (Republic) --- Kosova (Republic) --- Kosovë (Republic) --- Republic of Kosovo --- Republika e Kosovës --- Republika Kosovo --- Republika Kosova --- Република Косово --- Република Косова --- Косово (Republic) --- Kosowo (Republic) --- كوسوفو (Republic) --- Kūsūfū (Republic) --- Cosova (Republic) --- Kosovu (Republic) --- República de Kosovu --- Kusuwu (Republic) --- Kosovo Respublikası --- Косава (Republic) --- Рэспубліка Косава --- Rėspublika Kosava --- Republik Kosovo --- Kosovo Vabariik --- Κοσσυφοπέδιο (Republic) --- Kossyphopedio (Republic) --- Κόσοβο (Republic) --- Δημοκρατία του Κοσσυφοπεδίου --- Dēmokratia tou Kossyphopediou --- República de Kosovo --- Kosovoko Errepublika --- République du Kosovo --- Chosaiv (Republic) --- Poblacht na Cosaive --- Pobblaght Chosovo --- Khô-sò-vok (Republic) --- 코소보 (Republic) --- Kʻosobo (Republic) --- Ager Merulensis --- Cossovo (Republic) --- Cossovum (Republic) --- Praevalis (Republic) --- Dardania (Republic) --- Kosovas (Republic) --- Kosovo Respublika --- Koszovó (Republic) --- Koszovói Köztársaság --- Cosovo (Republic) --- Tlācatlahtohcāyōtl Cosovo --- Republiek Kosovo --- コソボ (Republic) --- Republicii Kosovo --- Республика Косово --- Respublika Kosovo --- Kòssovu (Republic) --- Kòssuvu (Republic) --- Kosofo (Republic) --- Jamhuuriyadda Kosovo --- Kuosuovs (Republic) --- 科索沃 (Republic) --- Kesuowo (Republic) --- Ke suo wo (Republic) --- Kosovo (Serbia) --- Economic conditions. --- Banks and Banking --- Macroeconomics --- Public Finance --- Budgeting --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Banking --- Public finance & taxation --- Budgeting & financial management --- Fiscal stance --- Expenditure --- Fiscal policy --- Economic sectors --- Budget planning and preparation --- Public financial management (PFM) --- Banks and banking --- Expenditures, Public --- Budget --- Kosovo --- Kosovo, Republic of

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Kosovo’s macroeconomic and financial policies have remained broadly on track. Progress continues to be made toward the key objectives, i.e., restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy, and enhancing the resilience of the financial system. Careful preparation of social spending initiatives and fragile political environment remains key. The policies under the program provide the best safeguard to steer the economy through the period ahead, establish confidence in macroeconomic management, and lay the foundations for robust and balanced growth.

Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Kosovo (Republic) --- Kosova (Republic) --- Kosovë (Republic) --- Republic of Kosovo --- Republika e Kosovës --- Republika Kosovo --- Republika Kosova --- Република Косово --- Република Косова --- Косово (Republic) --- Kosowo (Republic) --- كوسوفو (Republic) --- Kūsūfū (Republic) --- Cosova (Republic) --- Kosovu (Republic) --- República de Kosovu --- Kusuwu (Republic) --- Kosovo Respublikası --- Косава (Republic) --- Рэспубліка Косава --- Rėspublika Kosava --- Republik Kosovo --- Kosovo Vabariik --- Κοσσυφοπέδιο (Republic) --- Kossyphopedio (Republic) --- Κόσοβο (Republic) --- Δημοκρατία του Κοσσυφοπεδίου --- Dēmokratia tou Kossyphopediou --- República de Kosovo --- Kosovoko Errepublika --- République du Kosovo --- Chosaiv (Republic) --- Poblacht na Cosaive --- Pobblaght Chosovo --- Khô-sò-vok (Republic) --- 코소보 (Republic) --- Kʻosobo (Republic) --- Ager Merulensis --- Cossovo (Republic) --- Cossovum (Republic) --- Praevalis (Republic) --- Dardania (Republic) --- Kosovas (Republic) --- Kosovo Respublika --- Koszovó (Republic) --- Koszovói Köztársaság --- Cosovo (Republic) --- Tlācatlahtohcāyōtl Cosovo --- Republiek Kosovo --- コソボ (Republic) --- Republicii Kosovo --- Республика Косово --- Respublika Kosovo --- Kòssovu (Republic) --- Kòssuvu (Republic) --- Kosofo (Republic) --- Jamhuuriyadda Kosovo --- Kuosuovs (Republic) --- 科索沃 (Republic) --- Kesuowo (Republic) --- Ke suo wo (Republic) --- Kosovo (Serbia) --- Economic conditions. --- Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: Public Policy --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Banking --- Labour --- income economics --- Public finance & taxation --- Finance --- Minimum wages --- Fiscal stance --- Public debt --- Nonperforming loans --- Fiscal policy --- Financial institutions --- Expenditure --- Banks and banking --- Minimum wage --- Debts, Public --- Loans --- Expenditures, Public --- Kosovo --- Kosovo, Republic of

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This article summarizes the financial performance and crisis management of the Republic of Kosovo. Kosovo’s economic condition shows stability in systematic risks, but it also has vulnerabilities. Kosovo banks are exposed to macrofinancial risks because of its open economy, but the Central Bank of the Republic of Kosovo (CBK) has immensely promoted the growth and stability of the banking sector. CBK should also monitor certain interest rates, tax rates, and foreign rates. The current system should allow the growth of microfinance institutions to reach the competition in the global banking sector.

Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Kosovo (Republic) --- Kosova (Republic) --- Kosovë (Republic) --- Republic of Kosovo --- Republika e Kosovës --- Republika Kosovo --- Republika Kosova --- Република Косово --- Република Косова --- Косово (Republic) --- Kosowo (Republic) --- كوسوفو (Republic) --- Kūsūfū (Republic) --- Cosova (Republic) --- Kosovu (Republic) --- República de Kosovu --- Kusuwu (Republic) --- Kosovo Respublikası --- Косава (Republic) --- Рэспубліка Косава --- Rėspublika Kosava --- Republik Kosovo --- Kosovo Vabariik --- Κοσσυφοπέδιο (Republic) --- Kossyphopedio (Republic) --- Κόσοβο (Republic) --- Δημοκρατία του Κοσσυφοπεδίου --- Dēmokratia tou Kossyphopediou --- República de Kosovo --- Kosovoko Errepublika --- République du Kosovo --- Chosaiv (Republic) --- Poblacht na Cosaive --- Pobblaght Chosovo --- Khô-sò-vok (Republic) --- 코소보 (Republic) --- Kʻosobo (Republic) --- Ager Merulensis --- Cossovo (Republic) --- Cossovum (Republic) --- Praevalis (Republic) --- Dardania (Republic) --- Kosovas (Republic) --- Kosovo Respublika --- Koszovó (Republic) --- Koszovói Köztársaság --- Cosovo (Republic) --- Tlācatlahtohcāyōtl Cosovo --- Republiek Kosovo --- コソボ (Republic) --- Republicii Kosovo --- Республика Косово --- Respublika Kosovo --- Kòssovu (Republic) --- Kòssuvu (Republic) --- Kosofo (Republic) --- Jamhuuriyadda Kosovo --- Kuosuovs (Republic) --- 科索沃 (Republic) --- Kesuowo (Republic) --- Ke suo wo (Republic) --- Kosovo (Serbia) --- Economic conditions. --- Banks and Banking --- Financial Risk Management --- Industries: Financial Services --- Insurance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- Banking --- Economic & financial crises & disasters --- Finance --- Insurance & actuarial studies --- Commercial banks --- Lender of last resort --- Bank deposits --- Deposit insurance --- Financial institutions --- Financial crises --- Loans --- Insurance companies --- Banks and banking --- Crisis management --- Banks and banking, Central --- Kosovo --- Kosovo, Republic of

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This staff report on the Republic of Kosovo’s 2013 Article IV Consultation focuses on economic and financial developments. Kosovo’s economy is excessively dependent on inflows from the diaspora. It is found that while these inflows support incomes, they finance primarily consumption and investments in nontradables, such as real estate or services, and contribute little to the build-up of productive capacity. Goods exports are less than 10 percent of GDP and concentrated in sectors with a low-value added component, notably metals. A coherent strategy is needed to improve competitiveness, foster the development of a tradable sector, and lay the basis for self-sustained growth.

Kosovo (Republic) --- Kosova (Republic) --- Kosovë (Republic) --- Republic of Kosovo --- Republika e Kosovës --- Republika Kosovo --- Republika Kosova --- Република Косово --- Република Косова --- Косово (Republic) --- Kosowo (Republic) --- كوسوفو (Republic) --- Kūsūfū (Republic) --- Cosova (Republic) --- Kosovu (Republic) --- República de Kosovu --- Kusuwu (Republic) --- Kosovo Respublikası --- Косава (Republic) --- Рэспубліка Косава --- Rėspublika Kosava --- Republik Kosovo --- Kosovo Vabariik --- Κοσσυφοπέδιο (Republic) --- Kossyphopedio (Republic) --- Κόσοβο (Republic) --- Δημοκρατία του Κοσσυφοπεδίου --- Dēmokratia tou Kossyphopediou --- República de Kosovo --- Kosovoko Errepublika --- République du Kosovo --- Chosaiv (Republic) --- Poblacht na Cosaive --- Pobblaght Chosovo --- Khô-sò-vok (Republic) --- 코소보 (Republic) --- Kʻosobo (Republic) --- Ager Merulensis --- Cossovo (Republic) --- Cossovum (Republic) --- Praevalis (Republic) --- Dardania (Republic) --- Kosovas (Republic) --- Kosovo Respublika --- Koszovó (Republic) --- Koszovói Köztársaság --- Cosovo (Republic) --- Tlācatlahtohcāyōtl Cosovo --- Republiek Kosovo --- コソボ (Republic) --- Republicii Kosovo --- Республика Косово --- Respublika Kosovo --- Kòssovu (Republic) --- Kòssuvu (Republic) --- Kosofo (Republic) --- Jamhuuriyadda Kosovo --- Kuosuovs (Republic) --- 科索沃 (Republic) --- Kesuowo (Republic) --- Ke suo wo (Republic) --- Kosovo (Serbia) --- Economic policy. --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- General Aggregative Models: General --- Price Level --- Inflation --- Deflation --- Remittances --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Aggregate Factor Income Distribution --- Banking --- International economics --- Public finance & taxation --- Finance --- Econometrics & economic statistics --- Public debt --- Commercial banks --- National accounts --- Consumer price indexes --- External debt --- Balance of payments --- Revenue administration --- Income --- Banks and banking --- Debts, Public --- National income --- Price indexes --- International finance --- Debts, External --- Revenue --- Kosovo --- Kosovo, Republic of

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This paper discusses Kosovo’s Second and Third Reviews under the Stand-by Arrangement, and Request for Program Extension. Economic performance remains positive, with growth estimated at 3.5 percent in 2016 and projected at similar levels in 2017. Fiscal deficits remain contained, with strong tax revenues limiting the impact from rising pensions for war veterans. All performance criteria and indicative targets for December 2015 and June 2016 were met with comfortable margins. Given this progress, the IMF staff supports the authorities’ request for the completion of the second and third reviews.

Kosovo (Republic) --- Kosova (Republic) --- Kosovë (Republic) --- Republic of Kosovo --- Republika e Kosovës --- Republika Kosovo --- Republika Kosova --- Република Косово --- Република Косова --- Косово (Republic) --- Kosowo (Republic) --- كوسوفو (Republic) --- Kūsūfū (Republic) --- Cosova (Republic) --- Kosovu (Republic) --- República de Kosovu --- Kusuwu (Republic) --- Kosovo Respublikası --- Косава (Republic) --- Рэспубліка Косава --- Rėspublika Kosava --- Republik Kosovo --- Kosovo Vabariik --- Κοσσυφοπέδιο (Republic) --- Kossyphopedio (Republic) --- Κόσοβο (Republic) --- Δημοκρατία του Κοσσυφοπεδίου --- Dēmokratia tou Kossyphopediou --- República de Kosovo --- Kosovoko Errepublika --- République du Kosovo --- Chosaiv (Republic) --- Poblacht na Cosaive --- Pobblaght Chosovo --- Khô-sò-vok (Republic) --- 코소보 (Republic) --- Kʻosobo (Republic) --- Ager Merulensis --- Cossovo (Republic) --- Cossovum (Republic) --- Praevalis (Republic) --- Dardania (Republic) --- Kosovas (Republic) --- Kosovo Respublika --- Koszovó (Republic) --- Koszovói Köztársaság --- Cosovo (Republic) --- Tlācatlahtohcāyōtl Cosovo --- Republiek Kosovo --- コソボ (Republic) --- Republicii Kosovo --- Республика Косово --- Respublika Kosovo --- Kòssovu (Republic) --- Kòssuvu (Republic) --- Kosofo (Republic) --- Jamhuuriyadda Kosovo --- Kuosuovs (Republic) --- 科索沃 (Republic) --- Kesuowo (Republic) --- Ke suo wo (Republic) --- Kosovo (Serbia) --- Economic conditions. --- Budgeting --- Financial Risk Management --- Labor --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Government Expenditures and Related Policies: General --- Nonwage Labor Costs and Benefits --- Private Pensions --- National Budget --- Budget Systems --- Social Security and Public Pensions --- Public finance & taxation --- Pensions --- Budgeting & financial management --- Economic & financial crises & disasters --- Capital spending --- Current spending --- Budget planning and preparation --- Pension spending --- Expenditure --- Public financial management (PFM) --- Capital investments --- Expenditures, Public --- Budget --- Revenue --- Kosovo, Republic of