Blogs and new developments related to the sections of the economy directly or indirectly impacted by the Memorandum of Economic and Financial Policies (MEFP) laid out in the IMF Agreement.
The reform agenda includes actions to strengthen public financial management, reform the tax system, improve the business climate, and reform the securities dealers sector.
With a stabilized nominal exchange rate, low growth in productivity and rising domestic costs (including wage costs) have gradually undermined price competitiveness. Other factors undermining competitiveness are low factor productivity, high energy costs, bureaucratic business processes, high crime and inadequate legal enforcement.
Introduce a fiscal rule and move towards inflation targeting. The fiscal reforms are essential to put debt on a downward trajectory.
Debt reduction, including a debt exchange, to place public debt on a sustainable path, while protecting financial system stability
To alleviate the possible adverse impacts of fiscal adjustment on the most vulnerable. The program includes a floor on social spending that will help safeguard this spending category.