Former Yugoslav Republic of Macedonia--Letter of Intent, Supplementary Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. September 29, 2003

Document Sample
Former Yugoslav Republic of Macedonia--Letter of Intent, Supplementary Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. September 29, 2003 Powered By Docstoc
					Table 1. Quantitative Performance Criteria and Indicative Targets for 2003 and Q1 2004 1/
2002 Actual End-Mar. Indic. Indicative Actual Target Adj. T. Perf. margin Prog. PC 2003 End-Jun. Adjusted Actual PC End-Sep. SBA 1st Rev orig. PC revised End-Dec. SBA 1st Rev orig. PC revised 2004 End-Mar. 1st Rev PC

Perf. margin

(Cumulative changes since end-December 2002) (in millions of U.S. dollars) End-year stocks Floor for net international reserves of the NBRM Ceiling on new nonconcessional medium- and long-term external debt contracted or guaranteed by the general government or the NBRM with original maturities of more than 1 year Of which : with maturities of 1–5 years Ceiling on short-term external debt of the general government or the NBRM with maturities of up to 1 year (stock); including guarantees for such debt Accumulation of external payments arrears on a continuous basis 654 ... ... 0 0 -80 0 0 0 0 -73 0 0 0 0 -63 0 0 0 0 10 0 0 0 0 -16 25 0 0 0 -26 25 0 0 0 -16 0 0 0 0 10 25 0 0 0 -52 210 30 0 0 -30 210 30 0 0 1 250 30 0 0 2 250 30 0 0 8 250 30 0 0

(in millions of denars) Ceiling on net domestic assets of the NBRM Ceiling on net domestic assets of the banking system (indicative) Ceiling on net domestic credit to the general government from the banking system 2/ Ceilings on central government domestic arrears (indicative) Excluding those to suppliers To suppliers Ceilings on health fund arrears (indicative) -25,002 9,585 -5,172 0 597 1,711 Annual flows Ceiling on the central government wage bill (indicative) Ceiling on personnel expenditures financed from special revenue accounts (indicative) Floor for central government fiscal balance Floor for general government fiscal balance Ceiling on VAT refund arrears/outstanding VAT refund claims 18,339 640 -13,019 -13,554 ... 5,143 188 -1,685 -1,630 ... 5,143 188 -1,685 -1,630 ... 4953 142 667 346 ... 190 46 2,352 1,976 ... 10,429 375 -3,132 -3,513 ... 3,154 4,382 4,516 0 0 0 2,116 3,344 3,478 0 0 0 459 858 1,370 0 -10 238 1,657 2,486 2,108 0 10 -238 -67 3,562 2,575 0 0 0 569 4,198 3,211 -796 2,404 -141 1,365 1,794 3,352 2,174 7,400 4,989 0 0 0 98 4,661 1,250 0 0 0 752 6,629 3,907 0 0 0 129 6,601 3,383 0 0 0 -674 7,349 4,017 0 0 0

0
0 0

0
-153 308

0
153 -308

(in millions of denars) 10,429 375 -3,132 -3,024 ... 10,011 306 828 429 966 418 69 3,960 3,453 ... 15,527 563 -4,021 -4,627 ... 15,109 528 -1,104 -1,664 866 20,953 750 -4,075 -5,117 ... 20,785 750 -3,203 -4,616 366 25,981 938 -3,636 -5,077 0

Sources: Data provided by the authorities; and IMF staff estimates. 1/ Adjustments to quantitative targets under the program are described in the Technical Memorandum of Understanding. 2/ The actual is adjusted to exclude the programmed transfer of unclaimed FFCBs that was scheduled for Q1 2003 but has been effected in Q3 2003.