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Economic and Financial Developments in Kosovo and the global crisis ,[object Object],[object Object],[object Object]
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Key Events ,[object Object],[object Object],[object Object],[object Object],[object Object]
Establishment of Financial Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object]
Financial Economic Sustainability 2005  2006  2007  2008 Real Sector Real GDP growth(%)  3.9  4.0  3.9  5.4 Prices (annual aver.%)  -1.4  0.6  4.4  9.3 Prices (Year/year%)  0.7  1.1  10.5  0.5 Fiscal Sector  ( mil. euro) Revenues  638.4  712.0  896.4  941.5 Expenditures  696.1  635.5  662.7  943.8 Budget Balance  -57.7  76.5  233.7  -2.3 Financial Sector  (mil.euro) Net claims on ext. sect.  827.3  1,173.6  1,621.7 1,593.1 Net claims on fisc.sect.  -230.2  -480.3  -856.8  -877.2 Net claims on real sect.  -429.1  -429.3  -445.0  -343.6 Ext. sector (in mil. euro) Current Balance  -410.3  -444.2  -558.9  -727.8(p) Goods  -1,043.7  -1,142.1-1.341.1 -1,648.0(p)
Remittances (inflow)   418.0  467.1  521.7  535.8(p) Foreign Dire.Inve. (inflow )  80.0  248.7  421.2  357.4(p) Registered unemployment  -  -  334.595  335.697 Registered unemployment Jan. 2009  337.017 Source: Central Bank of the Republic of Kosovo, Monthly Statistics Report, Table 1.February 2009 Burimi: MFE, Departamenti I Makroekonomisë
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Remittances ,[object Object],[object Object],[object Object]
Reforms in Fiscal Policies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Financial system (deposits, loans) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
ODC effective interest rates(averaging) % ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
Structure of the banking sector ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
Financial intermediation of the banking sector ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
Interest Rates* ,[object Object],[object Object],[object Object],[object Object]
Banking sector performance indicators % ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object]
Kosovo consolidated budget (Cumulative with the calendar year in millions euro) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Public Expenditure and Financial Accountability Main Indicators based on PEFA assesment report 2008 1 Aggregate Expenditure Outturn compared to approved budget (C) 2 Composition of expend. outturn compared to approved budget (A) 3 Aggregate revenue outturn compared to approved budget A 4 Stock and monitoring of expenditure payment arrears B INDICATOR Budget Credibility
PEFA Indicators 5 Classification of the budget A 6 Comprehensiveness of information in budget documentation B 7 Extent of unreported government operations incl. donor funds A 8 Transparency of Intergovernmental Fiscal Relations B+ 9 Oversight of aggregate fiscal risk  C+ 10 Public access to key fiscal information B 11 Orderliness and participation in the annual budget process  B+ 12 Multi-year perspective in fiscal policy, planning, & budgeting B Transparency and Comprehensiveness Policy-based Budgeting
PEFA Indicators 13 Transparency of taxpayer obligations and liabilities B+ 14 Effectiveness of taxpayer registration and tax assessment D+ 15 Effectiveness in collection of tax payments B 16 Effectiveness of cash floë planning, mgt. & monitoring. A 17 Recording & management of cash balances, debt and guarantees (A) 18 Effectiveness of payroll controls D 19 Competition, value for money and controls in procurement B 20 Effectiveness of internal controls. B 21 Effectiveness of internal audit C+ Predictability and Control in Budget execution
PEFA Indicators 22 Timeliness and regularity of accounts reconciliation B+ 23 Availability of resource info received by service delivery units D 24 Timeliness, quality and dissemination of in-year exec. reports. A 25 Timeliness of audited financial statements submitted to the legislature. A 26 The scope, nature and folloë up of external audit reports. B  27 Legislative scrutiny of the annual budget laë B+ 28 Legislative scrutiny of external audit reports. C+ Accounting, Recording and Reporting External Scrutiny and Audit
Recession in developed market economies and its possible impact in Kosovo ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
Measures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Challenges ,[object Object],[object Object],[object Object],[object Object]
[object Object]

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Country Responses to the Financial Crisis Kosovo

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  • 5. Financial Economic Sustainability 2005 2006 2007 2008 Real Sector Real GDP growth(%) 3.9 4.0 3.9 5.4 Prices (annual aver.%) -1.4 0.6 4.4 9.3 Prices (Year/year%) 0.7 1.1 10.5 0.5 Fiscal Sector ( mil. euro) Revenues 638.4 712.0 896.4 941.5 Expenditures 696.1 635.5 662.7 943.8 Budget Balance -57.7 76.5 233.7 -2.3 Financial Sector (mil.euro) Net claims on ext. sect. 827.3 1,173.6 1,621.7 1,593.1 Net claims on fisc.sect. -230.2 -480.3 -856.8 -877.2 Net claims on real sect. -429.1 -429.3 -445.0 -343.6 Ext. sector (in mil. euro) Current Balance -410.3 -444.2 -558.9 -727.8(p) Goods -1,043.7 -1,142.1-1.341.1 -1,648.0(p)
  • 6. Remittances (inflow) 418.0 467.1 521.7 535.8(p) Foreign Dire.Inve. (inflow ) 80.0 248.7 421.2 357.4(p) Registered unemployment - - 334.595 335.697 Registered unemployment Jan. 2009 337.017 Source: Central Bank of the Republic of Kosovo, Monthly Statistics Report, Table 1.February 2009 Burimi: MFE, Departamenti I Makroekonomisë
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  • 29. Public Expenditure and Financial Accountability Main Indicators based on PEFA assesment report 2008 1 Aggregate Expenditure Outturn compared to approved budget (C) 2 Composition of expend. outturn compared to approved budget (A) 3 Aggregate revenue outturn compared to approved budget A 4 Stock and monitoring of expenditure payment arrears B INDICATOR Budget Credibility
  • 30. PEFA Indicators 5 Classification of the budget A 6 Comprehensiveness of information in budget documentation B 7 Extent of unreported government operations incl. donor funds A 8 Transparency of Intergovernmental Fiscal Relations B+ 9 Oversight of aggregate fiscal risk C+ 10 Public access to key fiscal information B 11 Orderliness and participation in the annual budget process B+ 12 Multi-year perspective in fiscal policy, planning, & budgeting B Transparency and Comprehensiveness Policy-based Budgeting
  • 31. PEFA Indicators 13 Transparency of taxpayer obligations and liabilities B+ 14 Effectiveness of taxpayer registration and tax assessment D+ 15 Effectiveness in collection of tax payments B 16 Effectiveness of cash floë planning, mgt. & monitoring. A 17 Recording & management of cash balances, debt and guarantees (A) 18 Effectiveness of payroll controls D 19 Competition, value for money and controls in procurement B 20 Effectiveness of internal controls. B 21 Effectiveness of internal audit C+ Predictability and Control in Budget execution
  • 32. PEFA Indicators 22 Timeliness and regularity of accounts reconciliation B+ 23 Availability of resource info received by service delivery units D 24 Timeliness, quality and dissemination of in-year exec. reports. A 25 Timeliness of audited financial statements submitted to the legislature. A 26 The scope, nature and folloë up of external audit reports. B 27 Legislative scrutiny of the annual budget laë B+ 28 Legislative scrutiny of external audit reports. C+ Accounting, Recording and Reporting External Scrutiny and Audit
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