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Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries

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  • Tapio Saavalainen
  • Joy Mylène ten Berge

Abstract

Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS). They constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability. This paper presents a simple framework for measuring and monitoring such deficits and highlights their macroeconomic relevance. It reviews the progress under IMF conditionality aimed at correcting these imbalances during 1993-2003. The paper suggests that the extensive conditionality under the IMF-supported programs has yielded only limited progress in reducing the energy sector's financial imbalances. In conclusion, different policy options are discussed in light of the lessons learned.

Suggested Citation

  • Tapio Saavalainen & Joy Mylène ten Berge, 2006. "Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries," IMF Working Papers 06/43, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:06/43
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=18828
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    References listed on IDEAS

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    1. Aleh Tsyvinski & Martin Petri & Günther Taube, 2002. "Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union," IMF Working Papers 02/60, International Monetary Fund.
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    Cited by:

    1. Sudeshna Banerjee & Heather Skilling & Vivien Foster & Cecilia Briceno-Garmendia & Elvira Morella & Tarik Chfadi, 2008. "Africa - Ebbing Water, Surging Deficits : Urban Water Supply in Sub-Saharan Africa," World Bank Other Operational Studies 7835, The World Bank.
    2. Robert Tchaidze, 2007. "Quasi-Fiscal Deficit in Non-Financial Enterprises," IMF Working Papers 07/10, International Monetary Fund.
    3. Cecilia Briceño-Garmendia & Karlis Smits & Viven Foster, 2009. "Financing Public Infrastructure in Sub-Saharan Africa," World Bank Other Operational Studies 28238, The World Bank.
    4. International Monetary Fund, 2010. "Islamic Republic of Iran; Selected Issues Paper," IMF Staff Country Reports 10/76, International Monetary Fund.

    More about this item

    Keywords

    Budget deficits; Energy; Governance; Transition economies; quasi-fiscal deficit; transition; conditionality; electricity; fiscal deficit; fiscal deficits; quasi-fiscal deficits;

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