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Quasi-Fiscal Deficits and Energy Conditionality in Selected CIS Countries

  • Tapio Saavalainen
  • Joy Mylène ten Berge
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    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=18828
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/43.

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    Length: 37
    Date of creation: 01 Feb 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/43
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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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