The study found the following points:
The principal findings of the study are that: (a) successful fiscal management requires sustained, long-term effort, (b) lower fiscal deficits are associated with faster economic growth, (c) sustained deficit reductions were achieved adjustment is primarily through revenue enhancement, while expenditure reduction targets were more elusive, and (d) the fiscal reform component of Bank-supported adjustment lending had only limited success because of the fragmented treatment of fiscal issues and the vague conditionality of loans.
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Accepting IMF Conditionality: The Key Indicator of an Indebted Country's Commitment to Reform
It is a news of Russia from Yahoo. A country's sovereign credit rating usually places a cap on the ratings that other national borrowers can enjoy, but in Russia sub-sovereign borrowers such as cities have of late been considered more creditworthy than the federal government.
It is a business news written by Christine A. Gaylican from Inquirer News Service. NATIONAL Power Corp. is in need of about $300 million in fresh funds to partly finance its capital expenditure next year and pay off loans maturing next year worth $144 million.The official expressed concern over the downgrading of the country's credit rating by Standard & Poor's, which automatically reflects on state-owned corporations.
