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NNA - Arab economic summit work begins with meeting for ministerial follow up committee
NNA - Work commenced Friday on the Fourth Arab Economic and Social Development Summit in Beirut at 9 a.m. with...
NNA - الامين العام المساعد للجامعة العربية في مؤتمر صحافي في 'مونرو': التنمية من دون تمويل غير ممكنة وعودة سوريا حتمية وبالتوافق مستوى التمثيل لا يؤثر على تنفيذ المقررات والدول الحاضرة ملزمة
وطنية - أوضح الأمين العام المساعد لجامعة الدول العربية السفيرحسام زكي خلال مؤتمر صحافي عقده في فندق "مونرو"، أن "المسار التحضيري للقمة العربية التنموية: الاقتصاديية الاجتماعية، يمر...
NNA - مؤتمر صحافي مشترك للامين العام للجامعة العربية ووزير الخارجية اللبناني
وطنية – عقد الأمين العام لجامعة الدول العربية أحمد أبو الغيط ووزير الخارجية في حكومة تصريف الأعمال جبران باسيل مؤتمرا صحافيا مشتركا في فندق فينيسيا بعد انتها الجلسة الافتتاحية للاجتماع...
NNA - Meeting of Socioeconomic Preparatory Council Ministers kicks off
NNA - The meeting for Arab Foreign Ministers and relevant ministers of the Socioeconomic Preparatory Council has kicked off...
SANA - نادي الثورة يتوج بطلا لكأس الجمهورية بكرة السلة للسيدات
دمشق-سانا - توج نادي الثورة بطلا لمسابقة كأس الجمهورية بكرة السلة للسيدات في نسختها الخامسة والعشرين بعد فوزه على قاسيون بنتيجة 72-51 نقطة في المباراة النهائية التي أقيمت أمس على...
SANA - شركة اسمنت الرستن تستأنف إنتاجها بزخم قوي بعد خلاصها من الإرهاب
حمص-سانا - رغم كل ما كابدته شركة اسمنت الرستن من ظروف قاسية واعتداءات متكررة من قبل الإرهابيين طيلة السنوات السبع الماضية تمكنت الشركة من استئناف العملية الإنتاجية فيها بزخم قوي...
NNA - Director General of the Ministry of Information, Hassan Falha, honors ASBU Director General and accompanying delegation
NNA - Director General of the Ministry of Information, Hassan Falha, hosted a dinner banquet at Diwan al Sultan restaurant...
SANA - الرئيس الفيتنامي يتقبل أوراق اعتماد مصطفى سفيراً غير مقيم
هانوي-سانا - تقبل الرئيس الفيتنامي نجوين فو ترونج أوراق اعتماد السفير عماد مصطفى سفيرا غير مقيم للجمهورية العربية السورية لدى فيتنام.
وحمل الرئيس ترونج السفير مصطفى تحياته وتقديره للسيد الرئيس بشار...
NNA - Greek Ambassador visits Tripoli Orthodox Archbishop
NNA - Greek Ambassador to Lebanon, Franciscos Verros, on Friday visited Greek Orthodox Archbishop of Tripoli and Koura, Metropolitan Efram...
CNA - وفد من مجموعة دول مجلس أوروبا لمكافحة الفساد يزور قبرص
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
ذكر بيان صحفي صادر عن مجلس أوروبا، أن وفداً من مجموعة دول مجلس أوروبا لمكافحة الفساد سيزور قبرص يومي 7 و...
CNA - محققان من شرطة ليفربول يدربان موظفي اللجنة المعنية بالأشخاص المفقودين
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
قام ضابطان محققان من كبار ضباط شرطة ميرسيسايد في ليفربول بتزويد تدريب قيم للغاية في نيقوسيا لأكثر من 20 من القبارصة...
Lusa - Business News - Angola: Namibia points to flaws in country's refined petrol
Windhoek, Jan. 18 (Lusa) - Namibia's ministry of energy has pointed to flaws in refined petrol in Angola, saying the...
Lusa - Business News - Guinea-Bissau: IMF calls for 'transparent and competitive' cashew campaign
Bissau, Jan. 18 (Lusa) - The International Monetary Fund (IMF) on Friday called for Guinea-Bissau to carry out a transparent...
EFE - Soccer stars Cristiano Ronaldo, Xabi Alonso to face tax fraud verdict
Madrid, Jan 18 (EFE).- Former Real Madrid soccer star Cristiano Ronaldo has been summoned to face the verdict of a...
CNA - ارتفاع أسعار المنازل في الربع الثالث من عام 2018
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
سجل مؤشر أسعار المنازل ارتفاعاً في الربع الثالث من عام 2018 بنسبة 1.7% مقارنة بالربع المماثل من عام 2017،...
Lusa - Business News - Portugal: Confederation of Farmers concerned about Brexit
Castelo Branco, Portugal, Jan. 18 (Lusa) - Portugal's Confederation of Farmers (CAP) on Friday said it was concerned about Brexit,...
Lusa - Business News - Portugal: TAP to triple links between Porto, New York
Porto, Jan. 18 (Lusa) – Portuguese flag carrier TAP is to triple the number of flights between Porto and New...
CNA - P&O Ferries sets all English Channel ships under Cyprus flag
CNA/Thanasis Gavos - UK/London
P&O Ferries, the British shipping firm, has decided to register its entire English Channel operating fleet in...
Lusa - Business News - Portugal: Lowest threshold for personal income tax rises to €654 per month
Lisboa, Jan. 18 (Lusa) – The lowest monthly threshold for salaries and pensions from which personal income tax is levied...
CNA - House prices up 1.7% in Q3 2018
CNA - Nicosia
House Price Index (HPI) for the third quarter of 2018 increased 1.7% compared to the corresponding quarter of...
Lusa - Business News - East Timor: About 30% of population faces food insecurity - government
Dili, Jan. 18 (Lusa) – About 30% of East Timor's population faces food insecurity, a figure that increases to more...
Lusa - Business News - Guinea-Bissau: Prime minister calls on exemption, impartiality from media
Bissau, Jan. 18 (Lusa) - Guinea-Bissau's prime minister has urged the media to apply the principles of exemption and impartiality...
CNA - رئيس مجلس النواب يغادر إلى دبلن لحضور الاحتفال المئوي لمجلس النواب
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
يغادر رئيس مجلس النواب ديمتريس سيلوريس إلى دبلن يوم السبت لحضور الاحتفال المئوي لمجلس النواب الايرلندي ديل، بدعوة من رئيس مجلس...
CNA - العالم القبرصي الذي ألقى الضوء على أسرار كوكب المشتري يتحدث إلى وكالة الأنباء القبرصية
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
أخبر العالم القبرصي خلال حديثه إلى وكالة الأنباء القبرصية أن دراسة الفضاء هي المستقبل وسلط الضوء على أسرار كوكب المشتري،...
Lusa - Business News - Portugal: Q3 house prices up 1.0% QoQ, 8.5% YoY, twice EU, euro rate - Eurostat
Brussels, Jan. 18 (Lusa) – House prices in Portugal in the third quarter of 2018 were up by almost twice...
HINA - Mufti says Pope happy with coexistence model of Muslims and Christians in Croatia
ZAGREB, Jan 15 (Hina) - Opening an international conference on Muslim communities in Europe and their duties and responsibilities, the...
HINA - Catholic, Orthodox bishops urge faithful to promote unity above all national, political exclusiveness
ZAGREB, Jan 17 (Hina) - Five Roman Catholic and five Serb Orthodox bishops met in Pozega on Thursday ahead of...
Lusa - Business News - Angola: Germany 'ready to increase investment in energy, healthcare - ambassador
Luanda, Jan. 18 (Lusa) - Germany is ready to increase investment in Angola in the energy and healthcare sectors, the...
Lusa - Business News - Angola: Diamonds, agriculture to drive 1.2% growth this year, 3.2% next - AfDB
Abidjan, Ivory Coast, Jan. 18 (Lusa) - The African Development Bank (AfDB) forecasts Angola's economy to grow by 1.2% this...
Lusa - Business News - Portugal: Top newspaper headlines on Friday, 18 January
Lisbon, Jan. 18 (Lusa) – Stories in Portugal’s leading newspapers on Friday include the latest in the continuing struggle for...
HINA - IMF Executive Board praises Croatia's continued recovery, calls for reforms




ZAGREB, Jan 16 (Hina) - The Executive Board of the International Monetary Fund (IMF) on Monday welcomed Croatia's continued economic recovery and favorable fiscal performance, warning however that GDP had not yet reached its level from before the recession and underlining the need to carry out structural reforms.
"In 2017, Croatia continued its third year of positive economic growth supported by strong tourism and private consumption, trade partner growth, and improved confidence. Growth is expected to stay at similar levels in the near future but to decelerate over the medium term," reads the IMF report released on Tuesday, after the IMF Executive Board last week concluded the Article IV consultation with the Republic of Croatia. The IMF concluded the consultations on 10 January and the foundation for that debate was a report submitted by the IMF mission which visited Croatia in late October 2017.
According to IMF assessments, stated in the report released today, Croatia's GDP growth in 2018 is projected at 2.8%.
Nonetheless, output has not yet fully recovered to its pre-recession level and per capita income remains well below the EU's average, reads the report.
In addition, public debt, elevated unemployment, and structural impediments continue to weigh on medium term growth prospects.
With this background, Executive Directors underscored the need to implement policy measures and expedite structural reforms to boost growth and reduce vulnerabilities.
Consumer prices increased at a moderate pace and wage growth was also moderate as unemployment remained high.
The external current account is expected to record another strong surplus, underpinned by robust performance of exports and tourism and lower repatriation of profits as banks absorbed losses from Agrokor.
The balance of risks has improved but vulnerabilities remain sizable as public and external debt levels are still high and the full impact of the Agrokor restructuring is yet unknown, the report said.

Fiscal consolidation faster than planned
Fiscal consolidation progressed at a faster pace than planned and Croatia exited the European Union's Excessive Deficit Procedure in June. Preliminary information indicates that the fiscal position will be in a small surplus in 2017.
Directors were encouraged by the commitment to fiscal discipline, and noted the overperformance of recent years. The favorable cyclical position provides an opportunity for growth friendly consolidation and a faster reduction in public debt. In this context, Directors emphasised the need to improve the structure of revenue and expenditure.
"They supported a streamlining of VAT rates and an introduction of a modern real estate tax. Directors encouraged the authorities to resist pressures to increase the wage bill and untargeted benefits. They stressed the need for reforms to enhance the efficiency of public services. Directors also underscored the importance of an ambitious reform of the pension and health care systems," the IMF said.
Domestic monetary conditions remained accommodative and banks' financial positions strengthened. Money market rates have been modest and liquidity ample.
Although continued deleveraging resulted in a negative overall credit growth on a stock basis, transaction data suggest that bank lending has resumed.
There has been moderate upward pressure on the exchange rate and the Croatian National Bank (HNB) accumulated international reserves. On average, the banking system remained well capitalized and liquid. The still high NPL (nonperforming loan) ratio to total loans has been declining despite the Agrokor crisis, the IMF said.
Directors encouraged the HNB to maintain such a stance as long as risks to inflation and financial stability remain low.
Directors stressed that the ambition to adopt the euro raises the importance of pressing ahead with reforms to maximize the benefits from joining the currency union while enhancing the ability of the economy to respond to adverse shocks.
Directors commended the HNB for its conservative prudential policies which have thus far helped banks withstand the Agrokor crisis. They stressed that it is vital to maintain these policies and vigilant supervision.
Directors encouraged the authorities to build on recent improvements in bankruptcy legislation to address remaining gaps in corporate governance.

Reform pace slows down after EU accession
The pace of structural reforms slowed down after the EU accession in 2013. Croatia's GDP per capita stands at about 60 percent of the EU average and the business environment remains less favorable than in peer countries.
Directors urged the authorities to advance structural reforms to remove impediments to sustained growth. They highlighted the need to improve the business environment by streamlining public administration, and enhancing the legal process and property rights.
In addition, they encouraged the authorities to ease regulations on temporary employment, and the hiring and retrenchment of labor. Directors stressed the need to improve productivity and resource allocation by raising the efficiency of SOEs (state owned enterprises) and divesting underutilised state assets.
It is expected that the next Article IV consultation with the Republic of Croatia will be held on the standard 12-month cycle.

Agency : HINA

Date : 2018-01-18 08:43:41







 

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