Agost Benard
Agost Benard
budget governance hard local needs provincial
Local and provincial governance needs to be improved. There will have to be hard budget constraints.
government india indian light policy public ratings record role standard strong support track
In light of the bank's public policy role and the track record of strong support from the Indian government, Standard & Poor's equalizes its ratings on India EXIM with those on the sovereign.
among appears domestic fiscal general increased largest main pace reason slower terms trend
The main reason for a slower pace of issuance appears to be a general trend of increased fiscal consolidation by governments in terms of GDP (Gross Domestic Product), especially among some of the largest borrowers.
past
have tended to be slow, reactive, and incremental over the past year.
delays state subject until value
If you look at the state of the value-added-tax, it has been subject to a lot of delays and setbacks, so we won't know if it will be implemented until it happens,
chances concerning continuity debt deficit fiscal improved outlook overall policy prospects reduction reflects revised stable
The stable outlook reflects revised expectations concerning the prospects of policy continuity and adherence to fiscal consolidation, which foreshadows improved chances for overall deficit reduction and stabilization of the country's debt dynamics.
capacity change currency debt declines export external foreign help motivated outlook sharp structural
Sharp declines in the government?s external debt indicators and structural improvements that, over time, should help Pakistan?s export capacity motivated the change in outlook for the foreign currency rating.
adequate debt external fiscal level likely negative stressed
A resumption of full-scale hostilities could have negative implications for the country's already stressed fiscal and debt position, and likely impair its previously adequate level of external balances.
achieved balances craft energy environment evolving external facing fiscal global implement inability leaves measures policy rapidly recent stability threaten ultimately undo
In a rapidly evolving environment such as that which we are facing in the global energy markets, the inability to craft and implement appropriate policy measures leaves fiscal and external balances exposed. This could ultimately threaten to undo the macroeconomic stability achieved in recent years.
actual continued credit deficit downward drive increase numbers per processes ratings reduction trend trends underlying versus view
The downward trend in deficit reduction must be continued to warrant an upgrade. Something must be done to increase revenues and not in decreasing expenditures. Its underlying trends and processes that really drive our view on credit ratings versus the actual numbers per se.
affect change charter economic fiscal itself policy process whether
What is important is the process of charter change itself as well as the outcome, whether it will materialize or not, does not affect this policy making economic reforms, especially fiscal consolidation.
government handle position prompt respond shock whatever
The government will respond in a more prompt and appropriate way. They will be in a better position to handle whatever shock may come their way.
additional generate law
We have yet to see how the law is going to be implemented, how much revenues would it generate and how these additional collections would be spent.
case caught classic effective external fuel government gradual high monetary oil policy response shocks
What we would look for is a gradual phasing out of the fuel subsidy and a more effective and coordinated policy response from the government and monetary authorities as and when shocks arise. Shocks such as high oil prices, a classic case of external shock, caught the government by surprise.