Free Signal Service Offer Extended!

Free Signal Service Offer and free chart and analysys  have been extended for another week!

Make pips and enjoy!

Regards,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/free-signal-service-offer-extended.html

Free Signal Service Trial is Extended one more week

I've decided to extend Free Signal Service Trial for one more week.
This is first analysys and Trading Plan Idea (TPI) for Monday.
Enjoy!

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/free-signal-service-trial-is-extended.html

IMF Executive Board Approves Three-Year, US$28.3 Million Extended Credit Facility Arrangement and US$14.2 Million Disbursement for The Gambia

The Executive Board of the International Monetary Fund (IMF) today approved a new arrangement for The Gambia under the Extended Credit Facility (ECF) in an amount equivalent to SDR 18.66 million (about US.3 million). The Board’s decision will enable an immediate disbursement equivalent to SDR 9.33million (about US.2 million).

The authorities’ program is aimed at meeting an acute balance of payments need arising from the recent crop failure due to drought, and helping to catalyze support from development partners for The Gambia’s new poverty reduction strategy, theProgramme for Accelerated Growth and Employment (PAGE). Over the medium term, the authorities seek to ease the government’s heavy debt burden through fiscal adjustment, while implementing a strong economic reform agenda in support of thePAGE.

Following the Board’s discussion of The Gambia, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, issued the following statement:

“The Gambian economy has made good progress in achieving strong growth and making a substantial reduction in poverty. However, major crop failure due to the drought has created hardship and calls for effective and timely delivery of assistance for the most vulnerable households.

“The Gambia’s heavy debt burden poses high costs for the government and risks for the economy. To address this problem, the authorities' new ECF-supported program rightly focuses on fiscal adjustment to curb government's domestic borrowing. Limiting external borrowing to concessional loans is also necessary to reduce the risk of debt distress. The authorities’ planned fiscal adjustment will require consistent strong implementation to build confidence and achieve fiscal savings. Rebuilding the government’s revenue base is key to fiscal adjustment, especially the upcoming introduction of a VAT and reductions in fuel subsidies.

“Progress toward eliminating fiscal dominance has enhanced the independence of the Central Bank of The Gambia and its capacity to conduct sound monetary policy. The central bank will continue to build capacity for effective financial sector supervision, particularly for stress testing.

“Financing the government’s new poverty reduction strategy, the Programme for Accelerated Growth and Employment, under tight budget constraints will be a challenge. In this regard, fiscal savings from lower interest on domestic debt and private sector participation in infrastructure investment could be helpful. To ensure that such investments are productive and to guard against potentially large contingent liabilities for the government, robust institutions and regulatory frameworks are critical. To support growth, reforms are needed in key sectors such as energy and telecommunications.”

Recent economic developments

The Gambian economy performed well during the previous ECF arrangement, which expired at the end of March 2011. During that period (2007–10), real GDP growth was robust and inflation was low-to-moderate, despite the global financial crisis and sharp food and fuel price shocks. Moreover, growth was inclusive and the incidence of poverty fell considerably. However, the fiscal deficit widened substantially in the latter years of the program, due to a steady erosion of revenues and large extra-budgetary spending, leading to a sharp increase in costly domestic debt.

In the 2011–12 agricultural season, a severe drought resulted in a major crop failure, putting about one-fourth of the population at risk. Initially, the government will bear much of the cost of relief efforts, notably imports of food, seeds, and fertilizer. Despite this severe shock, the authorities have been able to maintain macroeconomic stability, thanks largely to an ample stock of official international reserves.

The crop failure will affect economic growth over the near and medium term. Real GDP is projected to contract by 1½–2 percent in 2012, reflecting effects of the crop failure carrying over into the first half of 2012. With a recovery in agriculture spread over 2–3 years, real GDP is projected at about 8–10 percent a year in 2013–14, provided there is an effective response to the drought by the government, aid agencies, and development partners.

However, this outlook depends on sound macroeconomic policies and is subject to a number of downside risks, mainly the heavy debt burden, a potentially prolonged weakness in the global economy, particularly in Europe, and possible terms of trade shocks, especially on food and fuel prices, and weather-related shocks.

Source | International Monetary Fund - Blog NEWS | http://imf-news.blogspot.com/2012/06/imf-executive-board-approves-three-year.html

IMF Completes the Fifth Review Under the Extended Fund Facility (EFF) for Seychelles

The Executive Board of the International Monetary Fund (IMF) has completed the fifth review under the three-year Extended Arrangement (EFF) for the Seychelles. The completion of the review enables a disbursement of SDR 2.64 million (about US.6 million). The Board's decision was taken on a lapse of time basis.¹ The arrangement became effective on December 23, 2009, in the amount of SDR 19.8 million (see Press Release No. 09/472).

In 2011, the solid recovery that was set in motion by decisive policy changes after the 2008 crisis continued, supported by a vibrant tourism sector and continued high foreign direct investment. Consumer price inflation increased from near-zero levels at the beginning of 2011 to 5½ percent by year end, reflecting higher international food and fuel prices and, late in the year, a depreciating exchange rate. Fiscal performance was stronger than projected, despite higher losses from the national airline’s operations. Public debt remained on a downward trend, and the country continued to rebuild international reserves. The economic program supported by the EFF remains on track, and all quantitative performance criteria at end-December 2011 were met.

In 2012, economic growth is expected to moderate owing to less favorable external conditions. Inflation is projected to peak in mid-year, once recent adjustments of fuel prices and utility tariffs are fully reflected in the consumer price index. Monetary policy is appropriately being tightened, which should alleviate pressures on the exchange rate and bring down inflation during the second half of 2012. Public finances will need to absorb the one-off costs of restructuring Air Seychelles, but an improved fiscal revenues outlook will ensure that the primary balance target is met. The upcoming implementation of the value-added tax will improve the efficiency of the tax system. Public finances should be strengthened by enhanced oversight of public enterprises, the launch of the public sector investment program, and the implementation of further public utility tariff reforms. The financial infrastructure will be improved by the introduction of a new electronic clearing system.

Source | International Monetary Fund - Blog NEWS | http://imf-news.blogspot.com/2012/06/imf-completes-fifth-review-under.html