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FISCAL DEVELOPMENTS AND OUTLOOK Sample Clauses

FISCAL DEVELOPMENTS AND OUTLOOK. Based on the preliminary data for 2019, Greece is set to overachieve the primary surplus target of 3.5% of GDP, outperforming its fiscal targets for the fifth year in a row. In view of the emerging fiscal space based on updated revenue and expenditure estimates towards the end of 2019, and following consultation with the European institutions, the authorities distributed €186 million of social benefits to vulnerable households and cleared a pending public service obligation to the Public Power Corporation with an amount of close to €200 million from the ordinary budget rather than from the contingency reserves. The amount of the social dividend was calibrated to safeguard a distance of 0.2% of GDP compared to the fiscal target to cater for possible statistical revisions. The primary surplus is expected to reach around 4% of GDP in 2019 including these payments, above the 3.8% of GDP projected in the 4th enhanced surveillance report, which had not included these measures. The headline surplus is expected to have reached around 1.6% of GDP (6) in 2019, compared with the euro area average deficit of 0.8% of GDP expected in the Commission 2019 autumn forecast. The expected over-performance can be attributed mainly to a better revenue outturn at the end of the year, which is partly due to one-off factors. General government revenues turned out stronger than expected in the previous report, primarily due to higher receipts from social contributions by around 0.2% of GDP, which are partly linked to the start of the 120 instalment scheme, and higher tax revenues by around 0.1% of GDP, after deducting tax refunds. In addition, some one-off repayments contributed to the revenues in December by 0.1% of GDP, inter alia from the European Investment Bank. Net of the end-year payments, expenditure would have been lower by 0.2% of GDP compared to the forecast in November 2019, mainly on account of lower consumption expenditure, which comes on top of the sizeable reduction in spending ceilings in 2019 implemented together with the 2020 budget. While having a broadly neutral impact on the balance, general government investment was by 1.1% of GDP lower than initially planned, marking 2019 as yet another year of very sizeable underspending. Based on preliminary data, general government investment expenditure is estimated to be lower by 0.6% of GDP compared to the authorities’ latest projection from November 2019. However, the observed under-execution comes on top of the downw...
Sample 1
FISCAL DEVELOPMENTS AND OUTLOOK. Greece has entered this crisis in a relatively favourable fiscal position, with substantial cash reserves, a strong primary surplus, and low medium-term re-financing needs on its high public debt. The extraordinary fiscal adjustment implemented during and following the programmes has made Greece better equipped to weather the Coronavirus outbreak compared to the situation a decade ago, ahead of the global financial crisis. The budget has been delivering high structural surpluses for several years while meeting or outperforming the fiscal targets. Greece also enjoys cash reserves close to €34 billion, which is an important asset in view of the fallout of revenues and extraordinary spending to tackle the pandemic. These efforts were reflected in 2019 and early-2020 in the financial markets and Greece’s credit ratings, which had been improving steadily. The yield spreads on Greece’s long term bonds had declined to historical lows earlier this year.
Sample 1

Related to FISCAL DEVELOPMENTS AND OUTLOOK

  • Sustainable Development 4.1 The Authority will review the Contractor’s Sustainable Development Policy Statement and Sustainable Development Plan submitted by the Contractor in accordance with the Schedule (Sustainable Development Requirements) and then at least annually thereafter. 4.2 Sustainable Procurement Risk Assessment Methodology (SPRAM) is a tool used by the Authority to identify and mitigate any potential risks to sustainability in contracts. The process requires that each Contract be assessed for its potential social, economic and environmental risks, throughout the various stages of its lifetime. Where risks are identified, appropriate mitigation action is required to reduce or eliminate the risk to sustainability. The Authority may at times require input from the Contractor in order to ensure that this process is given the required levels of consideration.

  • Staff Development As part of their induction, new staff will be made aware of this policy and will be asked to ensure compliance with its procedures at all times.

  • Business and Operations Borrower will continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower will qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Property.

  • Status as Business Development Company The Borrower is an “investment company” that has elected to be regulated as a “business development company” within the meaning of the Investment Company Act and qualifies as a RIC.

  • Joint Development If joint development is involved, the Recipient agrees to follow the latest edition of FTA Circular 7050.1, “Federal Transit Administration Guidance on Joint Development.”

  • Professional Development 9.01 Continuous professional development is a hallmark of professional nursing practice. As a self-regulating profession, nursing recognizes the importance of maintaining a dynamic practice environment which includes ongoing learning, the maintenance of competence, career development, career counselling and succession planning. The parties agree that professional development includes a diverse range of activities, including but not limited to formal academic programs; short-term continuing education activities; certification programs; independent learning committee participation. The parties recognize their joint responsibility in and commitment to active participation in the area of professional development.

  • Business Development Provide advice and assistance in business growth and development of Party B. 业务发展。对乙方的业务发展提供建议和协助。

  • Information Systems Acquisition Development and Maintenance a. Client Data – Client Data will only be used by State Street for the purposes specified in this Agreement.

  • Business Operations Company will provide all necessary equipment, personnel and other appurtenances necessary to conduct its operations. Company will conduct its business operations hereunder in a lawful, orderly and proper manner, considering the nature of such operation, so as not to unreasonably annoy, disturb, endanger or be offensive to others at or near the Premises or elsewhere on the Airport.

  • Job Development Job development/placement is individualized and shall include weekly person-to-person job search assistance, assistance with identifying job leads, interview coaching and support, and maintaining a log of job search activities for the purposes of obtaining competitive integrated employment. By mutual consent of the consumer and the THE ARC XXXXXXX COUNTY, these services may be provided in-person or by Skype, FaceTime, or other online communication tools. Job development/placement may also include arranging job trials/job shadowing for individuals with a DORS Trial Work Experience Plan, assistance with completing applications, assistance with employer follow-up after interviews, use of personal employment networks in job search, and resume update. It would include time spent calling employers, visiting and educating employers and similar activities. Job development/placement shall not be paid for using supported employment funding and shall not include the Discovery process, which is pre-vocational in nature and may be completed prior to job development. Up to 60 hours for job search assistance, authorized in 20-hour increments, may be used for job development. Additional hours of job development may be requested and require written justification by THE ARC XXXXXXX COUNTY and approval of the DORS regional/program director. Job Development Reporting. The Employment Service Progress Form is expected to be submitted to DORS on a monthly basis per consumer. This form is available on the DORS website (xxx.xxxx.xxxxxxxx.xxx).

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