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Cover IMF Staff Country Reports
Malta: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
copyright page; responses to the energy crisis; price signal; energy price; Brent crude oil price; Energy prices; Consumption; Electricity; Energy conservation; Fuel prices; Europe
Cover IMF Staff Country Reports
Malta: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
Malta’s economy rebounded strongly from the pandemic. However, the indirect impact of Russia’s war in Ukraine, including the anticipated slowdown in the European economy, high and volatile global energy prices, rising import costs, and weakened public finances following the pandemic are weighing on the outlook. The Maltese economy is expected to slow from 6¼ percent this year to 3¼ percent in 2023. The financial system has proved to be resilient to the pandemic with ample capital and liquidity buffers. In June 2022, the Financial Action Task Force (FATF) removed Malta from its grey list of anti-money laundering and combatting the financing terrorism (AML/CFT) framework.
Keywords:
SDDS preparation; money market rate; liability positions vis-à-vis nonresident; Policy recommendation; property price index; External sector statistics; Energy prices; Inflation; Global; Europe
Cover IMF Staff Country Reports
Republic of Croatia: Representative Rate for the Euro
International Monetary Fund. Finance Dept.
The Council of the European Union decided on July 12, 2022 that the Republic of Croatia had fulfilled the necessary conditions for adoption of the euro with effect from January 1, 2023,1 and that the conversion rate should be set at 7.53450 Croatian kuna per one euro.2 The Croatian authorities notified the Fund on October 5, 2022, that the euro will be their country’s currency, effective from January 1, 2023.
Keywords:
representative exchange rate; capital markets department; copyright page; representative rate; exchange arrangement; Exchange rates; Capital markets
Cover IMF Staff Country Reports
Haiti: Request for the Disbursement Under the Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Haiti
International Monetary Fund. Western Hemisphere Dept.
Haiti has been hit hard by the global food price shock. In September 2022, food inflation reached 44 percent, with rice inflation nearly 70 percent. With more than half the population already below the poverty line, Haiti faces a dire humanitarian crisis, with an expected financing gap in FY2023 of at least US$105 million (0.5 percent of GDP), assuming import compression and pending additional external financing from development partners. This shock compounds the hardships of an already highly fragile country—also suffering a public health emergency (cholera) and serious security risks. In line with global trends and also due to an escalation of violence, the macroeconomic situation has been more challenging relative to the outlook in June 2022, at the time of the approval of the Staff Monitored Program (SMP). That said, recent data suggest that the authorities are making meaningful efforts to overcome the multiple challenges facing the country and the First Review of the SMP was approved by IMF Management on December 21, 2022.
Keywords:
record price inflation; SMP objective; international community; Haitian authorities; transparency policy; governance Diagnostic; Commodity price shocks; Debt sustainability analysis; Credit; Global
Cover Policy Papers
International Corporate Tax Reform
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Legal Dept.
To relieve the pressure on the outdated international corporate tax system, an ambitious reform was agreed at the Inclusive Framework (IF) on Base Erosion and Profit Shifting in 2021, with now 138 jurisdictions joining. It complements previous efforts to mitigate profit shifting by addressing the challenges of the digitalization of the economy through a new allocation of taxing rights to market economies (Pillar 1) and tax competition through a global minimum corporate tax (Pillar 2). This paper concludes that the agreement makes the international tax system more robust to tax spillovers, better equipped to address digitalization, and modestly raises global tax revenues.
Keywords:
Tax Policy; allocation rule; IMF capacity development; tax competition; G. revenue mobilization agenda; A. reform direction; International tax issues; Corporate income tax; Double taxation; Tax incentives; Global
Cover IMF Staff Country Reports
Republic of Iraq: Technical Assistance Report on Government Finance Statistics (December 5-19, 2021)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during December 5-19, 2021. The main purpose of the mission was to support the Budget, Public Accounting and Debt Departments in enhancing budget preparation and reporting in line with the Government Finance Statistics Manual 2014 (GFSM 2014) framework and its integration in the Integrated Financial Management Information System (IFMIS).
Keywords:
Government Finance Statistics Public sector debt statistics Expenditure Public Sector; government finance statistics yearbook; IMF's Statistics Department; Statistics Department of the IMF; staff team of the International Monetary Fund; debt department; Government finance statistics; Budget planning and preparation; Budget execution and treasury management; Chart of accounts; Middle East
Cover IMF Staff Country Reports
Hungary: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
food inflation; policy stance indicator; B. inflation driver; monetary policy stance; producer price inflation; inflation in Hungary; Inflation; Monetary operations; Liquidity; Central bank policy rate; Mortgages; Europe; Global
Cover IMF Staff Country Reports
Hungary: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary
International Monetary Fund. European Dept.
While the economy was recovering from the COVID-crisis, a succession of shocks and loose fiscal policy intensified inflation and fueled a large external deficit. Appropriately, the central bank significantly tightened monetary policy and the government plans a large fiscal adjustment. However, regulatory measures undermine the tighter fiscal and monetary policy mix. Growth is expected to slow sharply with still-elevated inflation and sizable risks can worsen the outlook.
Keywords:
Policy recommendation; monetary policy mix; liability positions vis-à-vis nonresident; monetary policy transmission; inflation expectation; money market rate; reducing inflation; EU funds; Policy discussion; Inflation; Energy prices; Current account deficits; Fiscal stance; Global; Europe
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
E. climate adaptation financing; Mauritania's climate policy commitment; Policy recommendation; climate change readiness; climate change in Mauritania; staff team of the International Monetary Fund; Exchange rate flexibility; Climate change; Natural disasters; Exchange rates; Currency markets; Global; Middle East and Central Asia; Maghreb; North Africa
Cover IMF Staff Country Reports
People’s Republic of China: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People’s Republic of China
International Monetary Fund. Asia and Pacific Dept
Following an impressive recovery from the initial impact of the pandemic, China’s growth has slowed significantly in 2022. It remains under pressure as more transmissible variants have led to recurring outbreaks that have dampened mobility, the real estate crisis remains unresolved, and global demand has slowed. Macroeconomic policies have been eased appropriately, but their effectiveness has been diminished by a focus on enterprises and increasingly less effective traditional infrastructure investment rather than support to households. The pandemic and its impacts have also been a setback to economic rebalancing toward private consumption and to reducing greenhouse gas emissions. A slowdown in growth-enhancing reforms against the backdrop of increasing geoeconomic fragmentation pressures stand in the way of a much-needed lift to productivity growth, weighing on China’s medium-term growth potential.
Keywords:
state-administered SOE funds; government fund; interest rate; COVID risk level; supportive fiscal policy; COVID wave; containment measure; Housing; Credit; COVID-19; Global; Asia and Pacific