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You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Financial and monetary sector x
  • Monetary Policy x
  • Monetary economics x
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Cover IMF Staff Country Reports
Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. African Dept.
The IMF Board approved a 36-month ECF arrangement for Cabo Verde in June 2022. The program aims to: strengthen public finances and put debt on a downward path; reduce fiscal risks from public enterprises and improve their financial management; modernize the monetary policy framework and improve resilience of the financial system; and raise the growth potential. Cabo Verde was hit hard by the COVID-19 pandemic. The recovery is now underway, and the economy has recorded five consecutive quarters of growth, supported by a rebound in tourism. The fiscal position has improved, the debt-to- GDP ratio is on a downward path, reserves are within the target range, and the financial sector remains resilient. However, spillovers from Russia’s invasion of Ukraine have led to double-digit increases in energy and food prices.
Keywords:
Cabo Verde economy; Cabo Verdean authorities; transparency policy; debt reduction objective; Extended Credit Facility arrangement; Fiscal stance; Fiscal risks; Global
Cover IMF Staff Country Reports
Cabo Verde: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. African Dept.
The IMF Board approved a 36-month ECF arrangement for Cabo Verde in June 2022. The program aims to: strengthen public finances and put debt on a downward path; reduce fiscal risks from public enterprises and improve their financial management; modernize the monetary policy framework and improve resilience of the financial system; and raise the growth potential. Cabo Verde was hit hard by the COVID-19 pandemic. The recovery is now underway, and the economy has recorded five consecutive quarters of growth, supported by a rebound in tourism. The fiscal position has improved, the debt-to- GDP ratio is on a downward path, reserves are within the target range, and the financial sector remains resilient. However, spillovers from Russia’s invasion of Ukraine have led to double-digit increases in energy and food prices.
Keywords:
Cabo Verde economy; Cabo Verdean authorities; transparency policy; debt reduction objective; Extended Credit Facility arrangement; Fiscal stance; Fiscal risks; Global
Cover IMF Staff Country Reports
Colombia: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Colombia
International Monetary Fund. Western Hemisphere Dept.
Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth led by pent-up domestic demand, notably private consumption. Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully. While GDP has already reached pre-pandemic levels, employment has trailed in its recovery and macroeconomic imbalances have emerged. Amid strong demand, supply constraints, and rising commodity prices, rising inflation exceeded the upper limit of the central bank’s tolerance range in 2021. With demand-led growth and higher import prices, the current account deficit widened to 5¾ percent of GDP. Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 5½ percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports. External vulnerabilities remain elevated with high external financing needs and tighter financial conditions. External risks remain elevated and an intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets. Domestic risks are also tilted to the downside—including uncertainty around the evolution of the pandemic, political uncertainty with national elections this year, and slower implementation of the infrastructure agenda and peace accords.
Keywords:
inflation expectation; baseline price; fully-fledged inflation targeting regime; liability positions vis-à-vis nonresident; price revision; CPI basket; customs authorities; Inflation; Economic recovery; Public sector; Global; Central America
Cover Policy Papers
Guidance Note on Information Sharing Between IMF and World Bank Staff
International Monetary Fund. Strategy, Policy, & Review Department and World Bank
This Guidance Note outlines good practices on information-sharing across key areas in which the Bank and the IMF interact. The note outlines general principles consistent with these frameworks and discusses how the staffs of the two institutions are expected to exchange information related to country operations, technical assistance, and policy work.
Keywords:
World Bank staff; guidance note; information sharing; fund staff; share Between IMF; Debt sustainability analysis; Debt relief; Development assistance; Development policy; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The Kyrgyz economy is highly dependent on remittances and foreign aid and does not have access to international capital markets. Inequality is relatively low, but poverty is widespread. The COVID crisis led to a sharp recession with output contracting by 8.6 percent in 2020, public debt rising by 16.5 percent of GDP to 68 percent, and the som depreciating by 19 percent against the US$. Under the assumption that the global pandemic begins to decisively recede this year, a rebound in growth is expected in 2021–22. However, significant uncertainty surrounds the baseline outlook and the recovery could be delayed if downside risks materialize. In the medium to long term, the main challenge is to create jobs for about 65,000 new jobseekers annually and to reduce labor out-migration. This will require deep structural reforms to transform the economy from a reliance on remittances to more diversified and private sector-led growth that is underpinned by higher investment and exports.
Keywords:
expenditure reallocation; investor confidence; Kyrgyz authorities; staff report projection; gold production; External sector statistics; Debt sustainability analysis; Global; Central Asia
Cover IMF Staff Country Reports
Ghana: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ghana
International Monetary Fund. African Dept.
Ghana has been hit hard by the pandemic. The government’s proactive response helped contain the spread of COVID-19, protecting lives and limiting the impact on economic activity. However, partly because of the pandemic, the fiscal position worsened considerably last year, with a sharp increase in public sector debt.
Keywords:
emergency spending; debt vulnerability; expenditure arrears; GSS produce export unit; power sector reform; Energy sector; COVID-19; Financial sector; Global; Sub-Saharan Africa; Africa; West Africa
Cover IMF Staff Country Reports
Uruguay: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.
Keywords:
IMF's Statistics Department; administration company; staff team of the International Monetary Fund; Statistics Department of the IMF; CAC assets; Nonbank financial institutions; Offshore financial centers; Financial statements; Financial soundness indicators; Collective action clauses; Global