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International Monetary Fund. Secretary's Department

Abstract

To the Board of Governors of the International Monetary Fund

International Monetary Fund. Secretary's Department

Abstract

To the Board of Governors of the International Monetary Fund

International Monetary Fund. Middle East and Central Asia Dept.
This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.
International Monetary Fund. Secretary's Department

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2020 and 2019

International Monetary Fund. Secretary's Department

Abstract

To the Board of Governors of the International Monetary Fund

International Monetary Fund
This paper aims to engage Directors on how best to promote timely completion of Article IV consultations. Surveillance is mandatory for both the Fund and its members, and members have an obligation to consult with the Fund for this purpose. In this context, it is useful to consider if further steps are warranted to address cases in which members do not consult with the Fund on a timely basis. This paper does not propose Board decisions at this stage. Instead it lays out ideas to elicit Directors’ views. Based on this informal discussion, staff could return later to the Board, if needed for a formal discussion and possible decisions.
International Monetary Fund. Finance Dept.
On October 30, 2020, the IMF’s Executive Board reviewed the adequacy of the Fund’s precautionary balances. Precautionary balances, comprising the Fund’s general and special reserves and the Special Contingent Account (SCA-1), are one element of the IMF’s multi-layered framework for managing financial risks. These balances provide a buffer to protect the Fund against potential losses, resulting from credit, income, and other financial risks. This review of the adequacy of the Fund’s precautionary balances took place on the standard two-year cycle, although it was delayed by a few months to allow for an assessment of the impact of the COVID-19 pandemic on Fund financial risks. In conducting the review, the Executive Board applied the rules-based framework agreed in 2010.
International Monetary Fund. Middle East and Central Asia Dept.

2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia