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Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting: December 10, 2020 »

Source: Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting: December 10, 2020

Volume/Issue: 2021/001

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2021

ISBN: 9781513566542

As the COVID-19 crisis continues to unfold, uncertainty remains exceptionally high. The Fund has provided extraordinary financial support as well as timely analysis and policy advice during the first phase of the c...

New

Djibouti »

Source: Djibouti : Technical Assistance Report-External Sector Statistics

Volume/Issue: 2021/004

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513566009

Keywords: Foreign direct investment, Balance of payments statistics, External sector statistics, Transportation, Customs unions, ISCR, CR, balance of payments survey, ANPI data, balance of payments compiler

An external sector statistics (ESS) mission visited Djibouti from January 26-30, 2020. This was the fourth mission under the JSA/AFR project to improve ESS in 17 Francophone African countries. The mission found tha...

New

IMF Executive Board Concludes 2020 Article IV Consultation with Morocco »

Source: Morocco : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Volume/Issue: 2021/002

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565958

Keywords: Public debt, COVID-19 , Credit, Loans, External debt, ISCR, CR, vaccination campaign, vaccine dose, draft budget law

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco's population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities' prompt re...

New

IMF Executive Board Extends Immediate Debt Service Relief for Mali for Another Six Months »

Source: Mali : Request for Second Tranche of Debt Service Relief Under the Catastrophe Containment and Relief Trust-Press Release; and Staff Report

Volume/Issue: 2021/003

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565996

Keywords: Debt service, Debt relief, Public debt, COVID-19 , Health care, ISCR, CR, IMF lending tracker, tranche of debt service relief, eligible debt service

The COVID-19 pandemic and the August 2020 coup d'état have disrupted more than half a decade of strong economic performance, during which growth averaged 5 percent.1 Growth is projected to decline from 5 percent to...

New

Mali: Request for Second Tranche of Debt Service Relief Under the Catastrophe Containment and Relief Trust—Press Release; and Staff Report »

Source: Mali : Request for Second Tranche of Debt Service Relief Under the Catastrophe Containment and Relief Trust-Press Release; and Staff Report

Volume/Issue: 2021/003

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565996

Keywords: Debt service, Debt relief, Public debt, COVID-19 , Health care, ISCR, CR, IMF lending tracker, tranche of debt service relief, eligible debt service

The COVID-19 pandemic and the August 2020 coup d'état have disrupted more than half a decade of strong economic performance, during which growth averaged 5 percent.1 Growth is projected to decline from 5 percent to...

New

Morocco: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Morocco »

Source: Morocco : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Volume/Issue: 2021/002

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565958

Keywords: Public debt, COVID-19 , Credit, Loans, External debt, ISCR, CR, vaccination campaign, vaccine dose, draft budget law

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco's population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities' prompt re...

New

Morocco: Staff Report for the 2020 Article IV Consultation and Proposal for Post-program Monitoring—Informational Annex »

Source: Morocco : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Volume/Issue: 2021/002

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565958

Keywords: Public debt, COVID-19 , Credit, Loans, External debt, ISCR, CR, vaccination campaign, vaccine dose, draft budget law

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco's population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities' prompt re...

New

Statement by Mr. El Qorchi on Morocco December 18, 2020 »

Source: Morocco : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Volume/Issue: 2021/002

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565958

Keywords: Public debt, COVID-19 , Credit, Loans, External debt, ISCR, CR, vaccination campaign, vaccine dose, draft budget law

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco's population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities' prompt re...

New

Statement by the Staff Representative on Morocco December 18, 2020 »

Source: Morocco : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Volume/Issue: 2021/002

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2021

ISBN: 9781513565958

Keywords: Public debt, COVID-19 , Credit, Loans, External debt, ISCR, CR, vaccination campaign, vaccine dose, draft budget law

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco's population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities' prompt re...

New

Djibouti »

Source: Djibouti : Technical Assistance Report-External Sector Statistics

Volume/Issue: 2021/004

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

Language: French

ISBN: 9781513566054

Keywords: Foreign direct investment, Balance of payments statistics, External sector statistics, Transportation, Customs unions, ISCR, CR, balance of payments survey, ANPI data, balance of payments compiler

An external sector statistics (ESS) mission visited Djibouti from January 26-30, 2020. This was the fourth mission under the JSA/AFR project to improve ESS in 17 Francophone African countries. The mission found tha...

New

IMF Executive Board Completes Third Review Under the Policy Coordination Instrument (PCI) for Rwanda »

Source: Rwanda : Third Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director and Staff Representative for Rwanda

Volume/Issue: 2021/001

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

ISBN: 9781513565927

Keywords: Public debt, COVID-19 , Debt sustainability analysis, Fiscal risks, External debt, ISCR, CR, IT system, assessment of a reform target, staff appraisal

The COVID-19 pandemic is having an adverse impact on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...

New

Rwanda: Third Review Under the Policy Coordination Instrument—Debt Sustainability Analysis »

Source: Rwanda : Third Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director and Staff Representative for Rwanda

Volume/Issue: 2021/001

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

ISBN: 9781513565927

Keywords: Public debt, COVID-19 , Debt sustainability analysis, Fiscal risks, External debt, ISCR, CR, IT system, assessment of a reform target, staff appraisal

The COVID-19 pandemic is having an adverse impact on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...

New

Rwanda: Third Review Under the Policy Coordination Instrument—Press Release; Staff Report; and Statements by the Executive Director and Staff Representative for Rwanda »

Source: Rwanda : Third Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director and Staff Representative for Rwanda

Volume/Issue: 2021/001

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

ISBN: 9781513565927

Keywords: Public debt, COVID-19 , Debt sustainability analysis, Fiscal risks, External debt, ISCR, CR, IT system, assessment of a reform target, staff appraisal

The COVID-19 pandemic is having an adverse impact on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...

New

Statement by the Executive Director, Mr. Aivo Andrianarivelo, the Senior Advisor of the Executive Director, Mr. Marcellin Koffi Alle, and the Advisor of the Executive Director, Ms. Loy Nankunda, on Rwanda December 16, 2020 »

Source: Rwanda : Third Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director and Staff Representative for Rwanda

Volume/Issue: 2021/001

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

ISBN: 9781513565927

Keywords: Public debt, COVID-19 , Debt sustainability analysis, Fiscal risks, External debt, ISCR, CR, IT system, assessment of a reform target, staff appraisal

The COVID-19 pandemic is having an adverse impact on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...

New

Statement by the Staff Representative on Rwanda Executive Board Meeting December 16, 2020 »

Source: Rwanda : Third Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director and Staff Representative for Rwanda

Volume/Issue: 2021/001

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2021

ISBN: 9781513565927

Keywords: Public debt, COVID-19 , Debt sustainability analysis, Fiscal risks, External debt, ISCR, CR, IT system, assessment of a reform target, staff appraisal

The COVID-19 pandemic is having an adverse impact on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...

New

Ecuador: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria— Press Release; Staff Report; and Statement by the Executive Director for Ecuador »

Source: Ecuador : First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Volume/Issue: 2020/325

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2020

ISBN: 9781513565743

Keywords: Public debt, Oil, Credit, Oil prices, Fiscal stance, ISCR, CR, upside risk, EFF arrangement, procurement procedure

On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ec...

New

IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement for Ecuador »

Source: Ecuador : First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Volume/Issue: 2020/325

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2020

ISBN: 9781513565743

Keywords: Public debt, Oil, Credit, Oil prices, Fiscal stance, ISCR, CR, upside risk, EFF arrangement, procurement procedure

On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ec...

New

Statement by Afonso Bevilaqua, Executive Director for Ecuador, Ricardo Velloso, Senior Advisor to Executive Director, and Francisco Rivadeneira, Advisor to Executive Director December 21, 2020 »

Source: Ecuador : First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Volume/Issue: 2020/325

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2020

ISBN: 9781513565743

Keywords: Public debt, Oil, Credit, Oil prices, Fiscal stance, ISCR, CR, upside risk, EFF arrangement, procurement procedure

On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ec...

New

Statement by the Staff Representative on Ecuador Executive Board Meeting December 21, 2020 »

Source: Ecuador : First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Volume/Issue: 2020/325

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2020

ISBN: 9781513565743

Keywords: Public debt, Oil, Credit, Oil prices, Fiscal stance, ISCR, CR, upside risk, EFF arrangement, procurement procedure

On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ec...

New

The Case for Depositor Preference »

Source: The Case for Depositor Preference

Volume/Issue: 2020/002

Series: Technical Notes and Manuals

Author(s): Marc Dobler , Ender Emre , Alessandro Gullo , and Deeksha Kale

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513557397

Keywords: Deposit insurance, Bank deposits, Bank resolution framework, Bank resolution, Financial sector stability, TNM, depositor preference, preference arrangement, deposit insurance limit, depositor confidence

This technical note and manual (TNM) addresses the following issues: advantages and disadvantages of different types of depositor preference, international best practice and experience in adopting depositor prefer...

New

Euro Area Policies: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Member Countries »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

New

Euro Area Policies: Staff Report for the 2020 Article IV Consultation with Member Countries—Supplementary Information »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

New

IMF Executive Board Concludes 2020 Discussions on Common Euro Area Policies with Member Countries »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

New

Statement by Mika Pösö, Executive Director for the Nordic-Baltic Constituency on behalf of the Euro Area Authorities December 18, 2020 »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

New

Côte D’Ivoire: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-program Monitoring—debt Sustainability Analysis »

Source: Cote d'Ivoire : Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

Volume/Issue: 2020/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564814

Keywords: Public debt, External debt, Revenue administration, Credit, Debt sustainability, ISCR, CR, EFF arrangement, revenue setback, summary debt service table

Prior to the COVID crisis, Côte d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, support...

New

Côte D’ivoire: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-program Monitoring; Press Release; Staff Report; and Statement by the Executive Director for Côte D’ivoire »

Source: Cote d'Ivoire : Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

Volume/Issue: 2020/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564814

Keywords: Public debt, External debt, Revenue administration, Credit, Debt sustainability, ISCR, CR, EFF arrangement, revenue setback, summary debt service table

Prior to the COVID crisis, Côte d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, support...

New

Côte D’Ivoire: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and the Extended Arrangement Under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-program Monitoring—supplementary Information »

Source: Cote d'Ivoire : Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

Volume/Issue: 2020/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564814

Keywords: Public debt, External debt, Revenue administration, Credit, Debt sustainability, ISCR, CR, EFF arrangement, revenue setback, summary debt service table

Prior to the COVID crisis, Côte d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, support...

New

How to Develop A Framework for the Investment of Temporary Government Cash Surpluses »

Source: How to Develop A Framework for the Investment of Temporary Government Cash Surpluses

Volume/Issue: 2020/003

Series: IMF How To Notes

Author(s): Israel Fainboim Yaker , Sandeep Saxena , and Mike Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513563824

Keywords: Currencies, Government cash management, Government cash forecasting, Money markets, Credit risk, FADHTN, HTN, cash manager, surplus cash, cash surplus

Well-developed cash management aims to improve government operational efficiency and facilitates better service delivery by ensuring liquidity to meet payment obligations as they fall due. Liquidity, however, comes...

New

How to Set Up A Cash Buffer »

Source: How to Set Up A Cash Buffer : A Practical Guide to Developing and Implementing a Cash Buffer Policy

Volume/Issue: 2020/004

Series: IMF How To Notes

Author(s): Yasemin Hurcan , Emre Balibek , and Fato? Koç

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513563848

Keywords: Government cash forecasting, Currencies, Government cash management, Government debt management, Treasury Single Account, FADHTN, HTN, cash balance, opportunity cost, annual debt service

Maintaining a cash buffer has emerged as a risk management tool for government cash and debt management. During budget execution, there is considerable cash flow volatility and timing mismatches concerning revenue...

New

IMF Executive Board Completes the Final Reviews of Côte d’Ivoire’s Extended Credit Facility and Extended Fund Facility Arrangements »

Source: Cote d'Ivoire : Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

Volume/Issue: 2020/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564814

Keywords: Public debt, External debt, Revenue administration, Credit, Debt sustainability, ISCR, CR, EFF arrangement, revenue setback, summary debt service table

Prior to the COVID crisis, Côte d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, support...

New

Statement by Mr. Aivo Andrianarivelo, Executive Director for Côte d’Ivoire and Mr. Marcellin Koffi Alle, Senior Advisor to the Executive Director December 9, 2020 »

Source: Cote d'Ivoire : Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

Volume/Issue: 2020/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564814

Keywords: Public debt, External debt, Revenue administration, Credit, Debt sustainability, ISCR, CR, EFF arrangement, revenue setback, summary debt service table

Prior to the COVID crisis, Côte d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, support...

New

Georgia: Seventh Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria—Press Release; Staff Report; and Statement by the Executive Director for Georgia »

Source: Georgia : Seventh Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Georgia

Volume/Issue: 2020/322

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2020

ISBN: 9781513564845

Keywords: Loans, Public debt, External debt, COVID-19 , Credit, ISCR, CR, inflation expectation, Executive Board discussion, IMF Deputy managing director

Georgia's performance under the Extended Arrangement has been positive, but the country is now facing a pronounced economic slowdown. Domestic and external demand remain weak, and service sector activity remains sl...

New

IMF Executive Board Completes the Seventh Review under the Extended Fund Facility for Georgia »

Source: Georgia : Seventh Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Georgia

Volume/Issue: 2020/322

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2020

ISBN: 9781513564845

Keywords: Loans, Public debt, External debt, COVID-19 , Credit, ISCR, CR, inflation expectation, Executive Board discussion, IMF Deputy managing director

Georgia's performance under the Extended Arrangement has been positive, but the country is now facing a pronounced economic slowdown. Domestic and external demand remain weak, and service sector activity remains sl...

New

Statement by Mr. Hilbers, Mr. Rashkovan, and Mr. Zedginidze on Georgia December 16, 2020 »

Source: Georgia : Seventh Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Georgia

Volume/Issue: 2020/322

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2020

ISBN: 9781513564845

Keywords: Loans, Public debt, External debt, COVID-19 , Credit, ISCR, CR, inflation expectation, Executive Board discussion, IMF Deputy managing director

Georgia's performance under the Extended Arrangement has been positive, but the country is now facing a pronounced economic slowdown. Domestic and external demand remain weak, and service sector activity remains sl...

Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic* »

Source: Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic

Volume/Issue: 2020/292

Series: IMF Working Papers

Author(s): Can Sever , Rohit Goel , Dimitris Drakopoulos , and Evan Papageorgiou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564661

Keywords: Bond yields, Yield curve, Central bank policy rate, Stock markets, Currencies, COVID-19, pandemic, asset purchase program, quantitative easing, bonds

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcement...

The Federal Democratic Republic of Ethiopia »

Source: The Federal Democratic Republic of Ethiopia : Technical Assistance Report-Financial Soundness Indicators Mission

Volume/Issue: 2020/323

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564876

Keywords: Financial soundness indicators, Financial statements, Commercial banks, Personal income, Foreign currency exposure, ISCR, CR, FSI Guide, report form, asset classification

The International Monetary Fund's (IMF's) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the National Bank of Ethiopia (NBE) during June 15-July 10, 2020....

Feeling the Heat: Climate Shocks and Credit Ratings »

Source: Feeling the Heat: Climate Shocks and Credit Ratings

Volume/Issue: 2020/286

Series: IMF Working Papers

Author(s): Serhan Cevik , and João Tovar Jalles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564548

Keywords: Climate change, Credit ratings, International reserves, Credit, Emerging and frontier financial markets, vulnerability, resilience, credit ratings, WP, climate change vulnerability

Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic...

Hang in There: Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures »

Source: Hang in There: Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures

Volume/Issue: 2020/285

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , and Yunhui Zhao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564753

Keywords: Asset prices, Fiscal space, COVID-19 , Stock markets, Fiscal stance, stock prices, event study, exit strategy, WP, government support

The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdra...

House Prices and Macroprudential Policies: Evidence from City-level Data in India »

Source: House Prices and Macroprudential Policies: Evidence from City-level Data in India

Volume/Issue: 2020/291

Series: IMF Working Papers

Author(s): Bhupal Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513552514

Keywords: Housing prices, Housing, Loans, Asset prices, Mortgages, bank credit, macroprudential policies, WP, house price, LTV ratio

This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data...

IMF Executive Board Concludes 2020 Article IV Consultation with United Kingdom »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

Leverage Shocks: Firm-Level Evidence on Debt Overhang and Investment »

Source: Leverage Shocks: Firm-Level Evidence on Debt Overhang and Investment

Volume/Issue: 2020/287

Series: IMF Working Papers

Author(s): Serhan Cevik , and Fedor Miryugin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564654

Keywords: Emerging and frontier financial markets, Financial sector development, Debt burden, Currencies, Corporate investment, Corporate debt, leverage, debt overhang, fixed investment, firm-level

The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk like no other at a time of record-breaking debt levels, especially among nonfinancial firms across...

Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies »

Source: Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies

Volume/Issue: 2020/288

Series: IMF Working Papers

Author(s): Helene Poirson Ward , Nathan Porter , Itai Agur , Jiaqian Chen , Johannes Eugster , Stefan Laseen , Jeta Menkulasi , Kenji Moriyama , Celine Rochon , Katsiaryna Svirydzenka , Camilo Tovar Mora , Zhongxia Zhang , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564562

Keywords: Central bank policy rate, Exchange rates, Inflation, Exchange rate flexibility, Exchange rate arrangements, Monetary policy, foreign exchange intervention, policy transmission and effectiveness, macroprudential policy, capital flow management measures

Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs hav...

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries »

Source: Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries

Volume/Issue: 2020/289

Series: IMF Working Papers

Author(s): Hans Weisfeld , Irineu de Carvalho Filho , Fabio Comelli , Rahul Giri , Klaus-Peter Hellwig , Chengyu Huang , Fei Liu , Sandra Lizarazo Ruiz , Alexis Mayer Cirkel , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564609

Keywords: Inflation, Financial crises, Banking crises, Early warning systems, Commodity prices, crisis prediction, machine learning, low-income countries, WP, inflation crisis

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss r...

Small and Vulnerable: Small Firm Productivity in the Great Productivity Slowdown1 »

Source: Small and Vulnerable: Small Firm Productivity in the Great Productivity Slowdown

Volume/Issue: 2020/294

Series: IMF Working Papers

Author(s): Sophia Chen , and Do Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564647

Keywords: Total factor productivity, Credit default swap, Credit, Financial statements, Financial crises, Credit constraint, Financial crisis, Firm size, Intangibles, Producvitity

We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the Global Financial Crisis. The TFP growth of smaller firms was more adversely affected and diverged...

Sovereign Debt Standstills1 »

Source: Sovereign Debt Standstills

Volume/Issue: 2020/290

Series: IMF Working Papers

Author(s): Juan Carlos Hatchondo , Leonardo Martinez , and Cesar Sosa Padilla

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564531

Keywords: Debt relief, Securities markets, Debt burden, Asset prices, Personal income, Standstill, Haircuts, COVID-19, Default, Debt Overhang

As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of sta...

Statement by Shona Riach, Executive Director for the United Kingdom, David Paul Ronicle, Alternate Executive Director and Tommy Chrimes, Advisor to the Executive Director December 16, 2020 »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

Supply Spillovers During the Pandemic: Evidence from High-Frequency Shipping Data♠ »

Source: Supply Spillovers During the Pandemic: Evidence from High-Frequency Shipping Data

Volume/Issue: 2020/284

Series: IMF Working Papers

Author(s): Diego Cerdeiro , and Andras Komaromi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564746

Keywords: Imports, Spillovers, Plurilateral trade, Foreign currency exposure, COVID-19 , lockdowns, trade, supply chains., WP, lockdown exposure

World trade contracted dramatically during the global economic crisis induced by the COVID-19 pandemic. Disruptions in international supply chains were widely reported as governments imposed containment measures (l...

United Kingdom: 2020 Article IV Consultation—Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom: Staff Report for the 2020 Article IV Consultation—Informational Annex »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom: Staff Report for the 2020 Article IV Consultation—Supplementary Information »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...