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Chapter 3 Commercial Real Estate: Financial Stability Risks During the COVID-19 Crisis and Beyond

New
Chapter 3 Commercial Real Estate: Financial Stability Risks During the COVID-19 Crisis and Beyond »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

Chapter 3 at a Glance The COVID-19 crisis has hit the commercial real estate sector hard and increased uncertainty about the outlook for some of it...

Chapter 1 Global Financial Stability Overview: An Asynchronous and Divergent Recovery May Put Financial Stability at Risk

New
Chapter 1 Global Financial Stability Overview: An Asynchronous and Divergent Recovery May Put Financial Stability at Risk »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

Chapter 1 at a Glance Extraordinary policy support measures have eased financial conditions and supported the economy, helpin...

Chapter 2 Nonfinancial Sector: Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

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Chapter 2 Nonfinancial Sector: Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

Chapter 2 at a Glance Leverage in the nonfinancial private sector reached historical highs for many economies in the run-up to the COVID-19 crisis,...

Executive Summary

New
Executive Summary »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

April 2021 Global Financial Stability Report: Preempting a Legacy of Vulnerabilities Extraordinary policy measures have eased financial conditions and supported the e...

Global Financial Stability Report, April 2021

New
Global Financial Stability Report, April 2021 »

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

DOI: http://dx.doi.org/10.5089/9781513569673.082

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulne...

Front Matter

New
Front Matter »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulne...

IMF Executive Board Discussion of the Outlook, April 2021

New
IMF Executive Board Discussion of the Outlook, April 2021 »

Source: Global Financial Stability Report, April 2021

Volume/Issue: 2021/001

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2021

ISBN: 9781513569673

Keywords: Global Financial Stability Reports, Global Financial Stability Risks, Global financial markets, global financial stability, financial market, commercial real estate, leverage, macro-financial stability, financial recovery

The following remarks were made by the Chair at the conclusion of the Executive Board’s discussion of the Fiscal Monitor, Global Financial Stability Report, and World Economic Outlook on March 2...

Back Matter

New
Back Matter »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

About one-quarter of the world's central banks apply IFRS with approximately a quarter more looking to IFRS for further guidance where their local standards do not provide enough guidance. Given the varied mandates...

Front Matter

New
Front Matter »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

About one-quarter of the world's central banks apply IFRS with approximately a quarter more looking to IFRS for further guidance where their local standards do not provide enough guidance. Given the varied mandates...

A Central Bank's Guide to International Financial Reporting Standards

New
A Central Bank's Guide to International Financial Reporting Standards »

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

DOI: http://dx.doi.org/10.5089/9781513563602.069

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

About one-quarter of the world's central banks apply IFRS with approximately a quarter more looking to IFRS for further guidance where their local standards do not provide enough guidance. Given the varied mandates...

Introduction

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Introduction »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

Objective The objective of this guide is to provide central banks with a model set of International Financial Reporting Standards (IFRS)-compliant financial statements (hereafter ref...

Model Financial Statements

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Model Financial Statements »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

Overview The model statements have been compiled based on research of financial reports prepared by IFRS compliant central banks from around the world. They are intended to assist ce...

Model Note Disclosures

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Model Note Disclosures »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

Overview The layout of the note disclosures provided herein differs from the typical presentation. Different options are available—the importance is to adopt a format that helps the...

Note 12 Capital, general and other reserves

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Note 12 Capital, general and other reserves »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks use a variety of different terminology to describe the equity of the institution. The terminology used here is intended to be...

Note 24 Changes in accounting policies

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Note 24 Changes in accounting policies »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Changes in accounting policy should be rare and require extensive explanation and disclosure. The most common reason for a change is the imp...

Note 10 Currency in circulation

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Note 10 Currency in circulation »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The exclusive right of issuing the local currency banknotes is commonly vested with the central bank. Currency in circulation represents tho...

Note 15 Employee benefits

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Note 15 Employee benefits »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context For most central banks, employee costs often represent the largest component of its operational costs; only after interest expense in those...

Note 7 Equity investments in and deposits from International Financial Institutions

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Note 7 Equity investments in and deposits from International Financial Institutions »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context It is common for some central banks to have equity investment in certain financial organizations or institutions such as BIS, International...

Note 26 Events after the reporting period

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Note 26 Events after the reporting period »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the...

Note 21 Fair value of assets and liabilities

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Note 21 Fair value of assets and liabilities »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context IFRS 13 is the standard which defines fair value and sets out in a single IFRS a framework for measuring fair value; and requires disclosure...

Note 14 Fee and commission income and expense

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Note 14 Fee and commission income and expense »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks are encouraged to charge fees for services, especially for those services that could be provided through other commercial ente...

Note 3 Financial instruments

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Note 3 Financial instruments »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The most common types of financial assets and liabilities that central banks have in their balance sheet include:...

Note 17 General and administrative costs

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Note 17 General and administrative costs »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The most common administrative expenses items for central banks include depreciation, utilities, building and equipment maintenance costs an...

Note 13 Interest income and expense

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Note 13 Interest income and expense »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The main source of income and of expense for a central bank is interest revenue. Interest revenue will come from both the securities in the...

Note 5 International Monetary Fund related assets and liabilities

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Note 5 International Monetary Fund related assets and liabilities »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The International Monetary Fund (IMF) is an international organization with 189 member countries. It was established to promote internationa...

Note 8 Inventories

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Note 8 Inventories »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks do account for inventories depending on the significance of the amounts in the financial statements. Some central banks direct...

Note 6 Monetary gold

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Note 6 Monetary gold »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks may acquire, retain or undertake operations with monetary gold. Not all gold can be classified as monetary gold. Monetary gold...

Note 11 Other assets and liabilities

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Note 11 Other assets and liabilities »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks might have other items, on both the assets and liabilities side, which in quantitative terms might be immaterial, but for whic...

Note 16 Printing and minting costs

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Note 16 Printing and minting costs »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Most central banks are the responsible and authorized entities for the printing of banknotes, and in some cases for minting coins, for their...

Note 20 Profit distributions

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Note 20 Profit distributions »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Distribution of a central bank’s profit is typically defined by the central bank’s organic law. IFRS does not provide specific guidance on d...

Note 9 Property, plant and equipment, intangibles, and investment properties

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Note 9 Property, plant and equipment, intangibles, and investment properties »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks require buildings, secure facilities, and equipment to fulfil their mandates. While these are necessary to support the central...

Note 23 Provisions, contingencies and commitments

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Note 23 Provisions, contingencies and commitments »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Central banks may have provisions related with legal claims, such as from former employees or from contracted companies. Note that, under IF...

Note 19 Realized and unrealized revaluation gains and losses

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Note 19 Realized and unrealized revaluation gains and losses »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context Realized gains and losses are profits or losses arising from completed transactions. Unrealized revaluation gains and losses refer to profit...

Note 22 Related party disclosures

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Note 22 Related party disclosures »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The IFRS framework dedicates a whole standard (IAS 24) to related party disclosures. From a central bank’s perspective, the Government will...

Note 1 Reporting entity and statutory base

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Note 1 Reporting entity and statutory base »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context There are different practices that central banks follow with regard to this note. For the purposes of this document, we suggest presenting c...

Note 4 Risk management

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Note 4 Risk management »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context The purpose of the Risk Management disclosures is to enable users of the financial statements to evaluate the nature and extent of risks ari...

Note 2 Significant accounting policies

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Note 2 Significant accounting policies »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context This note describes the accounting policies, significant estimates and accounting judgements that are relevant to the financial statements a...

Note 25 Standards that are not yet effective

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Note 25 Standards that are not yet effective »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context IFRS requires disclosures of new standards and other pronouncements from the IASB and International Financial Reporting Interpretation Commi...

Note 18 Taxation

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Note 18 Taxation »

Source: A Central Bank's Guide to International Financial Reporting Standards

Series: Manuals & Guides

Author(s): Rudy Wytenburg , Robin Darbyshire , and Anjeza Beja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2021

ISBN: 9781513563602

Keywords: Financial statements, Central banks, International Financial Reporting Standards, International Financial Reporting Standards, central banks, financial statements

▀ Business Context It is common that central banks, because of their unique relationship with the government, are exempted from income or corporate tax. In suc...

Guidance Note For Developing Government Local Currency Bond Markets

Guidance Note For Developing Government Local Currency Bond Markets »

Source: Guidance Note For Developing Government Local Currency Bond Markets

Volume/Issue: 2021/001

Series: Analytical Notes

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2021

ISBN: 9781513573922

Keywords: Government securities, Securities, Bonds, Securities markets, Government debt management, AN, market development, repo market, investor base, reverse repo

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (...

Guidance Note For Developing Government Local Currency Bond Markets

Guidance Note For Developing Government Local Currency Bond Markets »

Volume/Issue: 2021/001

Series: Analytical Notes

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2021

DOI: http://dx.doi.org/10.5089/9781513573922.064

ISBN: 9781513573922

Keywords: Government securities, Securities, Bonds, Securities markets, Government debt management, AN, market development, repo market, investor base, reverse repo

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (...

IMF Executive Board Completes Sixth Review Under the Extended Credit Facility Arrangement with the Islamic Republic of Mauritania, Approves US$23.8 Million Disbursement

IMF Executive Board Completes Sixth Review Under the Extended Credit Facility Arrangement with the Islamic Republic of Mauritania, Approves US$23.8 Million Disbursement »

Source: Islamic Republic of Mauritania : Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania

Volume/Issue: 2021/052

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2021

ISBN: 9781513573854

Keywords: COVID-19 , Public debt, Fiscal stance, External debt, Debt service, ISCR, CR, higher-than-anticipated financing, poverty-reducing expenditure, ECF arrangement

The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The...

Islamic Republic of Mauritania
			: Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania

Islamic Republic of Mauritania : Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania »

Volume/Issue: 2021/052

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2021

DOI: http://dx.doi.org/10.5089/9781513573854.002

ISBN: 9781513573854

Keywords: COVID-19 , Public debt, Fiscal stance, External debt, Debt service, ISCR, CR, higher-than-anticipated financing, poverty-reducing expenditure, ECF arrangement

The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The...

Islamic Republic of Mauritania: Sixth Review Under The Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion—Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania

Islamic Republic of Mauritania: Sixth Review Under The Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion—Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania »

Source: Islamic Republic of Mauritania : Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania

Volume/Issue: 2021/052

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2021

ISBN: 9781513573854

Keywords: COVID-19 , Public debt, Fiscal stance, External debt, Debt service, ISCR, CR, higher-than-anticipated financing, poverty-reducing expenditure, ECF arrangement

The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The...

Statement by Mr. Andrianarivelo, Executive Director for the Islamic Republic of Mauritania, and Mr. Sidi Bouna, Senior Advisor to the Executive Director March 3, 2021

Statement by Mr. Andrianarivelo, Executive Director for the Islamic Republic of Mauritania, and Mr. Sidi Bouna, Senior Advisor to the Executive Director March 3, 2021 »

Source: Islamic Republic of Mauritania : Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania

Volume/Issue: 2021/052

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2021

ISBN: 9781513573854

Keywords: COVID-19 , Public debt, Fiscal stance, External debt, Debt service, ISCR, CR, higher-than-anticipated financing, poverty-reducing expenditure, ECF arrangement

The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The...

Adequacy of Fund Resources—Further Considerations

Adequacy of Fund Resources—Further Considerations »

Source: Adequacy of Fund Resources-Further Considerations

Volume/Issue: 2021/008

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

ISBN: 9781513571256

Keywords: Systemic crises, Global financial crisis of 2008-2009, Financial crises, Financial contagion, Capital flows, PP, Fund resource, financing role, fund well, Fund financing

This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed b...

Adequacy of Fund Resources - Preliminary Considerations

Adequacy of Fund Resources - Preliminary Considerations »

Source: Adequacy of Fund Resources - Preliminary Considerations

Volume/Issue: 2021/006

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

ISBN: 9781513571171

Keywords: Systemic crises, Financial crises, Global financial crisis of 2008-2009, Credit, Emerging and frontier financial markets, PP, Fund resource, lending capacity, fund financing, financing needs

This paper provides background for initial considerations on the appropriate size of the Fund's overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during...

The Chairman’s Concluding Remarks Fifteenth General Review of Quotas—Adequacy of Fund Resources Further Considerations Committee of the Whole on Review of Quotas Meeting 17/2 September 15, 2017

The Chairman’s Concluding Remarks Fifteenth General Review of Quotas—Adequacy of Fund Resources Further Considerations Committee of the Whole on Review of Quotas Meeting 17/2 September 15, 2017 »

Source: Adequacy of Fund Resources-Further Considerations

Volume/Issue: 2021/008

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

ISBN: 9781513571256

Keywords: Systemic crises, Global financial crisis of 2008-2009, Financial crises, Financial contagion, Capital flows, PP, Fund resource, financing role, fund well, Fund financing

This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed b...

Adequacy of Fund Resources-Further Considerations

Adequacy of Fund Resources-Further Considerations »

Volume/Issue: 2021/008

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

DOI: http://dx.doi.org/10.5089/9781513571256.007

ISBN: 9781513571256

Keywords: Systemic crises, Global financial crisis of 2008-2009, Financial crises, Financial contagion, Capital flows, PP, Fund resource, financing role, fund well, Fund financing

This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed b...

Adequacy of Fund Resources - Preliminary Considerations

Adequacy of Fund Resources - Preliminary Considerations »

Volume/Issue: 2021/006

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

DOI: http://dx.doi.org/10.5089/9781513571171.007

ISBN: 9781513571171

Keywords: Systemic crises, Financial crises, Global financial crisis of 2008-2009, Credit, Emerging and frontier financial markets, PP, Fund resource, lending capacity, fund financing, financing needs

This paper provides background for initial considerations on the appropriate size of the Fund's overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during...

Progress on the Fifteenth General Review of Quotas-Report of the Executive Board to the Board of Governors (September 2018)

Progress on the Fifteenth General Review of Quotas-Report of the Executive Board to the Board of Governors (September 2018) »

Volume/Issue: 2021/013

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

DOI: http://dx.doi.org/10.5089/9781513560106.007

ISBN: 9781513560106

Keywords: Emerging and frontier financial markets, PP, quota share, quota Formula reform, quota resource

Following the guidance on the Board of Governors Resolution No. 72-1 (December 2016), on September 21, 2018, the Executive Board discussed and adopted its third semi-annual report on progress on the Fifteenth Revie...

Progress on the Fifteenth General Review of Quotas-Report of the Executive Board to the Board of Governors (September 2018)

Progress on the Fifteenth General Review of Quotas-Report of the Executive Board to the Board of Governors (September 2018) »

Source: Progress on the Fifteenth General Review of Quotas-Report of the Executive Board to the Board of Governors (September 2018)

Volume/Issue: 2021/013

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

ISBN: 9781513560106

Keywords: Emerging and frontier financial markets, PP, quota share, quota Formula reform, quota resource

Following the guidance on the Board of Governors Resolution No. 72-1 (December 2016), on September 21, 2018, the Executive Board discussed and adopted its third semi-annual report on progress on the Fifteenth Revie...

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies*

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies* »

Source: Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies

Volume/Issue: 2021/056

Series: IMF Working Papers

Author(s): Christian Ebeke , Nemanja Jovanovic , Laura Valderrama , and Jing Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570914

Keywords: Liquidity, COVID-19 , Stocks, Solvency, Loans, corporate vulnerability, solvency risk, liquidity risk, policy effectiveness, WP

The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard-the economic contraction in 2020 is estimated t...

IMF Executive Board Concludes 2020 Article IV Consultation with Indonesia

IMF Executive Board Concludes 2020 Article IV Consultation with Indonesia »

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

Volume/Issue: 2021/046

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570853

Keywords: COVID-19 , Credit, Fiscal policy, Revenue administration, Public debt, ISCR, CR, development spending, accommodative monetary policy stance, credit growth

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to str...

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

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

Volume/Issue: 2021/046

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

DOI: http://dx.doi.org/10.5089/9781513570853.002

ISBN: 9781513570853

Keywords: COVID-19 , Credit, Fiscal policy, Revenue administration, Public debt, ISCR, CR, development spending, accommodative monetary policy stance, credit growth

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to str...

Indonesia
			: Selected Issues

Indonesia : Selected Issues »

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

DOI: http://dx.doi.org/10.5089/9781513570860.002

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

West African Economic and Monetary Union
			: Selected Issues

West African Economic and Monetary Union : Selected Issues »

Volume/Issue: 2021/050

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

DOI: http://dx.doi.org/10.5089/9781513571041.002

ISBN: 9781513571041

Keywords: Government debt management, Securities, Central bank policy rate, Public financial management (PFM), Interbank markets, ISCR, CR, WAEMU country authorities, WAEMU framework, WAEMU policy rate

Selected Issues...

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies »

Volume/Issue: 2021/056

Series: IMF Working Papers

Author(s): Christian Ebeke , Nemanja Jovanovic , Laura Valderrama , and Jing Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

DOI: http://dx.doi.org/10.5089/9781513570914.001

ISBN: 9781513570914

Keywords: Liquidity, COVID-19 , Stocks, Solvency, Loans, corporate vulnerability, solvency risk, liquidity risk, policy effectiveness, WP

The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard-the economic contraction in 2020 is estimated t...

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

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

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

Volume/Issue: 2021/046

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570853

Keywords: COVID-19 , Credit, Fiscal policy, Revenue administration, Public debt, ISCR, CR, development spending, accommodative monetary policy stance, credit growth

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to str...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Selected Issues

Indonesia: Selected Issues »

Source: Indonesia : Selected Issues

Volume/Issue: 2021/047

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570860

Keywords: Sovereign bonds, Bond yields, Bonds, Inflation, Currency swaps, ISCR, CR, government bond bond yield, IMF staff estimate, loan growth

Selected Issues...

Indonesia: Staff Report for the 2020 Article IV Consultation—Informational Annex

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

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

Volume/Issue: 2021/046

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570853

Keywords: COVID-19 , Credit, Fiscal policy, Revenue administration, Public debt, ISCR, CR, development spending, accommodative monetary policy stance, credit growth

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to str...

Statement by Alisara Mahasandana, Executive Director for Indonesia; Firman Mochtar, Alternative Executive Director; and Dian Susiandri, Advisor to Executive Director February 12, 2021

Statement by Alisara Mahasandana, Executive Director for Indonesia; Firman Mochtar, Alternative Executive Director; and Dian Susiandri, Advisor to Executive Director February 12, 2021 »

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

Volume/Issue: 2021/046

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513570853

Keywords: COVID-19 , Credit, Fiscal policy, Revenue administration, Public debt, ISCR, CR, development spending, accommodative monetary policy stance, credit growth

Indonesia has responded with a bold and comprehensive policy package to cushion the impact of the COVID-19 pandemic. The economy rebounded in the third quarter of 2020, and the economic recovery is projected to str...

West African Economic And Monetary Union: Selected Issues

West African Economic And Monetary Union: Selected Issues »

Source: West African Economic and Monetary Union : Selected Issues

Volume/Issue: 2021/050

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513571041

Keywords: Government debt management, Securities, Central bank policy rate, Public financial management (PFM), Interbank markets, ISCR, CR, WAEMU country authorities, WAEMU framework, WAEMU policy rate

Selected Issues...

West African Economic And Monetary Union: Selected Issues

West African Economic And Monetary Union: Selected Issues »

Source: West African Economic and Monetary Union : Selected Issues

Volume/Issue: 2021/050

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513571041

Keywords: Government debt management, Securities, Central bank policy rate, Public financial management (PFM), Interbank markets, ISCR, CR, WAEMU country authorities, WAEMU framework, WAEMU policy rate

Selected Issues...

West African Economic And Monetary Union: Selected Issues

West African Economic And Monetary Union: Selected Issues »

Source: West African Economic and Monetary Union : Selected Issues

Volume/Issue: 2021/050

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513571041

Keywords: Government debt management, Securities, Central bank policy rate, Public financial management (PFM), Interbank markets, ISCR, CR, WAEMU country authorities, WAEMU framework, WAEMU policy rate

Selected Issues...

West African Economic And Monetary Union: Selected Issues

West African Economic And Monetary Union: Selected Issues »

Source: West African Economic and Monetary Union : Selected Issues

Volume/Issue: 2021/050

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2021

ISBN: 9781513571041

Keywords: Government debt management, Securities, Central bank policy rate, Public financial management (PFM), Interbank markets, ISCR, CR, WAEMU country authorities, WAEMU framework, WAEMU policy rate

Selected Issues...

Handle with Care: Regulatory Easing in Times of COVID-19

Handle with Care: Regulatory Easing in Times of COVID-19 »

Source: Handle with Care: Regulatory Easing in Times of COVID-19

Volume/Issue: 2021/049

Series: IMF Working Papers

Author(s): Fabian Valencia , Richard Varghese , Weijia Yao , and Juan Yepez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513570631

Keywords: Stocks, Financial sector, Asset prices, Stock markets, Capital adequacy requirements, Stock prices, policy announcements, financial conditions, capital, liquidity

The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter fina...

Handle with Care: Regulatory Easing in Times of COVID-19

Handle with Care: Regulatory Easing in Times of COVID-19 »

Volume/Issue: 2021/049

Series: IMF Working Papers

Author(s): Fabian Valencia , Richard Varghese , Weijia Yao , and Juan Yepez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

DOI: http://dx.doi.org/10.5089/9781513570631.001

ISBN: 9781513570631

Keywords: Stocks, Financial sector, Asset prices, Stock markets, Capital adequacy requirements, Stock prices, policy announcements, financial conditions, capital, liquidity

The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter fina...

India's Approach to Open Banking: Some Implications for Financial Inclusion

India's Approach to Open Banking: Some Implications for Financial Inclusion »

Volume/Issue: 2021/052

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Vikram Haksar , and Manasa Patnam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

DOI: http://dx.doi.org/10.5089/9781513570686.001

ISBN: 9781513570686

Keywords: Financial services, Fiscal accounting and reporting, Payment systems, Mobile banking, Fintech, digitalization, open banking, digital payments, financial inclusion., WP

We examine how the development of the digital infrastructure known as the 'India Stack'-including an interoperable payments system, a universal digital ID, and other features-is delivering on the government's objec...

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies »

Volume/Issue: 2021/054

Series: IMF Working Papers

Author(s): Romain Duval , Davide Furceri , and João Tovar Jalles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

DOI: http://dx.doi.org/10.5089/9781513570747.001

ISBN: 9781513570747

Keywords: Current account balance, Current account, Employment protection, Commodity markets, Labor market reforms, external imbalances, structural reforms, product market, labor market., WP

We explore the impact of major labor and product market reforms on current account dynamics using a new 'narrative' database of major changes in employment protection for regular workers and product market regulati...

India's Approach to Open Banking: Some Implications for Financial Inclusion

India's Approach to Open Banking: Some Implications for Financial Inclusion »

Source: India's Approach to Open Banking: Some Implications for Financial Inclusion

Volume/Issue: 2021/052

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Vikram Haksar , and Manasa Patnam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513570686

Keywords: Financial services, Fiscal accounting and reporting, Payment systems, Mobile banking, Fintech, digitalization, open banking, digital payments, financial inclusion., WP

We examine how the development of the digital infrastructure known as the 'India Stack'-including an interoperable payments system, a universal digital ID, and other features-is delivering on the government's objec...

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies*

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies* »

Source: Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

Volume/Issue: 2021/054

Series: IMF Working Papers

Author(s): Romain Duval , Davide Furceri , and João Tovar Jalles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513570747

Keywords: Current account balance, Current account, Employment protection, Commodity markets, Labor market reforms, external imbalances, structural reforms, product market, labor market., WP

We explore the impact of major labor and product market reforms on current account dynamics using a new 'narrative' database of major changes in employment protection for regular workers and product market regulati...

Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa

Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa »

Volume/Issue: 2021/045

Series: IMF Working Papers

Author(s): Paola Ganum , and Vimal Thakoor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2021

DOI: http://dx.doi.org/10.5089/9781513570044.001

ISBN: 9781513570044

Keywords: Commodity markets, Income, Structural reforms, Labor markets, Labor market reforms, COVID-19, Growth, Development, Political Economy, Sub-Saharan Africa.

Covid-19 has exacerbated economic and social vulnerabilities across Sub-Saharan Africa (SSA). There is a risk that growth could be lower for longer, with a setback to development. Post-pandemic reforms thus become...

Stay Competitive in the Digital Age: The Future of Banks

Stay Competitive in the Digital Age: The Future of Banks »

Volume/Issue: 2021/046

Series: IMF Working Papers

Author(s): Estelle Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2021

DOI: http://dx.doi.org/10.5089/9781513570051.001

ISBN: 9781513570051

Keywords: Financial services, Digitalization, Technology, Emerging technologies, Financial sector development, Banks, WP, bank digitalization, digitalization progress, bank service digitalization

The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper analyzes the implications of these challenges on bank competitveness, and explores the factors that...

Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa1

Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa1 »

Source: Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa

Volume/Issue: 2021/045

Series: IMF Working Papers

Author(s): Paola Ganum , and Vimal Thakoor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2021

ISBN: 9781513570044

Keywords: Commodity markets, Income, Structural reforms, Labor markets, Labor market reforms, COVID-19, Growth, Development, Political Economy, Sub-Saharan Africa.

Covid-19 has exacerbated economic and social vulnerabilities across Sub-Saharan Africa (SSA). There is a risk that growth could be lower for longer, with a setback to development. Post-pandemic reforms thus become...

Stay Competitive in the Digital Age: The Future of Banks1

Stay Competitive in the Digital Age: The Future of Banks1 »

Source: Stay Competitive in the Digital Age: The Future of Banks

Volume/Issue: 2021/046

Series: IMF Working Papers

Author(s): Estelle Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2021

ISBN: 9781513570051

Keywords: Financial services, Digitalization, Technology, Emerging technologies, Financial sector development, Banks, WP, bank digitalization, digitalization progress, bank service digitalization

The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper analyzes the implications of these challenges on bank competitveness, and explores the factors that...

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework »

Source: Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework

Volume/Issue: 2021/032

Series: IMF Working Papers

Author(s): Romain Lafarguette , and Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2021

ISBN: 9781513569406

Keywords: Exchange rates, Vector autoregression, Exchange rate risk, Foreign exchange, Currency markets, Foreign Exchange Interventions, Value at Risk, GARCH, WP, var FX intervention rule

This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging...

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework »

Volume/Issue: 2021/032

Series: IMF Working Papers

Author(s): Romain Lafarguette , and Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2021

DOI: http://dx.doi.org/10.5089/9781513569406.001

ISBN: 9781513569406

Keywords: Exchange rates, Vector autoregression, Exchange rate risk, Foreign exchange, Currency markets, Foreign Exchange Interventions, Value at Risk, GARCH, WP, var FX intervention rule

This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging...

IMF Executive Board Concludes 2020 Article IV Consultation with Iraq

IMF Executive Board Concludes 2020 Article IV Consultation with Iraq »

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

Volume/Issue: 2021/038

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2021

ISBN: 9781513568904

Keywords: Public debt, Expenditure, Fiscal policy, Fiscal stance, Revenue administration, ISCR, CR, Iraqi dinar, face challenge, debt stock

Iraq's socio-economic fragilities have been severely aggravated by the pandemic and the sharp decline in oil revenues, which arrived on the heels of widespread social unrest and political instability. The health sy...

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

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

Volume/Issue: 2021/038

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2021

DOI: http://dx.doi.org/10.5089/9781513568904.002

ISBN: 9781513568904

Keywords: Public debt, Expenditure, Fiscal policy, Fiscal stance, Revenue administration, ISCR, CR, Iraqi dinar, face challenge, debt stock

Iraq's socio-economic fragilities have been severely aggravated by the pandemic and the sharp decline in oil revenues, which arrived on the heels of widespread social unrest and political instability. The health sy...

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

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

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

Volume/Issue: 2021/038

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2021

ISBN: 9781513568904

Keywords: Public debt, Expenditure, Fiscal policy, Fiscal stance, Revenue administration, ISCR, CR, Iraqi dinar, face challenge, debt stock

Iraq's socio-economic fragilities have been severely aggravated by the pandemic and the sharp decline in oil revenues, which arrived on the heels of widespread social unrest and political instability. The health sy...

Iraq: Staff Report for the 2020 Article IV Consultation—Informational Annex

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

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

Volume/Issue: 2021/038

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2021

ISBN: 9781513568904

Keywords: Public debt, Expenditure, Fiscal policy, Fiscal stance, Revenue administration, ISCR, CR, Iraqi dinar, face challenge, debt stock

Iraq's socio-economic fragilities have been severely aggravated by the pandemic and the sharp decline in oil revenues, which arrived on the heels of widespread social unrest and political instability. The health sy...

Statement by Mahmoud Mohieldin, Executive Director for Iraq, Ali Alhosani, Alternate Executive Director for Iraq, and Maya Choueiri, Senior Advisor for Iraq February 8, 2021

Statement by Mahmoud Mohieldin, Executive Director for Iraq, Ali Alhosani, Alternate Executive Director for Iraq, and Maya Choueiri, Senior Advisor for Iraq February 8, 2021 »

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

Volume/Issue: 2021/038

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2021

ISBN: 9781513568904

Keywords: Public debt, Expenditure, Fiscal policy, Fiscal stance, Revenue administration, ISCR, CR, Iraqi dinar, face challenge, debt stock

Iraq's socio-economic fragilities have been severely aggravated by the pandemic and the sharp decline in oil revenues, which arrived on the heels of widespread social unrest and political instability. The health sy...

Supplement to the Guidance Note for Surveillance Under Article IV Consultations

Supplement to the Guidance Note for Surveillance Under Article IV Consultations »

Volume/Issue: 2021/004

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

DOI: http://dx.doi.org/10.5089/9781513568676.007

ISBN: 9781513568676

Keywords: Financial Sector Assessment Program, Debt sustainability, External debt, Debt sustainability analysis, Public debt, PP, sustainability assessment, ESR country, ESR template

This note provides updated guidance to country teams on bilateral surveillance in the context of Article IV consultations in light of the COVID crisis. This guidance impacts the focus, format and presentation of st...

Supplement to the Guidance Note for Surveillance Under Article IV Consultations

Supplement to the Guidance Note for Surveillance Under Article IV Consultations »

Source: Supplement to the Guidance Note for Surveillance Under Article IV Consultations

Volume/Issue: 2021/004

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

ISBN: 9781513568676

Keywords: Financial Sector Assessment Program, Debt sustainability, External debt, Debt sustainability analysis, Public debt, PP, sustainability assessment, ESR country, ESR template

This note provides updated guidance to country teams on bilateral surveillance in the context of Article IV consultations in light of the COVID crisis. This guidance impacts the focus, format and presentation of st...

Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis1

Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis1 »

Source: Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis

Volume/Issue: 2021/028

Series: IMF Working Papers

Author(s): Plamen Iossifov , and Tomas Dutra Schmidt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

ISBN: 9781513568652

Keywords: Credit cycles, Liquidity risk, Solvency, Systemic risk, Private debt, credit cycle., WP, risk metrics, risk index, risk indices

We analyze a range of macrofinancial indicators to extract signals about cyclical systemic risk across 107 economies over 1995-2020. We construct composite indices of underlying liquidity, solvency and mispricing r...

Fair and Inclusive Markets: Why Dynamism Matters

Fair and Inclusive Markets: Why Dynamism Matters »

Source: Fair and Inclusive Markets: Why Dynamism Matters

Volume/Issue: 2021/029

Series: IMF Working Papers

Author(s): Philippe Aghion , Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

ISBN: 9781513568669

Keywords: Income inequality, Inclusive growth, Competition, Income, Income distribution, Inequality, creative destruction, market power, industrial policy, sophistication

We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained...

Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis

Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis »

Volume/Issue: 2021/028

Series: IMF Working Papers

Author(s): Plamen Iossifov , and Tomas Dutra Schmidt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

DOI: http://dx.doi.org/10.5089/9781513568652.001

ISBN: 9781513568652

Keywords: Credit cycles, Liquidity risk, Solvency, Systemic risk, Private debt, credit cycle., WP, risk metrics, risk index, risk indices

We analyze a range of macrofinancial indicators to extract signals about cyclical systemic risk across 107 economies over 1995-2020. We construct composite indices of underlying liquidity, solvency and mispricing r...

Fair and Inclusive Markets: Why Dynamism Matters

Fair and Inclusive Markets: Why Dynamism Matters »

Volume/Issue: 2021/029

Series: IMF Working Papers

Author(s): Philippe Aghion , Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

DOI: http://dx.doi.org/10.5089/9781513568669.001

ISBN: 9781513568669

Keywords: Income inequality, Inclusive growth, Competition, Income, Income distribution, Inequality, creative destruction, market power, industrial policy, sophistication

We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained...

Recognizing Reality-Unification of Official and Parallel Market Exchange Rates

Recognizing Reality-Unification of Official and Parallel Market Exchange Rates »

Volume/Issue: 2021/025

Series: IMF Working Papers

Author(s): Simon Gray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

DOI: http://dx.doi.org/10.5089/9781513568638.001

ISBN: 9781513568638

Keywords: Exchange rates, Foreign exchange, Multiple currency practices, Exchange rate policy, Currency markets, exchange rate unification, parallel markets, WP, market-clearing rate, market rate

Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for current account transactions at that price. A parallel excha...

Recognizing Reality-Unification of Official and Parallel Market Exchange Rates

Recognizing Reality-Unification of Official and Parallel Market Exchange Rates »

Source: Recognizing Reality-Unification of Official and Parallel Market Exchange Rates

Volume/Issue: 2021/025

Series: IMF Working Papers

Author(s): Simon Gray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2021

ISBN: 9781513568638

Keywords: Exchange rates, Foreign exchange, Multiple currency practices, Exchange rate policy, Currency markets, exchange rate unification, parallel markets, WP, market-clearing rate, market rate

Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for current account transactions at that price. A parallel excha...

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Non-observance of Performance Criteria —Debt Sustainability Analysis

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Non-observance of Performance Criteria —Debt Sustainability Analysis »

Source: Central African Republic : First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic

Volume/Issue: 2021/028

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2021

ISBN: 9781513568157

Keywords: Public debt, COVID-19 , External debt, Expenditure, Arrears, ISCR, CR, asset declaration law, staff appraisal, staff statement

The Covid-19 pandemic had a substantial impact on C.A.R.'s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though mos...

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Non-Observance of Performance Criteria —Supplementary Information

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Non-Observance of Performance Criteria —Supplementary Information »

Source: Central African Republic : First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic

Volume/Issue: 2021/028

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2021

ISBN: 9781513568157

Keywords: Public debt, COVID-19 , External debt, Expenditure, Arrears, ISCR, CR, asset declaration law, staff appraisal, staff statement

The Covid-19 pandemic had a substantial impact on C.A.R.'s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though mos...

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria—Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic

Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria—Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic »

Source: Central African Republic : First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic

Volume/Issue: 2021/028

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2021

ISBN: 9781513568157

Keywords: Public debt, COVID-19 , External debt, Expenditure, Arrears, ISCR, CR, asset declaration law, staff appraisal, staff statement

The Covid-19 pandemic had a substantial impact on C.A.R.'s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though mos...