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Business and Economics > Banks and Banking

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Cover IMF Staff Country Reports
Djibouti: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Djibouti
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation with Djibouti discusses that the economic outlook remains cautiously optimistic for 2024 and the medium-term albeit subject to considerable uncertainty. Regional risks, including potential trade disruptions, pose challenges in a context of tight budgetary resources. Stronger-than-expected trade from Ethiopia could support growth, and fully addressing the debt burden could improve debt sustainability and create fiscal space. Growth, estimated at 7 percent in 2023, is set to remain strong at 6.5 percent in 2024. Inflation is expected to have averaged around 1.8 percent in 2023 and projected to remain subdued. While Djibouti is well positioned to benefit from a rebound in trade, its strong dependence on Ethiopian trade exposes the country to trade shocks and the outlook in Ethiopia. In the short term, concluding debt renegotiations and clearing arrears will be essential to restoring debt sustainability. In the medium and long term, entrenching sustainability will require strengthening the revenue base, including from state-owned enterprises.
Keywords:
B. state-owned enterprise governance reform; General census; money market rate; government priority; government's determination; Debt service; Anti-money laundering and combating the financing of terrorism (AML/CFT); Africa; Global
Cover IMF Staff Country Reports
Djibouti: Requests for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; and Staff Report; and Statement by the Executive Director for Djibouti
International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Djibouti’s Requests for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust. The coronavirus disease 2019 pandemic is having a severe impact on Djibouti, creating urgent balance of payments and fiscal financing needs. The authorities acted swiftly to contain and mitigate the spread and impact of the virus. Their prevention and containment measures and decisions to scale-up health and other emergency spending to protect households and firms hit by the crisis will help limit economic and social consequences. IMF support is expected to provide additional resources for the essential health and other emergency spending, including social safety nets. It will also help catalyze additional donor support. Once the crisis abates, temporary measures should be unwound, with policies refocusing on promoting a strong and inclusive recovery and preserving medium-term debt sustainability. It will be critical to address and prevent the recurrence of external arrears, ramp up operations of key projects, and reduce public sector borrowing.
Keywords:
ISCR; CR; financing; balance of payments financing need; central bank; emergency financing request; IMF support; IMF lending tracker; logistics sector; debt relief; Debt service; Balance of payments need; Debt sustainability; Global; COVID-19
Cover IMF Staff Country Reports
Djibouti: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance Report on Djibouti provides details of IMF mission to aid on the financial soundness indicators (FSI). The mission achieved the said objectives and assisted the Banking Supervision Unit (BSU) officials in the preparation of the FSI production files and the development of the metadata files. The mission held constructive discussions with the Central Bank of Djibouti staff on various other aspects of the production of statistics aimed at improving the quality of the data produced. These discussions led to the preparation of an action plan identifying the main improvements to be pursued or undertaken, with the following priority recommendations. The report also highlights that the microfinance sector is growing in Djibouti; however, access to financing remains very limited. A review of the Call Report forms revealed a number of inconsistencies. The report recommends that the BSU staff participate regularly in the FSI courses organized by the IMF.
Keywords:
ISCR; CR; FSI Guide; concern DTs; FSI metadata; CBD regulation; core FSIs; Djibouti; CBD agent; BSU review; CBD cover; BSU staff; Financial soundness indicators; Commercial banks; Financial statements; Financial statistics; Capital adequacy requirements
Cover IMF Staff Country Reports
Djibouti: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
In response to a request of the Central Bank of Djibouti (CBD), a mission from the International Monetary Fund’s (IMF’s) Statistics Department (STA) visited Djibouti during March 4-11, 2018, to provide technical assistance (TA) on the financial soundness indicators (FSIs). The main objectives of the mission were to: (1) ensure that the source data were adequate for the compilation of the FSIs; (2) assist the CBD in the compilation of the FSIs on the basis of the international standards set out in the IMF’s Financial Soundness Indicators Compilation Guide (FSI Guide); (3) guide the staff of the CBD in the preparation of the FSI metadata in line with the IMF metadata forms; and (4) agree with the Banking Supervision Unit (BSU) on an action plan for the production of the FSIs and their regular reporting to STA.
Keywords:
ISCR; CR; FSI Guide; concern DTs; FSI metadata; CBD regulation; core FSIs; Djibouti
Cover IMF Staff Country Reports
Multi-Country Report: Ensuring Financial Stability in Countries with Islamic Banking-Case Studies-Press Release; Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of Islamic banking. An enabling regulatory and institutional framework and a level playing field for conventional and Islamic banks is critical for the sound and stable growth of the Islamic banking industry. The country experiences also underscore the importance of providing an enabling framework while letting market forces determine the size of the industry.
Keywords:
ISCR; CR; central bank; conventional bank; IB sector; IB industry; IB products; profit sharing; IB assets; Islamic banking; Liquidity management; Deposit insurance; Liquidity; Global; Middle East
Cover IMF Staff Country Reports
Djibouti: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses the fiscal reforms needed for fiscal sustainability and inclusive growth in Djibouti. Djibouti is experiencing a predominantly debt-financed scaling up of public investment, which the authorities consider vital to boost growth and reduce widespread poverty and unemployment. Fiscal reforms will be needed to support fiscal consolidation and open up space for propoor expenditures that promote inclusive growth. Reform of the investment incentive framework and overall tax regime is also required to support fiscal consolidation and to level the playing field for investors and enhance revenue mobilization.
Keywords:
ISCR; CR; investment; Djibouti; debt; tax; financing; investment project; investment program; management Index; infrastructure investment; investment scenario; Public investment spending; Debt service; Credit; Global
Cover IMF Staff Country Reports
Djibouti: 2015 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2015 Article IV Consultation highlights that Djibouti’s economic growth, driven by large investment projects, continued its rapid pace in 2014. Aggregate investment reached 44 percent of GDP in 2014 and is expected to peak at 57 percent in 2015–16. GDP growth is expected to rise from 6 percent in 2014 to about 6.5 percent in 2015–16 and to 7 percent in 2017–19. Inflation is projected at 3 percent in 2015 and about 3.5 percent in 2016–18 as a large amount of infrastructure spending increases the demand for housing and services. Central bank gross foreign assets are projected to remain strong, permitting full currency board coverage over the period 2015–20.
Keywords:
ISCR; CR; debt; deficit; article IV consultation discussion; dollar; real GDP; investment project; aggregate investment; investment program; expenditure profile; TA mission; Debt service; Public and publicly-guaranteed external debt; Global; Middle East; North Africa; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Djibouti: 2014 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Djibouti
International Monetary Fund. Middle East and Central Asia Dept.
This 2014 Article IV Consultation highlights that Djibouti is undergoing an investment boom that would accelerate economic growth. Aggregate investment is projected to rise from 26 percent of GDP in 2010–13 to 52 percent in 2014–16. GDP growth is expected to rise from 6 percent in 2014 to about 7 percent in 2015–19. Inflation is projected to pick up from 3 percent in 2014 to 3.3 percent in 2015–19 as the large investment spending fuels demand for housing and basic services. Central bank gross foreign assets are projected to remain strong, permitting full currency board coverage over the period 2015–19.
Keywords:
ISCR; CR; debt; authority; interest rate; financing; central bank; emerging market economy status; aggregate investment; Djibouti's authorities; government plan; Public and publicly-guaranteed external debt; Debt service; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Djibouti: Sixth Review Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Djibouti
International Monetary Fund. Middle East and Central Asia Dept.
The article is a review on Djibouti’s Extended Credit Facility (ECF) program and the performance of economic development in the program. The ECF program helped Djibouti to maintain macroeconomic stability, and the period underwent a transformation in the Djiboutian economy. The country saw an economic increase, and the banking system boomed. A positive thought of economic growth is projected in 2012, so plans were targeted to pursue fiscal reforms to improve debt sustainability, strengthening the banking sectors. The authorities of the Executive Board expect another program similar to the ECF.
Keywords:
ISCR; CR; government; ECF arrangement; financing; government transition; transit trade; debt sustainability analysis state; net banking system credit; Arrears; Balance of payments statistics; Commercial banks; Current spending; Credit; Africa
Cover IMF Staff Country Reports
Djibouti: Fourth Review Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria: Staff Report and Press Release.
International Monetary Fund
The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.
Keywords:
ISCR; CR; ECF arrangement; Extended Credit Facility arrangement; government; disbursement of SDR; government finance statistics mission; membership status; Arrears; Current spending; Financial statistics; Public enterprises; North Africa