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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 54 items for :

  • Type: Journal Issue x
  • Ethiopia, The Federal Democratic Republic of x
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Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: First Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
International Monetary Fund. African Dept.
This paper presents Ethiopia’s First Review under the Extended Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review. The Ethiopian authorities have shown strong commitment to their homegrown economic reform program. Implementation of ECF-supported reforms is advancing well. The transition to a market-determined exchange rate has been progressing well with a significant narrowing of the spread between the parallel and official market rate and no signs of significant inflationary pressures, albeit the supply of foreign exchange to the market has picked up more slowly than anticipated with some unmet demand persisting. Program performance has been in line with program commitments and all quantitative performance criteria were met, with an overperformance in the net international reserves target. Four out of five structural benchmarks (SBs) were met. The SB on the Emergency Liquidity Assistance framework was missed but is expected to be implemented in October, after incorporating feedback from IMF staff.
Keywords:
interest rate; IMF policy requirement; authorities' fiscal policy; authorities' monetary policy reform; FX market development; exchange market policy; ECF arrangement; Policy discussion; Exchange rates; Currency markets; Commercial banks; Global
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 Regional Economic Outlook: Sub-Saharan Africa, April 2024
Regional Economic Outlook: Sub-Saharan Africa, April 2024
A Tepid and Pricey Recovery
International Monetary Fund. African Dept.

Abstract

After four turbulent years, the outlook for sub-Saharan Africa is gradually improving. Growth will rise from 3.4 percent in 2023 to 3.8 percent in 2024, with nearly two thirds of countries anticipating higher growth. Economic recovery is expected to continue beyond this year, with growth projections reaching 4.0 percent in 2025. Additionally, inflation has almost halved, public debt ratios have broadly stabilized, and several countries have issued Eurobonds this year, ending a two-year hiatus from international markets. However, not all is favorable. The funding squeeze persists as the region’s governments continue to grapple with financing shortages, high borrowing costs, and impending debt repayments. Risks to the outlook remain tilted to the downside. The region continues to be more vulnerable to global external shocks, as well as the threat of rising political instability, and frequent climate events. Three policy priorities can help countries adapt to these challenges: improving public finances without undermining development; monetary policy focused on ensuring price stability; and implementing structural reforms to diversify funding sources and economies. Amid these challenges, sub-Saharan African countries will need additional support from the international community to develop a more inclusive, sustainable, and prosperous future.

Keywords:
Sub-Saharan Africa; Slow recovery; Funding squeeze; Monetary policy; Economic diversification; Structural reforms; International support; IMF staff calculation; headline inflation; public finance; IMF financing arrangement; borrowing costs entail; sub-Saharan Africa face; Inflation; Central bank policy rate; Fiscal consolidation; Price stabilization; Emerging and frontier financial markets; Global; Africa
Cover Regional Economic Outlook, Sub-Saharan Africa, October 2023
Regional Economic Outlook, Sub-Saharan Africa, October 2023
Light on the Horizon?
International Monetary Fund. African Dept.

Abstract

Still emerging from the COVID-19 pandemic, countries in sub-Saharan Africa have been hit by a sluggish global economy, worldwide inflation, high borrowing costs, and a cost-of-living crisis. In many cases, inflation is still too high, borrowing costs are still elevated, exchange-rate pressures persist, and political instability is an ongoing concern. To ensure that the coming rebound is more than just a transitory glimpse of sunshine, it is important for authorities to guard against a premature relaxation of stabilization policies, while also focusing on reforms to both claw back lost ground from the four-year crisis and also to create new space to address the region’s pressing development needs.

Keywords:
economic conditions; economic forecasting; Africa economic development; economic policy; sub-Saharan Africa; inflation expectation; inflation-depreciation spiral; funding squeeze; food price inflation; IMF financing arrangement; consumption basket; sub-Saharan Africa face; inflation fall; Inflation; Exchange rates; Food prices; Central bank policy rate; Government debt management; Global
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the National Bank of Ethiopia (NBE) during June 15-July 10, 2020. The TA mission took place in response to a request from the authorities, with the support of the IMF’s African Department (AFR). Due to the COVID-19 pandemic and travel restrictions, the mission was conducted remotely via video conferences. The mission worked with the staff of the NBE on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.1 The main objectives of the mission were to: (i) review the source data, institutional coverage, and accounting and regulatory frameworks supporting the compilation of FSIs; (ii) provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as preparing the metadata; and (iii) agree with the authorities on the timeline to begin regular reporting of the FSIs for deposit-takers to STA. The mission also provided technical assistance to the NBE on the compilation of net open positions in foreign currencies.
Keywords:
ISCR; CR; FSI Guide; report form; asset classification; NBE regulation; FSI data; FSI metadata; FSI website; NBE staff seek; NBE's directive; financial system; foreign exchange; compilation framework; Financial soundness indicators; Financial statements; Commercial banks; Personal income; Foreign currency exposure; Central Africa
Cover IMF Staff Country Reports
Benin: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; Benin; authority; administration
Cover IMF Staff Country Reports
Benin: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper discusses a growth-at-risk (GaR) model which is used to compute a distribution of expected GDP growth for Benin. The model predicts growth rates of ~6.7 percent for 2019 and a range of 6.4–6.8 percent in the medium-term (depending on the specification). Risks to future growth are assessed to be tilted to the downside. 2019 GDP growth is estimated around 6.7 percent, on average, across several specifications. The model considers external factors (world trade, global financial conditions, trade policy uncertainty, and US consumer sentiment), country-specific exposures to external factors (commodity terms of trade and trade-partner growth), and domestic factors (domestic financial conditions, fiscal policy, and the exchange rate). The analysis reveals that growth projections estimated both for the median and mode are slightly higher conditioned on 2018 data, yet when expectations about 2019 are considered using World Economic Outlook projections they fall. Overall, risks seem to be tilted to the downside. Medium term growth is estimated at between 6.4 and 6.8 percent. Risks to growth remain tilted to the downside, yet less skewed than in the short term.
Keywords:
ISCR; CR; Benin; authority; administration; GDP growth distribution; asset declaration regime; GaR growth projection; average return on assets; interest income; auditing government activity; DEA efficiency score; governance weakness; Tax administration core functions; Private investment; Public investment and public-private partnerships (PPP); Personal income; Global; Sub-Saharan Africa
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: 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: 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