Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Banks and Banking

You are looking at 1 - 10 of 214 items for :

  • Type: Journal Issue x
  • Energy: General x
Clear All Modify Search
Cover IMF Staff Country Reports
Republic of Azerbaijan: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected to run out by mid-century. The authorities have laid out strategic goals of accelerated yet sustainable socio-economic development over the next decade and are developing policy plans to that end.
Keywords:
CPI data ROSC; fund Dept; safeguards assessment policy; fund surveillance; transparency policy; International Monetary Fund Washington; d.c; Oil prices; Oil; External sector statistics; Global
Cover IMF Staff Country Reports
Ecuador: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ecuador restore macroeconomic stability and pursue the unfinished structural agenda from the previous program. High frequency indicators point to improvements in economic activity after bottoming out in Q2, while oil prices have been declining relative to earlier assumptions, leaving the macroeconomic outlook broadly unchanged over the medium term.
Keywords:
ISCR; CR; upside risk; EFF arrangement; procurement procedure; dollarization regime; IMF management team; Oil; Oil prices; Credit; Fiscal stance; Global
Cover IMF Staff Country Reports
Ecuador: Request for Purchase under the Rapid Financing Instrument and Cancellation of Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
This chapter presents Ecuador’s Request for Purchase Under the Rapid Financing Instrument (RFI) and Cancellation of Arrangement Under the Extended Fund Facility (EFF). Ecuador is facing urgent and immediate balance of payment (BOP) needs driven by the sharp propagation of the coronavirus disease 2019 outbreak—Ecuador is one of the hardest hit countries in Latin America—a plummeting of oil prices, and a dramatic collapse of global demand. In the near term, the authorities have taken significant measures to contain the spread of the virus and mitigate the socio-economic impact. Containment measures include the closing of schools and universities, public spaces and noncritical commercial activities, halting public transport, and imposing a nationwide curfew. Additional support from other external partners will be required and critical to close the remaining financing gap and ease budget constraints. The RFI will help Ecuador finance the much-needed health and social assistance spending and catalyze financing from other multilateral financial institutions.
Keywords:
ISCR; CR; authority; financing constraint; RFI resource; Ecuador's request; EFF program; short-term outlook; Oil prices; Oil; International reserves; Fiscal stance; Global; COVID-19
Cover IMF Staff Country Reports
Sudan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on Sudan provides a first stock-taking of the scale, main transmission channels and potential costs of poor governance and corruption in Sudan and offers preliminary recommendations. A large body of literature and country analyses confirm that weak governance and corruption undermine economic growth, amplify income inequality and erode public trust in the institutions. According to international agencies and existing literature, Sudan has scored very poorly on compliance with rule of law best practices in the past. Effective implementation of preventive measures is important; particularly in relation to politically exposed persons. Transparency on beneficial ownership of legal persons and arrangements to prevent their misuse for laundering the proceeds of corruption are necessary. Transparency, accountability, and comprehensive communication should be the backbone of governance and anti-corruption reforms in each sector. Rationalizing tax exemptions and phasing out tax holidays would strengthen governance while boosting fiscal revenues.
Keywords:
ISCR; CR; Sudan; bank; risk profile; IMF staff calculation; authority; joint venture bank; supervision capacity need; revenue loss; generation company; governance mission; improving tax performance; customs authority; Oil; Corruption; Oil sector; Energy subsidies; Global; Sub-Saharan Africa; Middle East and Central Asia
Cover IMF Staff Country Reports
Republic of Kazakhstan: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The political transition has increased the focus on social conditions and regional and rural development. Growth has been buoyed by new spending, retail credit, and oil and gas investments. Inflation has picked up, and the current account has deteriorated. Renewed fiscal consolidation is planned from 2020. Non-oil growth is expected to moderate to 4 percent (potential), as construction, fiscal stimulus, and household borrowing ease. Growth could be higher if decisive reforms drive productivity gains. The state continues to play a strong role in the economy, and the authorities face challenges ensuring that measures are well targeted and effective in promoting private sector growth. The challenges include oil volatility and dependency, reliance on subsidies and other state support, still-impaired banks, and governance vulnerabilities. The authorities are exploring ways to strengthen the fiscal framework, assessing monetary and exchange policies, undertaking a bank asset quality review (AQR), and establishing an independent financial sector regulator. Progress is being made on headline reforms, but ensuring decisive changes on the ground remains a challenge. Risks relate to oil prices and trading partner growth.
Keywords:
ISCR; CR; IMF TA; headline inflation; IMF government Finance Statistics Yearbook; lending; government
Cover IMF Staff Country Reports
Republic of Kazakhstan: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation with Republic of Kazakhstan discusses that the political transition has increased the focus on social conditions and regional and rural development. Discussions focused on enhancing the inflation-targeting framework, bank soundness, the fiscal framework, structural reforms, and governance. Growth has been buoyed by new spending, retail credit, and oil and gas investments. Inflation has picked up, and the current account has deteriorated. High domestic demand driven by major oil and gas investments and government and household consumption supported by wage increases and consumer lending has underpinned the economy’s strong performance. The state continues to play a strong role in the economy, and the authorities face challenges ensuring that measures are well targeted and effective in promoting private sector growth. The challenges include oil volatility and dependency, reliance on subsidies and other state support, still-impaired banks, and governance vulnerabilities. Progress is being made with structural reform implementation, with many of the flagships “100 Concrete Steps” completed and the remaining ones broadly on track. Efforts to promote a smaller state footprint should continue, with actions to improve governance and mitigate corruption vulnerabilities.
Keywords:
ISCR; CR; IMF TA; headline inflation; IMF government Finance Statistics Yearbook; lending; government; Kazakhstani authorities; target band; consumer lending; FSI website; NBK policy rate; Fiscal stance; Fiscal governance; Government finance statistics; Oil; Global
Cover IMF Staff Country Reports
Ecuador: First Review under the Extended Fund Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
A 36-month EFF with access of SDR 3.035 billion (435 percent of quota or about US$4.204 billion) was approved on March 11, 2019. Economic activity is projected to decelerate further in 2019 as fiscal consolidation and a slowdown in credit growth weigh on economic growth. However, external financing conditions have improved on the back of rising oil prices and the approval of the IMF program, with sovereign bond spreads falling by 250 basis points since January 1, 2019.
Keywords:
Executive Board discussion; dollarization regime; IMF's Executive Board; Ecuadorian government; trading partners inflation; financing needs; structural agenda; International reserves; Energy subsidies; Fiscal stance; Oil; Global
Cover IMF Staff Country Reports
Ecuador: 2016 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This Article IV Consultation discusses that declining oil prices, US dollar appreciation, and limited access to international financing have worsened the fiscal, economic, and financial outlook. The focus of discussions was that despite the weak prospects there are still downside risks in the event that oil prices fall again, external financing becomes even more constrained, or confidence in the economy and the banking system begins to weaken. In the financial system, the main concern resides in a short-term risk of liquidity shortfalls, but credit quality concerns dominate over the medium term. The authorities’ policy response to the imbalances has been timely but still insufficient given the size of the shocks, the urgent nature of the vulnerabilities, and reduced foreign currency reserves. Real GDP is expected to contract significantly this year and next. In order to prevent liquidity risks in the financial system, the authorities should limit recourse to domestic financing and, as necessary, assist in a timely way banks that develop liquidity or capital shortfalls, as well as enhance crisis preparedness and contingency planning.
Keywords:
ISCR; CR; private sector; central bank; net; GDP; financing gap; lending scenario; liability positions vis-à-vis nonresident; gross revenue; multilateral creditor; financial system; Oil; Public sector; Oil prices; Fiscal stance; Global; Caribbean
Cover IMF Staff Country Reports
Ecuador: Staff Report for the 2019 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Ecuador’s 2019 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility. The Article IV discussions focused on diagnosing the nature of the imbalances facing Ecuador and the policy changes that will be needed to address them. There was broad agreement that fundamental supply-side efforts will be needed to foster competitiveness, create jobs, rebuild institutions, and make Ecuador a more attractive destination for private investment. Consistent with the findings of the Article IV, the authorities’ policy plan seeks to decisively address the systemic vulnerabilities facing Ecuador. The goals of these policies are to boost competitiveness and job creation, protect the poor and most vulnerable, fortify the institutional foundations for dollarization, and to improve transparency and good governance to public sector operations while strengthening the fight against corruption. The report suggests that improving the social safety net and increasing the effectiveness of public spending, particularly on health and education, will be essential to achieving strong, sustained, and socially equitable growth.
Keywords:
ISCR; CR; authority; building crisis-preparedness capability; oil price decline; deficit; executive board discussion; government intervention; asset declaration regime; reducing balance of payments vulnerability; Fiscal stance; Oil prices; Public sector; Oil; Global
Cover IMF Staff Country Reports
Angola: Request for An Extended Arrangement Under the Extended Fund Facility-Press Release; and Statement by the Executive Director for Angola
International Monetary Fund. African Dept.
The Government is implementing a (i) Macroeconomic Stabilization Program, which is focused on strengthening fiscal and debt sustainability; reducing inflation; promoting a more flexible exchange rate regime; improving financial sector stability; and addressing pressures on correspondent banking relationships; and (ii) National Development Plan for 2018–22 to address structural bottlenecks; and promote human development, public sector reform, economic diversification, and inclusive growth. The authorities also focus on improving governance and fighting corruption.
Keywords:
liberalized exchange rate regime; debt management strategy; inflation expectation; authorities' objective; debt management unit; Oil; International reserves; Global; Sub-Saharan Africa; Southern Africa