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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 84 items for :

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  • Sierra Leone x
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Cover IMF Working Papers
Central Bank Risk Management, Fintech, and Cybersecurity
Mr. Ashraf Khan
and
Majid Malaika
Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.
Keywords:
IMF Risk Management TA; risk landscape; B. IMF AIV; IMF surveillance; case example; Fintech; Central bank risk management; Cyber risk; Operational risk; Global; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; Eastern Europe
Cover IMF Working Papers
Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development
Mr. Johannes Herderschee
and
Ms. Luisa Zanforlin
Whereas most of the literature related to the so-called “resource curse” tends to emphasize on institutional factors and public policies, in this research we focus on the role of the financial sector, which has been surprisingly overlooked. We find that countries that have financial systems with more depth, as well as those that actively manage their central banks’ balance sheets experience less exchange-rate appreciation than countries that do not. We analyze the relationship between these two findings and suggest that they appear to follow separate mechanisms.
Keywords:
Resource-Rich Countries; Financial Development; Monetary Policy; REER appreciation; credit vis-à-vis credit; monetary policy rate; balance sheet management policy; appreciation of the REER; nonrenewable resource wealth; gas resource; Financial sector development; Real effective exchange rates; Natural resources; Sterilization; Financial sector; Asia and Pacific
Cover IMF Working Papers
Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries
Hans Weisfeld
,
Mr. Irineu E de Carvalho Filho
,
Mr. Fabio Comelli
,
Rahul Giri
,
Klaus-Peter Hellwig
,
Chengyu Huang
,
Fei Liu
,
Mrs. Sandra V Lizarazo Ruiz
,
Alexis Meyer-Cirkel
, and
Mr. Andrea F Presbitero
In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss routes to broadening this focus by adding several macroeconomic and macrofinancial vulnerability concepts. The associated early warning systems draw on advances in predictive modeling.
Keywords:
Early warning systems; crisis prediction; machine learning; low-income countries; inflation crisis; stress episode; crisis concept; crisis probability; missed crisis; LIC inflation trend; Inflation; Banking crises; Commodity prices; Global
Cover IMF Staff Country Reports
Sierra Leone: 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review
International Monetary Fund. African Dept.
This paper discusses Sierra Leone’s 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion. Sierra Leone continued to make good progress under the IMF-supported program. While the program’s medium-term goals remain appropriate to enable future growth and development, the dramatic onset of the global coronavirus disease 2019 pandemic poses significant near-term risks. Combating the economic fallout of the crisis and protecting the health of Sierra Leoneans should be the immediate priority. The authorities’ cautious fiscal policy has been important. They have made commendable progress in mobilizing domestic revenue and prudent execution of budgeted expenditures. This has stabilized domestic borrowing needs and allowed inflation pressures to ease. Managing fiscal risks and securing debt sustainability remain the medium-term priority. Continued revenue mobilization will require both tax administration and policy reforms. Deeper public financial management reforms will further improve budget planning and execution, including preventing new arrears. A strategic plan for the two state-owned banks will be instrumental in addressing underlying fiscal risks.
Keywords:
ISCR; CR; staff appraisal; ECF arrangement; authority; Sierra Leonean authorities; ECF review schedule; executive board discussion; inflation pressure; Arrears; Budget planning and preparation; Global; West Africa; COVID-19
Cover IMF Working Papers
The Impact of Conflict and Political Instability on Banking Crises in Developing Countries
Ali Compaoré
,
Mr. Montfort Mlachila
,
Rasmané Ouedraogo
, and
Sandrine Sourouema
While there is an extensive literature examining the economic impact of conflict and political instability, surprisingly there have been few studies on their impact on the probability of banking crises. This paper therefore investigates whether rising conflict and political instability globally over the past several decades led to increased occurrence of banking crises in developing countries. The paper provides strong evidence that conflicts and political instability are indeed associated with higher probability of systemic banking crises. Unsurprisingly, the duration of a conflict is positively associated with rising probability of a banking crisis. Interestingly, the paper also finds that conflicts and political instability in one country can have negative spillover effects on neighboring countries’ banking systems. The paper provides evidence that the primary channel of transmission is the occurrence of fiscal crises following a conflict or political instability.
Keywords:
WP; banking crisis; fiscal crisis; government crisis; state fragility index; conflict; political instability; banking crises; fiscal crises; liquidity shortage; countries matter; banking turmoil; economic growth; banking liquidity shortage; occurrence of a banking crisis; systemic banking crisis; terms of trade; experiencing banking crisis; Commercial banks; Systemic crises; Terms of trade; Logit models; Sub-Saharan Africa; Global; banking crises in year; occurrence of banking crisis; start of a banking crisis
Cover IMF Staff Country Reports
Guinea: First Review of the Arrangement Under the Three-Year Extended Credit Facility, Financing Assurances Review, and Request for Modification and for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
The Guinean economy is growing at a faster than anticipated pace on the back of buoyant mining activity. The growth momentum is expected to continue, with real growth at about 6 percent in 2018 and over the medium term. However, risks of instability are heightened by the current electoral cycle.
Keywords:
ISCR; CR; net government repayment; government; debt; ECF arrangement; private sector development; sovereign expenditure; domestically-financed capital expenditures; West Africa; Global; Middle East; Europe; Africa; Asia and Pacific
Cover IMF Staff Country Reports
Liberia: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
This 2018 Article IV Consultation highlights that Liberia’s economy appears poised for recovery, as growth bottomed out in 2016 and edged to 2.5 percent in 2017. However, Liberia remains fragile with poor living conditions for the majority of the population. Moreover, a decline in aid inflows, which were elevated during 2014–16, has put pressure on the exchange rate and fiscal resources. The government is thus facing the daunting task of pursuing a demanding development agenda in the face of high expectations. Assuming the implementation of sound policies, the medium-term outlook appears favorable. The main upside risk is an increase in commodity prices and output, while downside risks include difficulties in mobilizing resources to fill the financing gap and in pursuing structural and institutional reforms.
Keywords:
ISCR; CR; authority; debt; managed float regime; real GDP; Liberian authorities; managed float exchange rate regime; authorities' objective; clearing government obligation; Debt sustainability; Commercial banks; West Africa; Global; Middle East
Cover IMF Staff Country Reports
Sierra Leone: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
International Monetary Fund. African Dept.
This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Extended Credit Facility (ECF). In the near term, this ECF is expected to support important but difficult policies: ending routine foreign exchange auctions and eliminating numerous tax and duty exemptions while increasing infrastructure spending and bolstering the social safety net. The ECF will also catalyze maintenance of external support. In the medium term, the proposed arrangement will provide the framework for structural progress on revenue mobilization, public financial management and financial sector reforms, and increased reserves. The IMF staff supports the authorities’ request for the new ECF.
Keywords:
ISCR; CR; authority; ECF arrangement; IMF Deputy managing director Mr. Tao Zhang; Sierra Leonean authorities; ECF program; authorities' effort; Public and publicly-guaranteed external debt; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Liberia: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
This paper discusses Liberia’s Fifth and Sixth Reviews Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement. Two end-December 2015 and three end-June performance criteria were missed. Two out of nine structural benchmarks for the fifth review were met, while three were completed late. Three out of five structural benchmarks for the sixth review were met. The IMF staff supports the completion of the fifth and sixth reviews and the authorities’ requests for waivers of nonobservance of performance criteria, augmentation of ECF access, and extension of the ECF arrangement.
Keywords:
ISCR; CR; program objective; authority; finding; CBL; staff note; audit plan; commodity price environment; central bank of Liberia; Budget planning and preparation; West Africa; Global
Cover IMF Staff Country Reports
Sierra Leone: 2016 Article IV Consultation and Fifth Review Under the Extended Credit Facility and Financing Assurances Review and Request for an Extension of the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
International Monetary Fund. African Dept.
This 2016 Article IV Consultation highlights that economic outcomes in Sierra Leone have deteriorated sharply over the past two years. Growth declined dramatically from 20.7 percent in 2013, to 4.6 percent in 2014, and further to –21.1 percent in 2015. The budget is under severe pressure. Between mid-2014 and end-2015, the Leone depreciated 22 percent against the U.S. dollar. Banking sector vulnerabilities have increased. Living standards have also deteriorated significantly since late 2014. The medium-term outlook is somewhat positive, with growth projected to recover to 4.3 percent in 2016, increasing gradually to about 6.5 percent by 2020.
Keywords:
ISCR; CR; debt; disbursement Sierra Leone; ECF arrangement; authority; Sierra Leonean authorities; Ebola economic recovery plan; BSL plan; Commercial banks; Budget planning and preparation; Debt sustainability analysis; Global