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Business and Economics > Finance: General

You are looking at 1 - 10 of 604 items for :

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  • Fiscal Policy x
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Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
The CEMAC’s economy lost momentum in 2023. The external position weakened, with the current account shifting to a deficit and foreign reserve accumulation slowing. While inflation continued to ease, it remained elevated. Available data indicate a deterioration in the underlying fiscal positions of many countries. The near-term outlook points to stronger economic activity, with growth projected to accelerate to 3.2 percent in 2024, supported by elevated oil prices and a rebound in oil output. However, the end-June 2024 regional policy assurance on NFA––and, according to preliminary information, the end-December 2024 targets––were not met, indicating a deviation in reserves from the targeted path. Debt vulnerabilities have also worsened in some countries, as evidenced by the growing pressures in the regional government debt market. Following the strong commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances and strengthen regional institutions, all countries are expected to tackle fiscal slippages, restore fiscal prudence, and implement structural reforms to steer the region toward a more resilient medium-term outlook. This should help reduce risks to the capacity to repay the Fund. However, the projections remain uncertain, as the details of corrective measures and reforms are still being finalized between staff and national authorities.
Keywords:
CEMAC authorities; CEMAC country; CEMAC economy; CEMAC heads of state; policy assurance; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Government securities; Fiscal stance; Global; Central Africa
Cover IMF Staff Country Reports
Chile: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The economy is broadly balanced but modest potential growth has constrained increases in living standards and makes it difficult to address fiscal and social needs. Policy priorities are therefore mainly of structural nature. They include boosting productivity and employment as well as strengthening fiscal, external, and financial sector buffers—particularly in the context of a challenging global environment.
Keywords:
pension reform bill; draft bill; FSAP mission; liquidity risk supervision; interest rate risk supervision; Fiscal stance; Inflation; Labor markets; Global; South America
Cover IMF Staff Country Reports
Republic of Kazakhstan: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
Keywords:
IMF TA; IMF's holding; money-market development; inflation pressure; central bank communications; Policy effectiveness; NBK policy rate; oil revenue; IMF's transparency policy; Fiscal stance; Financial Sector Assessment Program; Government finance statistics; Global
Cover IMF Staff Country Reports
Republic of Congo: Request for an Extension of the Extended Credit Facility Arrangement-Staff Report
International Monetary Fund. African Dept.
The authorities have requested a three-month extension of the Extended Credit Facility (ECF) arrangement set to expire on January 20, 2025. The three-year arrangement was approved by the Executive Board on January 21, 2022, with access of SDR 324.0 million (200 percent of quota). The extension seeks to allow sufficient time to complete the sixth (and final) review. The additional time needed would allow: (i) the authorities to complete remaining reforms; (ii) staff and the authorities to reach understandings on appropriate policies to support the completion of the 6th ECF review for the Republic of Congo, prepare documents and circulate them for Board consideration; and (iii) the Executive Board to discuss the review of regional policies and policy assurances for CEMAC, which is critical for the success of Congo’s Fund-supported program.
Keywords:
IMF's transparency policy; ECF arrangement; liquidity pressure; ECF review; reform progress; filets Sociaux; Inclusive growth; Government debt management; Revenue mobilization; Liquidity
Cover IMF Working Papers
A Confidence-Financial Inclusion Nexus in the Caucasus and Central Asia?
Kalin I Tintchev
and
Kady Keita
We document novel evidence that confidence in macrofinancial stability has a positive impact on financial inclusion in CCA countries and more broadly. This channel is particularly important for CCA countries, with confidence gains of 1 unit leading to 0.7 unit improvement in financial inclusion. Institutional factors such as level of governance and reliance on transparent policy rules and robust financial safety nets explain a large fraction of the variability in confidence in the region. We find that governance reforms are critical for deepening financial inclusion while the impact of inflation targeting, fiscal rules and deposit insurance schemes is positive and material only when governance levels exceed certain thresholds.
Keywords:
Financial inclusion; confidence; governance; inflation targeting; fiscal rules; deposit insurance; inclusion Nexus; governance reform; CCA country; governance level; governance gap; Fiscal rules; Financial sector development; Global; Central Asia and the Caucasus
Cover IMF Staff Country Reports
Ecuador: 2024 Article IV Consultation and First Review Under the Extended Arrangement Under the Extended Fund Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
This paper discusses IMF’s 2024 Article IV Consultation and First Review under the Extended Arrangement under the Extended Fund Facility and Financing Assurances Review for Ecuador. The Article IV consultation discussions considered strategies to strengthen fiscal sustainability while safeguarding priority social and investment spending. Ecuador has made significant progress in the implementation of its economic reform program, meeting all end-August 2024 quantitative performance criteria and indicative targets for the first review and advancing important structural reforms. The authorities continue to work on enhancing the social safety net by broadening the coverage of the social registry and gradually expanding cash transfer programs. This will help increase government support to the most vulnerable and mitigate the impact of fiscal consolidation on those groups. The authorities’ strong and decisive policy efforts helped safeguard macroeconomic stability, strengthen the fiscal and external positions, and protect vulnerable groups amid a challenging environment.
Keywords:
EFF arrangement; BCE financing; PFM system; Ecuadorean authorities; policy agenda; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Government finance statistics; Caribbean; Global
Cover Policy Papers
Gulf Cooperation Council: Pursuing Visions Amid Geopolitical Turbulence: Economic Prospects and Policy Challenges for the GCC Countries
International Monetary Fund. Middle East and Central Asia Dept.
The Gulf Cooperation Council countries have successfully weathered recent turbulence in the Middle East, and their economic prospects remain favorable. Nonhydrocarbon activity has been strong amid reform implementation, although overall growth has decelerated due to cuts in oil production. The growth outlook is positive, as the envisaged easing of oil production cuts and natural gas expansion spur the recovery in the hydrocarbon sector, while the nonhydrocarbon economy continues to expand. External buffers remain comfortable despite current account balances having narrowed. Risks around the outlook are broadly balanced in the near term. More challenging medium-term risks, especially in the context of geoeconomic fragmentation and climate change, call for action on policy priorities to continue to strengthen the private sector and to diversify the economy.
Keywords:
economic diversification; financial stability; fiscal sustainability; GCC; productivity improvements; regional integration; GCC country; policy priority; B. GCC; GCC well; GCC public sector balance sheet; Labor markets; Fiscal rules; Total factor productivity; Global; Middle East; Middle East and Central Asia
Cover IMF Staff Country Reports
Zambia: Fourth Review Under the Arrangement Under the Extended Credit Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
International Monetary Fund. African Dept.
This paper presents IMF’s Fourth Review Under the Arrangement under the Extended Credit Facility and Financing Assurances Review for Zambia. Program performance has remained broadly satisfactory. All June 2024 quantitative performance criteria and most indicative targets for June and September 2024 were met. Fiscal consolidation, prudent monetary policy and further reserve accumulation, exchange rate flexibility, and sound financial policies will be crucial for safeguarding macro-financial stability and building resilience against shocks. Zambia’s public debt is assessed as sustainable but remains at high risk of overall and external debt distress. Governance and structural reforms are vital for promoting private sector activity and economic diversification. The authorities remain committed to maintaining macroeconomic stability and restoring fiscal and debt sustainability, while supporting vulnerable households and advancing structural and governance reforms to foster growth. Enhancing transparency in the energy sector and resource management, strengthening anti-corruption measures, continuing agriculture reform, alongside building climate resilience, will improve the business climate and support sustainable and more inclusive growth.
Keywords:
ECF arrangement; Zambian authorities; IMF team; satisfactory program performance; IMF's transparency policy; Debt sustainability; Arrears; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Jordan: 2024 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses IMF’s 2024 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility, and Request for Modification of Performance Criteria for Jordan. Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the regional conflict. This resilience reflects the authorities’ continued implementation of sound macro-economic policies and reform progress. Inflation is projected to remain low, at about 2 percent, reflecting the Central Bank of Jordan’s firm commitment to monetary stability and the exchange rate peg. Jordan’s external position remains relatively strong. Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability. Strong and timely international support also remains crucial to help Jordan navigate through the external headwinds, while shouldering the costs of hosting a large number of Syrian refugees.
Keywords:
digitalizing government service; Jordanian authorities; executive board assessment; pandemic preparedness; authority of the Competition Department; development objective; Gender inequality; Fiscal stance; Global
Cover Regional Economic Outlook, Sub-Saharan Africa, October 2024
Regional Economic Outlook, Sub-Saharan Africa, October 2024
Reforms amid Great Expectations
International Monetary Fund. African Dept.

Abstract

Sub-Saharan African countries are implementing difficult and much needed reforms to restore macroeconomic stability, and while overall imbalances have started to narrow, the picture is varied. Policymakers face three main hurdles. First, regional growth, at a projected 3.6 percent in 2024, is generally subdued and uneven, although it is expected to recover modestly next year to 4.2 percent. Second, financing conditions continue to be tight. Third, the complex interplay of poverty, scarce opportunities, and weak governance--compounded by a higher cost of living and short-term hardships linked to macroeconomic adjustment--are fueling social frustration. Within this environment, policymakers face a difficult balancing act in striving for macroeconomic stability while also working to address development needs and ensure that reforms are socially and politically acceptable. Protecting the most vulnerable from the costs of adjustment and realizing reforms that create sufficient jobs will be critical to mobilize public support.

Keywords:
Sub-Saharan Africa; Fiscal consolidation; Policy adjustment; Structural reforms; Macroeconomic imbalances; Growth; Inflation; Funding squeeze; Poverty; Governance; Social acceptability of reforms; Political pressures; Job creation; IMF staff calculation; IMF financing arrangement; headline inflation; balancing act; financing constraint; countries in Sub-Saharan Africa; Government debt management; Emerging and frontier financial markets; Global; Africa