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Business and Economics > Finance: General

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Cover IMF Working Papers
Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations
Ms. Rina Bhattacharya
International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.
Keywords:
monetary policy framework; Guyana; exchange rate policy; oil wealth; recoverable petroleum reserve; oil exporter; oil economy; passthrough to inflation; Exchange rate arrangements; Exchange rate flexibility; Exchange rates; Currency markets; Caribbean; Global; Western Hemisphere
Cover Policy Papers
Eligibility to Use the Fund's Facilities for Concessional Financing, 2020
International Monetary Fund
This paper concludes that the existing framework remains broadly appropriate, but proposes methodological refinements to improve the assessment of market access, clarifies how serious short-term vulnerabilities are assessed, and proposes a modest extension of the transition period before graduation decisions become effective.
Keywords:
PP; market access; PRGT eligibility framework; market; director; PRGT lending; PRGT objective; eligibility criteria; PRGT eligibility; Personal income; International capital markets; Loans; Debt sustainability; Bonds; Global
Cover IMF Working Papers
Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution
Ms. Kimberly Beaton
,
Mr. Thomas Dowling
,
Dmitriy Kovtun
,
Franz Loyola
,
Ms. Alla Myrvoda
,
Mr. Joel Chiedu Okwuokei
,
Ms. Inci Ötker
, and
Mr. Jarkko Turunen
The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well as to structural obstacles to their resolution. A comprehensive strategy is needed to address these impediments to sever the adverse feedback loops between weak economic activity and weak asset quality. This paper finds that NPLs are a drag on Caribbean growth and macro-financial links are strong: a deterioration in asset quality hinders bank lending and dampens economic activity, undermining, in turn, efforts to resolve problem loans. A multifaceted approach is needed, involving a combination of macro- economic policies to support growth and employment; strong supervisory frameworks to ensure macro-financial stability and create incentives for resolution; efforts to address informational gaps and deficiencies in insolvency and debt-enforcement frameworks; and development of markets for distressed loans. The institutional capacity constraints require coordination of reforms within the region and support from international organizations through capacity-building.
Keywords:
WP; NPL ratio; asset quality; NPL resolution; economic activity; Macro-financial linkages; nonperforming loans; resolution; the Caribbean; affect bank lending; Loans; Distressed assets; Credit; Collateral; Caribbean; Global
Cover Policy Papers
Eligibility to Use the Fund's Facilities for Concessional Financing for 2017
International Monetary Fund
The review of PRGT-eligibility, conducted biennially, is guided by a transparent, rules-based, and parsimonious framework. The framework determines which IMF members can access concessional resources based on an assessment of their level of income per capita, market access, and serious short-term vulnerabilities. Application of the framework should be consistent with the self-sustainability of the PRGT’s lending capacity over time. This paper concludes that the existing framework remains generally appropriate. The PRGT-eligibility framework is broadly aligned with the World Bank’s International Development Association practices, with minor differences between the lists of eligible countries explained by differences in the mandates of the two institutions and the timing of their respective review cycles. None of the countries that have graduated from the PRGT-eligibility list are at immediate risk of re-entering it. No country is proposed for graduation from or entry onto the PRGT-eligibility list. While thirteen countries meet either the income or market access graduation criterion, all are assessed to be facing serious short-term vulnerabilities and thus none are proposed for graduation. No non-PRGT-eligible country meets the criteria for entry onto the PRGT-eligibility list. The proposal to keep the list of PRGT-eligible countries unchanged is consistent with the self-sustained capacity of the PRGT.
Keywords:
PP; PRGT eligibility framework; PRGT-eligibility framework; PRGT-eligibility list; eligibility; IMF executive board reviews eligibility; PRGT objective; Personal income; Debt sustainability; International capital markets; Concessional external borrowing; Poverty reduction strategy; Global
Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund
In this study, the economic developments and policy responses of Trinidad and Tobago after the crisis is reviewed. Policy recommendations are used to strengthen the legal and regulatory framework. According to the IMF’s financial system stability assessment (FSSA), there were critical gaps in the overall legal, regulatory, and supervisory structure for the insurance sector. The quality of insurance sector supervision can be assessed against internationally accepted established “core principles.” In this paper, an overview is presented of why the crisis occurred and some suggestions on how to prevent a future crisis.
Keywords:
ISCR; CR; rate; repo; excess reserves; interest rate; CLICO Trinidad; lending rate; T-bill rate; CLICO Bahamas; CLICO Barbados; CL Financial Limited; Repo rates; Insurance; Deposit rates; Insurance companies; Excess liquidity; Caribbean
Cover Summary Proceedings of the Sixtieth Annual Meeting of the Board of Governors, 2006
Summary Proceedings of the Sixtieth Annual Meeting of the Board of Governors, 2006
International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; country; IMF quota; prefix; governance; lumen Isleta; medium term strategy; international community; IMF's effectiveness; Global; Africa; West Africa; Caribbean; East Asia; Poverty reduction; Poverty reduction and development; Poverty reduction strategy; Oil prices; Asia and Pacific
Cover Policy Papers
Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda
International Monetary Fund
This report provides an update on the work and direction of the Fund since the 2005 Spring Meetings. Since that time, the global economy has enjoyed strong growth--albeit with significant regional differences--and an absence of major financial crises, even though growing imbalances and rising oil prices have clouded the outlook. Although some steps the Fund has been advocating for some time have been taken--for example, increased flexibility in exchange rate regimes in Asia—decisive action to reduce global imbalances has remained elusive. At the same time, progress toward the Millennium Development Goals MDGs) remains slow and uneven,1 highlighting the need for concerted action by all countries. Further impetus is also urgently needed to move the Doha Round of trade negotiations toward an ambitious conclusion.
Keywords:
PP; Fund staff; Fund resource; Fund arrangement; Fund financing; balance sheet; employment framework; Fund assistance; resource base; staff report; transparency policy; fund advice; Debt relief; Financial Sector Assessment Program; Debt sustainability; Credit; Global; FSAP participation; A. program design; operations evaluation department; Financial sector
Cover IMF Working Papers
Financial System Soundness in the Caribbean: An Initial Assessment
Mr. Desiree Cherebin
,
Mr. Rupert D Worrell
, and
Ms. Tracy Polius
A survey of the financial systems of Caribbean countries reveals systems dominated by banks, with services widely available. Jamaica is the only country to have experienced a financial crisis. The paper describes recent improvements in the regulatory framework, and examines factors, which affect the soundness of the financial system, using both intuitive and econometric methodologies. The study identifies regulatory improvements that are needed, as well as additional data and analysis required to complete the assessment, which revealed no new threats to the financial system.
Keywords:
WP; development bank; bank supervision practice; banking sector; liquid asset ratio; supervision department; Financial sector; Caribbean; bank supervisor; government bank; intervened bank; mortgage bank; capital base; bank supervision harmonization effort; financial activity; bank fragility; bank assets; Commercial banks; Insurance companies; Credit bureaus
Cover IMF Survey
IMF Survey: Volume 28, Issue 10
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; EFF arrangement; ESAF arrangement; IMF staff country report; IMF staff country; contingency financing facility; Policy framework paper; IMF publication service; Currency boards; Foreign direct investment; Public sector; Commercial banks; Global; Asia and Pacific; Central and Eastern Europe; Baltics
Cover IMF Working Papers
Exchange Market Reform, Inflation, and Fiscal Deficits
E. Murat Ucer
and
Pierre-Richard Agénor
This paper examines the short- and long-run effects of exchange market reform in developing countries. The first part reviews the recent experience of Guyana, India, Jamaica, Kenya, Sierra Leone, and Sri Lanka with exchange market reform. The second part studies analytically the short-run dynamics of the parallel market premium and the money supply upon unification, when the post-reform regime consists of either a pure float or a managed float. The third part discusses the impact of unification on inflation and quasi-fiscal deficits, and identifies a variety of implicit taxes and subsidies that must be taken into account in assessing the longer-run effects of exchange market reform.
Keywords:
WP; exchange rate; central bank; exchange market reform; money stock; exchange market intervention; adjustable peg; cambio market; implementation of exchange market reform; parallel exchange rate; paralllel market premium; price volatility; exchange rate system; net effect of exchange market reform; market rate; Exchange rates; Currency markets; Exchange rate arrangements; Multiple currency practices; Sub-Saharan Africa