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Business and Economics > Finance: General

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Cover IMF Staff Country Reports
Cambodia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
Cambodia’s economy is at a crossroads. While the economic recovery continues, its pace remains uneven. The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities. Policy formulation must ensure a durable and inclusive recovery in the near term and achieving development goals over the medium term. The path forward will require a refocus on more resilient and diversified growth drivers, with the graduation from Least Developed Country (LDC) status expected by 2030.
Keywords:
IMF-World Bank FSAP mission; introduced Medium Term Fiscal Framework; authorities' plan; broad money; credit supply; IMF's article; Financial sector stability; Government finance statistics; Global; Middle East
Cover Policy Papers
2023 Review of The Fund's Anti-Money Laundering and Combating The Financing of Terrorism Strategy—Background Papers
International Monetary Fund. Legal Dept.
The background papers support the stocktaking analysis and the proposed way forward for the 2023 review of the IMF's AML/CFT Strategy. The five background papers provide in-depth discussions on the following key topics: (i) illicit financial flows; (ii) the impact of money laundering in financial stability; (iii) synergies between financial integrity issues and other Fund policies and work; (iv) the Fund’s collaboration with key partners in the AML/CFT global policy architecture; and (v) stakeholders’ views of the effectiveness of the Fund’s AML/CFT engagement.
Keywords:
AML/CFT; Anti-money laundering; Money laundering; Terrorism financing; Proliferation financing; Combating the Financing of Terrorism; Financial Stability; Financial Crime; Illicit financial flows; Financial Integrity; CFT issue; CFT framework; addressing IFF; FATF standard; Global AML; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Civil society organizations; Global; Baltics
Cover IMF Staff Country Reports
Cambodia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
After suffering a recession during the pandemic, the Cambodian economy was on a steady recovery path, but is facing new pressures in 2022 that have buffeted external demand and increased inflation rates. The authorities have largely continued with crisis policy responses and have pressed on with policy reforms. The recovery is projected to continue, notwithstanding external stresses. Risks of public debt distress remain low. However, the level of private debt raises concerns about potential debt overhang.
Keywords:
IMF-World Bank FSAP mission; IMF Database; Cambodia's economy; support measure; inflation expectation; growth outlook; Stress testing; Inflation; Credit; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Cambodia: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The rapid spread of the virus in Cambodia during 2021 has set the economy back again, after external demand collapsed in 2020. The authorities responded to the crisis with measures to support households and firms, including increased healthcare spending; a new system of cash transfers to vulnerable households; loans and guarantees; tax breaks; and wage subsidies and retraining. Despite these measures, growth is estimated to have contracted by -3.1 percent in 2020. Growth in 2021 is expected to be 2.2 percent, slowly recovering to pre-crisis rates of around 6½ percent.
Keywords:
IMF-World Bank FSAP mission; policy setting; IMF's transparency policy; Policy discussion; burden indicator; Stress testing; Debt sustainability analysis; Loans; Asia and Pacific; Europe
Cover IMF Working Papers
Impacts of Interest Rate Cap on Financial Inclusion in Cambodia
Dyna Heng
,
Serey Chea
, and
Bomakara Heng
Interest rate caps, despite their intended objective of broadening financial inclusion, can have undesirable effects on financial inclusion under certain conditions. This paper examines the effect of microfinance-loan interest rate caps on financial inclusion in Cambodia. Based on a difference-in-difference analysis on bank and microfinance supervisory data, results show some unintended impact on financial inclusion. The cap led to a significant increase in non-interest fees charged on new loans following the introduction of an annual cap. Microfinance borrowers declined immediately, amid an increase in credit growth, as microfinance institutions targeted larger borrowers at the expense of smaller ones. Microfinance institutions, responded differently to the cap, considering their own operation and funding costs, and client base. Two years after the cap, institutions resumed lending to a wider group of borrowers with lower funding and operation costs brought by mobile payment development.
Keywords:
Financial Inclusion; Interest Rate Caps; Banking Sector; microfinance borrower; microfinance-loan interest rate caps; operation cost; supervisory data; impact of interest rate cap; Loans; Interest rate ceilings; Microfinance; Financial inclusion; Credit; Global
Cover Staff Discussion Notes
A Post-Pandemic Assessment of the Sustainable Development Goals
Ms. Dora Benedek
,
Mr. Edward R Gemayel
,
Mr. Abdelhak S Senhadji
, and
Alexander F. Tieman
The COVID-19 pandemic hit countries’ development agendas hard. The ensuing recession has pushed millions into extreme poverty and has shrunk government resources available for spending on achieving the United Nations Sustainable Development Goals (SDGs). This Staff Discussion Note assesses the current state of play on funding SDGs in five key development areas: education, health, roads, electricity, and water and sanitation, using a newly developed dynamic macroeconomic framework.
Keywords:
Sustainable Development Goals, Development, Fiscal Policy, Structural Reform; policy option; composite index; case study countries' SDG spending; financing gap; SDG performance; analysis of development strategy; Sustainable Development Goals (SDG); COVID-19; Human capital; Emerging and frontier financial markets; Infrastructure; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on the Basel Core Principles (BCP) for effective banking supervision on Thailand highlights that there have been significant enhancements to the legal framework and the supervisory process since the last BCP review, resulting in high compliance. The commercial banking sector appears to be sound and stable with a diversified lending profile and a steady source of funding. The involvement of other ministerial authorities in Specialized Financial Institutions supervision may affect standard-setting processes and the mindset of key decision makers for commercial banks when trying to level regulatory standards. The supervisory framework and practices provide the foundation for the continued development of risk-based supervision. Notifications and examination manuals increasingly focus on analysis of qualitative factors such as governance, risk management and risk appetite statements to determine the bank’s composite rating. The report recommends that efficiency of enforcement actions would be increased by aligning Financial Institutions Business Act requirements and Bank of Thailand internal practices.
Keywords:
ISCR; CR; BOT supervisor; risk management; BOT notification No. FPG; senior management; risk profile; credit risk; parent company; business strategy; Trade balance; Market risk; Commercial banks; Stress testing; Operational risk; Global; Asia and Pacific
Cover IMF Working Papers
The Financial Inclusion Landscape in the Asia-Pacific Region: A Dozen Key Findings
Mrs. Sarwat Jahan
,
Jayendu De
,
Mr. Fazurin Jamaludin
,
Piyaporn Sodsriwiboon
, and
Cormac Sullivan
Financial inclusion is a multidimensional concept and countries have chosen diverse methods of enhancing financial inclusion with varying degrees of results. The heterogeneity of financial inclusion is particularly striking in the Asia-Pacific region as member countries range from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services. The wide disparity is not only inter-country but also intra-country. The focus of this paper is to take stock of the current state of financial inclusion in the Asia-Pacific region by highlighting twelve stylized facts about the state of financial inclusion in these countries. The paper finds that the state of financial inclusion depends on several factors, but a holistic approach calibrated to specific country conditions may lead to greater financial inclusion.
Keywords:
WP; Asia-Pacific region; Asia-Pacific; financial service; emerging market; Asia-Pacific economy; Financial Inclusion; Emerging Markets; Developing Asia; Pacific Islands; Asia-Pacific EMs; financial system; emerging economies in Asia-Pacific; Mobile banking; Financial sector development; Fiscal accounting and reporting; Global; South Asia; Asia and Pacific
Cover IMF Staff Country Reports
Cambodia: 2018 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
Cambodia has made significant progress towards the Sustainable Development Goals (SDGs) due to years of impressive economic growth and reforms. Income growth has outpaced peers, poverty has declined, and the economy has begun to gradually diversify. At the same time, elevated financial sector vulnerabilities, development spending needs, and governance weaknesses pose challenges for further advancing sustainable growth and development.
Keywords:
ISCR; CR; authority; preliminary budget; spending; staff appraisal; staff projection; governance vulnerability; final budget; Credit; Global
Cover Departmental Papers
Financial Inclusion in Asia-Pacific
Ms. Elena Loukoianova
,
Yongzheng Yang
,
Mr. Si Guo
,
Ms. Leni Hunter
,
Mrs. Sarwat Jahan
,
Mr. Fazurin Jamaludin
,
Umang Rawat
,
Johanna Schauer
,
Piyaporn Sodsriwiboon
, and
Mr. Yiqun Wu
Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.
Keywords:
DPPP; DP; Asia-Pacific country; fiscal policy; interest rate; Asia-Pacific region; central bank; Gini coefficient; per capita income; savings account; a number of Asia-Pacific EMDCs; adverse selection; fintech company; monetary policy shock; Fintech use; Financial inclusion; Fintech; Mobile banking; Income inequality; Pacific Islands; Asia and Pacific; Sub-Saharan Africa; Global