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Business and Economics > Finance: General

You are looking at 1 - 9 of 9 items for :

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Cover IMF Working Papers
Public Perceptions of Canada’s Investment Climate: A Natural Language Processing-Based Approach
Flora Lutz
,
Yuanchen Yang
, and
Chengyu Huang
Canada’s muted productivity growth during recent years has sparked concerns about the country’s investment climate. In this study, we develop a new natural language processing (NPL) based indicator, mining the richness of Twitter (now X) accounts to measure trends in the public perceptions of Canada’s investment climate. We find that while the Canadian investment climate appears to be generally favorable, there are signs of slippage in some categories in recent periods, such as with respect to governance and infrastructure. This result is confirmed by both survey-based and NLP-based indicators. We also find that our NLP-based indicators would suggest that perceptions of Canada’s investment climate are similar to perceptions of U.S. investment climate, except with respect to governance, where views of U.S. governance are notably more negative. Comparing our novel indicator relative to traditional survey-based indicators, we find that the NLP-based indicators are statistically significant in helping to predict investment flows, similar to survey-based measures. Meanwhile, the new NLP-based indicator offers insights into the nuances of data, allowing us to identify specific grievances. Finally, we construct a similar indicator for the U.S. and compare trends across countries.
Keywords:
Investment Climate; Canada; Machine Learning; Sentiment Analysis; muted productivity growth; investmest climate; investment flow; NLP-based indicator; Climate finance; Competition; Infrastructure; Productivity; Mining sector; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Crypto Assets
International Monetary Fund. Monetary and Capital Markets Department
This paper presents the Technical Note on Regulation and Supervision of Crypto Assets for the Republic of Kazakhstan Financial Sector Assessment Program. There are limited short-term financial stability implications from crypto assets in Kazakhstan, but this can change quickly. The ultimate goal for authorities should be to move toward a comprehensive regulatory framework for crypto assets, although this might not be a regulatory priority. Regardless of a prohibition or regulation, authorities should improve their domestic collaboration and international cooperation in relation to crypto assets. Authorities should improve user education through joint communication to markets and consumers. In the short term, authorities should work to ensure that users are informed of the trade-offs from using international crypto exchanges that are not registered, are operating illegally. This approach should be wide reaching through online media outlets to reach users most likely to engage with crypto assets. Over the long term, users should be able to consider trade-offs and make informed decisions on their preferred approach.
Keywords:
IMF-World Bank Financial Sector Assessment Program; crypto taxonomy; settlement centre; staff team of the International Monetary Fund; FSAP assessment's finding; Blockchain and DLT; Fintech; Financial Sector Assessment Program; Mining sector; Global
Cover IMF Staff Country Reports
Lao People’s Democratic Republic: Technical Assistance Report-Regulation and Supervision of Crypto Assets
International Monetary Fund. Monetary and Capital Markets Department
This technical assistance report describes the regulation and supervision of crypto assets in Lao People’s Democratic Republic (LAO P.D.R.). Crypto uptake in Lao P.D.R. seems to be limited so far, and so consumer protection risks appear contained. The authorities are in the process of considering an appropriate regulatory and supervisory framework for mining and trading activities. The current regulatory framework for crypto trading platforms is a positive step to managing risks but would benefit from key prudential and conduct additions. Authorities should continue their efforts to coordinate domestically and cooperate with foreign peer regulators. Due to the novelty of the industry and the limited size of the Lao PDR market, the most prominent risks arising from crypto trading in the short term are likely to be generated by complex interconnections within crypto markets and broader financial markets. The mission commends the authorities in their coordinated approach to this new regime, and would like to encourage them to continue deepening that coordination.
Keywords:
trading platform; Lao PDR market; crypto trading license; market abuse; consumer protection risk; TA recipient; Virtual currencies; Mining sector; Capital markets; Financial sector stability; Blockchain and DLT; Global
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.
Keywords:
ECF arrangement; DRC government; DRC authorities; government transfer; COVID support measure; Arrears; Global; Africa; BCC Law; RCF commitments summary; staff appraisal; Mining sector
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.
Keywords:
ECF arrangement; DRC government; DRC authorities; government transfer; COVID support measure; Arrears; Global; Africa; BCC Law; RCF commitments summary; staff appraisal; Mining sector
Cover IMF Staff Country Reports
Guinea: Fourth Review under the Extended Credit Facility Arrangement, and Financing Assurances Review -Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
This paper focuses on Guinea’s Fourth Review Under the Extended Credit Facility (ECF) Arrangement, and Financing Assurances Review. While performance under the IMF-supported program remains broadly satisfactory, Guinea faces significant downside risks related to coronavirus disease 2019 pandemic. The IMF will remain closely engaged with the Guinean country authorities as the situation evolves, and as the authorities further develop their policy responses and financing needs change. The ECF arrangement supports strengthening Guinea’s resilience, scaling-up growth-supporting investment and social-safety nets and promoting private sector development. Achieving the programmed basic fiscal surplus in 2020 will contribute to containing inflation and preserving debt sustainability. Mobilizing additional tax revenues and reducing electricity subsidies will create fiscal space to scale-up growth-supporting public investments and strengthen social safety nets. Implementing programmed tax revenues measures, adopting an automatic petroleum products price adjustment mechanism, and advancing the multi-year electricity tariff reform is key. A prudent borrowing strategy will support scaling-up growth-supporting public investment.
Keywords:
ISCR; CR; firm financing assurance; regime; financing; financing needs; ECF arrangement; asset declaration regime; Guinean authorities; Public investment and public-private partnerships (PPP); Mining sector; Global
Cover IMF Staff Country Reports
Democratic Republic of the Congo: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
This is the first Article IV mission to DRC since June 2015. The inauguration of President Tshisekedi in January 2019 marks the first peaceful transfer of power since independence. He has pledged to improve governance and scale up public investment. Challenges abound. Poverty and unemployment are widespread. Violent conflict persists in some regions, and the worst ever outbreak of the deadly Ebola disease is ongoing. Dependence on mineral exports leaves DRC vulnerable to commodity shocks. Tackling corruption and improving governance are imperative. The main risks include an escalation of the Ebola epidemic; fiscal loosening leading to monetization of budget deficits; a relapse in copper and cobalt prices; an intensification of ongoing armed conflicts; and resistance to reform from vested interests.
Keywords:
ISCR; CR; authority; Congolese authorities; debt; Congo
Cover IMF Staff Country Reports
Democratic Republic of the Congo: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
This 2019 Article IV Consultation with the Democratic Republic of the Congo (DRC) highlights that real gross domestic growth reached 5.8 percent in 2018, buoyed by stronger copper and cobalt prices and increased production. The main risks include an escalation of the Ebola epidemic; fiscal loosening leading to monetization of budget deficits; a relapse in copper and cobalt prices; an intensification of ongoing armed conflicts; and resistance to reform from vested interests. Transparency and accountability in the management of natural resources are major challenges facing DRC. It is recommended to step-up revenue mobilization, notably by simplifying taxes and integrating mining revenue into the central government Treasury. It is also important to enhance transparency, including through public tendering for the sale of mining assets, publication of audited financial statements of state-owned enterprises, and greater monitoring of public assets.
Keywords:
ISCR; CR; authority; Congolese authorities; debt; Congo; cobalt price; governance assessment; Banque Centrale du Congo; Annual national accounts; exports receipt; Mining sector; Arrears; Sub-Saharan Africa; Global; Africa; West Africa; Western Europe
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper takes stock of poverty in the Democratic Republic of the Congo (DRC). Poverty has receded in the DRC over the last decade on the back of gradual stabilization in the security and political situation, strong economic growth, and sharp decline in inflationary pressures. Most social indicators also improved during the period. However, poverty remains pervasive with a level still among the highest in sub-Saharan Africa, and DRC will likely not achieve any of the Millennium Developments Goals by 2015. Policy actions should focus on fostering the development of labor-intensive sector, increasing social spending, and redirecting public resources to the poorest regions of the country.
Keywords:
ISCR; CR; Congo; budget; rate; export diversification; B. Benchmarking DRC; world development indicator; execution revenue gap; execution expenditure gap; Mining sector; Export diversification; Financial inclusion; Exports; Global; Africa; Sub-Saharan Africa; Southern Africa