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Europe > Switzerland

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Cover International Monetary Fund Annual Report 2024
International Monetary Fund Annual Report 2024
Resilience in the Face of Change
International Monetary Fund. Secretary's Department

Abstract

The experience of the global economy since the end of the pandemic has been turbulent. The 2024 IMF Annual Report highlights the IMF’s work to on global challenges, including safeguarding macroeconomic stability, returning to fiscal sustainability, bringing inflation back to targets, and embracing transformative developments. In FY 2024, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 128 country health checks completed. 2) Lending: $70 billion to 30 countries, including about $15 billion to 20 low-income countries, for a total of $357 billion to 97 countries since the start of the pandemic. 3) Capacity development: $382 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2024 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2023, through April 30, 2024, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2024 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Keywords:
inflation; resilience; debt vulnerabilities; inequality food insecurity; quota; PRGT; geopolitical fragmentation; conflict; climate change; digitalization; cyber risks; artificial intelligence; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; and international cooperation; IMF staff calculation; IMF-World Bank Annual Meetings; IMF employee; IMF research; capital markets department; Training and development in revenue administration; Credit; External audit; Balance of payments need; Global; Middle East; Asia and Pacific; Europe
Cover Technical Assistance Reports
Republic of Poland: Technical Assistance Report-Aligning the Stabilizing Expenditure Rule to the European Union Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
The stabilizing expenditure rule (SER) in Poland has been instrumental in fostering fiscal discipline in the years leading up to the pandemic. The pandemic and subsequent shocks severely tested the expenditure rule. Returning to the SER limit after severe shocks proved challenging, making clear the needs to revise the SER to preserve its credibility. The government could enhance the credibility of the expenditure rule through broadening its coverage and strengthening compliance, including establishing an independent fiscal council. Moreover, aligning to the EU fiscal framework will require (i) ensuring expenditure limits implied in the SER to be consistent with the EU net expenditure path; and (ii) providing explanation on the differences in expenditure coverage and classification between the SER and the EU fiscal framework to ensure compliance. Over time, transition to binding multi-year limits in the SER would improve linkages between annual budgets and medium-term fiscal planning.
Keywords:
Expenditure rule; Fiscal rule; Correction mechanism; EU economic governance; fiscal framework; Debt; Expenditure baseline; Republic of Poland.; SER limit; net expenditure path; EU net expenditure indicator; expenditure path; Fiscal rules; EU governance framework; Fiscal governance; Fiscal councils; Global
Cover Selected Issues Papers
Securing Fiscal Discipline and Credibility in WAEMU: WAEMU
Ljubica Dordevic
and
Olivia Y Ibrahim
Fiscal consolidation and the reintroduction of the WAEMU fiscal framework is crucial for maintaining debt sustainability, external viability, and financial stability. The 3 and 70 percent of GDP deficit and debt ceilings envisaged by the expired rule remain appropriate, while addressing the stock-flow adjustments will help rebuild fiscal buffers. Convergence to a fiscal deficit of 3 percent of GDP should be ensured by 2025— barring exceptional circumstances—with focus on domestic revenue mobilization, while controlling expenditure. To secure fiscal discipline and credibility, it is essential to revamp the fiscal rule with a credible debt correction mechanism and exogenous escape clauses.
Keywords:
monetary union; fiscal policy; fiscal consolidation; fiscal rules; debt; stock flow adjustment; stock-flow adjustment; credibility in WAEMU; deficit ceiling; deficit target; deficit rule; Debt sustainability; Fiscal space; Global
Cover Finance & Development
Finance & Development, March 2024: Economics - How Should It Change?
International Monetary Fund. Communications Department
This issue of F&D takes a fresh look at the discipline of economics. We invited prominent economists with different perspectives to tell us how the profession can become better at answering 21st century challenges.
Keywords:
Economics teaching; world happiness report; IMF staff calculation; labor economist; accessibility Economist; Labor markets; Stock markets; Climate change; Climate finance; Global; Africa; Europe; Central Asia
Cover IMF Staff Country Reports
Ghana: Technical Assistance Report-Diagnostic Mission on Macro-relevant Climate Change Statistics
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Ghana focuses on the diagnostic mission on macro-relevant climate change statistics. Discussions were conducted during plenary and bilateral sessions with key national stakeholders representing data compilers and users to take stock of work already undertaken on environment and climate change related statistics for Ghana, ongoing capacity development initiatives with other agencies, policy needs and data gaps, and data sources. Secondary priorities including mineral and energy resource and energy statistics, as well as carbon footprints, were identified and it is expected that project participants will agree on a roadmap for their compilation during a second phase of the project after Air Emissions Accounts are compiled. The Ghana Statistical Service (GSS), which is at the center of the national statistical system, will continue to coordinate the collaboration between agencies participating in this project in close consultation with the Environment Protection Agency (EPA). A technical coordinating group will include key stakeholders from the agencies participating in the plenary sessions and be chaired by the GSS and the EPA. Meetings will be held as needed.
Keywords:
Ghana; climate change statistics; air emissions accounts; energy accounts; environmental statistics; physical and transition risks; carbon footprints.; E. climate change mitigation; World Bank staff; IMF executive directors; climate change indicator; Greenhouse gas emissions; Climate change; Climate policy; Global
Cover International Monetary Fund Annual Report 2023
International Monetary Fund Annual Report 2023
Committed to Collaboration
International Monetary Fund. Secretary's Department

Abstract

The 2023 IMF Annual Report highlights the IMF’s work to support its members to address successive shocks, including Russia’s war on Ukraine, inflation, debt vulnerabilities, inequality food insecurity, geoeconomic fragmentation, climate change, and digitalization. In FY 2023, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 126 country health checks completed.2) Lending: $74 billion to 36 countries, including about $11 billion to 21 low-income countries, for a total of $294 billion to 96 countries since the start of the pandemic. 3) Capacity development: $337 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2023 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2022, through April 30, 2023, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2023 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Keywords:
inflation; debt vulnerabilities; inequality; food insecurity; geoeconomic fragmentation; climate change; digitalization; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; IMF photo; upper-credit-tranche IMF financing; IMF secretariat; IMF CPI database; IMF liquidity support; full-fedged IMF program; IMF surveillance activity; Training and development in revenue administration; Budget planning and preparation; External audit; Balance of payments need; Global; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Switzerland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
This 2023 Article IV Consultation with Switzerland discusses that growth slowed in 2022, while inflation became a new challenge after a decade of ultra-low or negative inflation. Growth is expected to slow further in 2023—driven by the weak global outlook, tighter monetary policy, and cooling of pent-up demand, before recovering to medium-term potential in 2024. Risks are tilted to the downside, with high uncertainty. Two near-term scenarios are noteworthy. First, an abrupt, synchronized global slowdown could take place at the same time as prolonged high inflation in advanced economies, due to monetary policy miscalibration. Passage and implementation of the revised CO2 Law are critical to achieving climate targets; more is needed to ensure secure energy supply. Efforts to ease the tight labor market should continue. The response to higher inflation has been appropriate and should remain data driven, including further rate hikes if needed. If facing depreciation pressures, the Swiss National Bank could continue to reduce foreign exchange (FX) holdings; it should refrain from FX investments to curb appreciation unless due to excessive market volatility.
Keywords:
draft legislation; SNB balance sheet; FSI website; AML ordinance; investment strategy; well-functioning of financial markets; banking stress test model; Switzerland's GDP; Switzerland well; SNB data; IMF of the exchange restriction; IMF's transparency policy; Inflation; Credit; Financial statements; Central bank policy rate; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on Switzerland focuses on assessing Swiss National Bank (SNB) balance sheet changes in 2022. This paper clarifies the main underlying drivers, discusses potential implications, or lack thereof, on monetary and fiscal policies, and assesses the SNB’s financial performance. Central banks’ financial results are not directly comparable with each other, given their non-profit nature, the differences in their mandates and, importantly, their different accounting policies. In particular, many other central banks would have recorded much larger financial losses in 2022 if mark-to-market accounting were applied. The SNB’s financial loss in 2022 is not expected to have an impact on monetary policy operations. The SNB has appropriately warned about risks to its balance sheet, including during periods of high profitability. In addition, the SNB put in place sound safeguards against such risks, and provided transparent communications on its investment strategy. Nevertheless, large balance sheets are subject to risks, highlighting communication challenges during periods of both large profits and losses. In this context, the SNB should continue to regularly review its investment strategy and maintain adequate safeguards.
Keywords:
ECB monetary policy; monetary policy shock; SNB balance sheet; Switzerland NBFIs; mitigation target; Greenhouse gas emissions; Stock markets; Nonbank financial institutions; Climate policy; Global; Europe
Cover International Monetary Fund Annual Report 2022: Crisis Upon Crisis
International Monetary Fund Annual Report 2022: Crisis Upon Crisis
International Monetary Fund. Secretary's Department

Abstract

The report, available in nine languages, highlights the IMF's work on COVID-19 recovery and the impact of Russia's invasion of Ukraine; inflation; how to achieve an equitable recovery; debt; and climate change, digital money and inclusion.

Keywords:
IMF staff calculation; IMF integrity hotline; IMF research; IMF country team; IMF engagement; IMF quota; address IMF recommendation; emergency financing facilities; Training and development in revenue administration; COVID-19; Debt relief; Climate change; Balance of payments need; Global
Cover IMF Staff Country Reports
Libya: Technical Assistance Report-Review the Installation/Implementation Status of Modules/Functionalities of ASYCUDA World at Libyan Customs Administration
International Monetary Fund. Middle East and Central Asia Dept.
Middle East Technical Assistance Center (METAC) has arranged a two-phase capacity development (CD) for the Libyan Customs Administration (LCA) of the Libyan Ministry of Finance. The purpose of this mission is to assess the development status of the ASYCUDA World (AW) prototype piloted in the Port of Tripoli and identify areas of short-term CD support enabling LCA to fully exploit the AW functionalities. It will be followed by a study tour to promote peer learning and exchange of best practices in the f ield of customs in particular digitalization issues, through the METAC region.
Keywords:
AW functionality; AW prototype; AW implementation team; implementation status; LCA authorities; Customs administration core functions; Tariffs; Duties; Imports; Middle East; Global