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International Monetary Fund. European Dept.
Burcu Hacibedel
and
Mariusz Jarmuzek
Jeff Kearns
Proficiency with the “ingenious technology” of money accompanied innovations like writing, math, law, democracy, and philosophy. But does money enable such breakthroughs, or did they guide money’s evolution? This chicken-or-egg question animates David McWilliams’s surprisingly memorable joyride through 5,000 years from early coins to crypto.
International Monetary Fund. Communications Department
Price rises are piling pressure on the poorest and adding to intergenerational strife
International Monetary Fund. Policy Development and Review Dept.
Against the backdrop of a challenging economic environment and high global interest rates, the Executive Board reached consensus on a comprehensive package of reforms that substantially reduces the cost of borrowing for members while safeguarding the IMF's financial capacity to support countries in need. The approved measures will lower IMF borrowing costs by about US$1.2 billion annually or reduce payments on the margin of the rate of charge as well as surcharges on average by 36 percent. The number of countries subject to surcharges in fiscal year 2026 is expected to fall from 20 to 13.
Key reforms include a reduction in the margin for the rate of charge, an increase in the threshold for level-based surcharges, a reduction in rate for time-based surcharges, an alignment of thresholds for commitment fees with annual and cumulative access limits for GRA lending facilities, and institution of regular reviews of surcharges.
The series of three papers informed the Executive Board’s first and second informal engagements (July and September 2024) and the formal meeting (October 2024) on this review.
The transition to a sustainable and green economy requires workers to move out of carbon-intensive jobs and workers to move into green jobs. The pace and effectiveness of the transition hinge not only on climate policies but also on the skills and adaptability of workers. Evidence suggests that economies with a robust supply of STEM-educated workers and a more equal treatment of women are better placed to transition faster and at a lower cost to a green economy, even after controlling for other country characteristics, because these economies generate more green innovation and face lower bottlenecks in expanding the green workforce. Altogether, climate policies, particularly energy taxes, in these economies are associated with emission reductions that are 2 to 4 percentage points larger than in economies with a less inclusive and educated workforce. While green jobs have been growing worldwide, men currently hold close to two-thirds of these positions and women only one-third. Green jobs are associated with a 7 percent premium for men and an even higher premium of 12 percent for women, suggesting that men’s and women’s labor supply may not meet demand. These findings highlight the critical need for educational and labor policies that promote skill enhancement and gender inclusivity, to ensure a sufficient supply of workers for the green economy and that all workers can benefit from the green transition. Finally, AI could be beneficial for workers in green jobs.
International Monetary Fund. European Dept.
International Monetary Fund. European Dept.
Miguel A Otero Fernandez
,
Jaime Ponce
,
Marc C Dobler
, and
Tomoaki Hayashi