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Europe > Malta

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Cover IMF Working Papers
When Will Global Gender Gaps Close?
Alejandro Badel and Rishi Goyal
On the current pace of reforms, global gender gaps are estimated to close, using deterministic (linear or log-linear) trends, over the next three centuries. This means that many women will likely not be able to fully use their abilities and talents, to the detriment of societies, for a long time. Yet this paper shows that, absent a significant step up in policy efforts, gender gaps may in fact never close. Using Markov chains, a common approach in macroeconomics, this paper analyzes the dynamics of the cross-country distribution of the gender gap in labor force participation. This methodology does not impose strong restrictions on the data, allowing for episodes of progress as well as regress by countries on gender inequality. Based on the experience of the past three decades, the analysis predicts a further narrowing of gender gaps over time. But the long-run distribution of gender gaps in labor force participation features a substantial share of countries with persistently large gaps, implying that—absent a strengthened and systematic policy effort—some of the current misallocation of women’s talents and abilities could persist perpetually.
Keywords:
Gender Gap; Dynamics; Convergence; Cross-Country; Global; Labor Supply; Labor Force Participation; Female; Distribution; U-shaped transition.; IMF Gender Data Hub; IMF working paper 23/189; UK's Foreign, Commonwealth and Development Office; long-run distribution of gender gaps; gender LFP gap; Gender inequality; Women; Income
Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights quantitative tightening (QT) by the European Central Bank (ECB). It uses evidence from the literature on the impact of central bank bond purchases and sales on bond yields, and the monetary policy stance, to outline a roadmap for reducing the Euro system’s bond holdings. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The paper concludes that the ECB’s short term policy rates should be the main choice for adapting the monetary policy stance to changing circumstances and QT should proceed in a gradual, predictable manner as outlined by the ECB.
Keywords:
ECB Policy rate; ECB balance sheet; app portfolio; C. Policy consideration; bond supply net of ECB; Financial statements; Unconventional monetary policies; Central bank policy rate; Monetary stance; Securities
Cover IMF Staff Country Reports
Euro Area Policies: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Euro Area; IMF Country Report No. 23/264
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that the euro area economy has shown remarkable resilience in the aftermath of Russia’s invasion of Ukraine and the largest terms of trade shock in several decades, thanks to a swift policy response and a strong rebound in contact-intensive services. Looking ahead, growth is expected to pick up gradually throughout 2023 and 2024, supported by a recovery in real incomes in the context of continued tight labor market conditions, a further easing of supply constraints, and firmer external demand, even as financial conditions continue to tighten. While headline inflation has fallen sharply recently after reaching record high levels, core inflation is proving more persistent. As tight financial conditions restrain demand and supply shocks dissipate further, inflation is set to decline further but is expected to remain elevated for an extended period. Renewed supply shocks, which could result from an escalation of the war in Ukraine and a related increase of commodity prices, or a further intensification of geoeconomic fragmentation, would also push up inflation and hurt growth. On the upside, the economy could again prove more resilient than expected, especially amid a still large stock of excess savings.
Keywords:
Euro area headline inflation; inflation expectation; EU climate investment fund; EU AML authority; EU institution; EU bank; core inflation; EU economy; Inflation; Energy prices; Fiscal stance; Monetary tightening; Global; Europe
Cover IMF Staff Country Reports
Malta: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The 2022 Article IV Consultation with Malta explores that Malta’s economy has recovered strongly following the worst recession in decades due to the coronavirus disease 2019 pandemic. Malta’s economic recovery from the pandemic is remarkable, but the indirect impact of Russia’s war in Ukraine weighs on the outlook. The strong economic recovery continued into 2022, driven by high net exports and consumption. Gross domestic product growth is, however, set to slow in 2023 as the confluence of global shocks weighs on the economy. Inflation is expected to gradually decline but remain elevated. Risks to the outlook are tilted to the downside, mainly because the growth slowdown in Europe could be deeper than expected. The financial system remains sound, but emerging risks warrant continued vigilance and close monitoring of banks. The authorities should closely monitor banks’ risk management to ensure that provisions are continuously updated as economic prospects change. Structural reforms are necessary to improve Malta’s long-term growth and address climate challenges. On climate change policy, concerted efforts involving all stakeholders should continue to implement the 2021 Low Carbon Development Strategy and seek decarbonization potential by exploiting various sources, including investing in renewable sources.
Keywords:
SDDS preparation; money market rate; liability positions vis-à-vis nonresident; Policy recommendation; property price index; External sector statistics; Energy prices; Inflation; Global; Europe
Cover IMF Staff Country Reports
Malta: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper compares Malta’s response to that of other European countries and discusses the pros and cons of different policies, in light of the desirable policy priorities in the current context. This chapter also analyses the fiscal and distribution implications of alternative energy pricing policies in Malta, focusing mainly on electricity prices for households. The authorities are stepping up their efforts to increase renewable energy production, but in the near term, Malta will continue to remain vulnerable to energy price shocks. Malta has opted for freezing electricity and fuel prices. In considering options for an exit strategy, distributional impacts for households and fiscal implications are key. Allowing a full pass-through would have a significant impact on households’ consumption in Malta but comparable with other European peers. The simulation suggests that household burden as a share of consumption is higher for low-income households, mostly due to higher electricity prices.
Keywords:
copyright page; responses to the energy crisis; price signal; energy price; Brent crude oil price; Energy prices; Consumption; Electricity; Energy conservation; Fuel prices; Europe
Cover Policy Papers
Reviews of the Fund's Sovereign ARREARS Policies and Perimeter
International Monetary Fund. Legal Dept., International Monetary Fund. Monetary and Capital Markets Department, and International Monetary Fund. Strategy, Policy, & Review Department
This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
Keywords:
executive board understanding; draft executive board understanding; SPR coordinator; fund policy; executive board consideration; Arrears; Debt restructuring; Debt sustainability; Multilateral development institutions; Bonds; Global
Cover IMF Staff Country Reports
Malta: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malta
International Monetary Fund. European Dept.
The fallout from the COVID-19 crisis has hit the Maltese economy hard, particularly its large tourism sector. Using fiscal buffers accumulated prior to the pandemic, the authorities have taken swift actions to support households, businesses, and the healthcare system. With the rapid rollout of COVID-19 vaccine, the economy has reopened for the summer tourism season. While the outlook is surrounded by a high degree of uncertainty, the Maltese economy is expected to rebound by 5¾ percent this year, up from -7¾ percent in 2020. The financial system has remained stable. In late June 2021, the Financial Action Task Force (FATF) put Malta under increased monitoring due to concerns about effectiveness of its anti-money laundering and combatting the financing of terrorism (AML/CFT) framework.
Keywords:
stimulus measure; policy direction; SDDS preparation; liability positions vis-à-vis nonresident; pandemic crisis; per-capita emissions level; money market rate; IMF staff calculation; Anti-money laundering and combating the financing of terrorism (AML/CFT); COVID-19; External sector statistics; Tourism; Global
Cover IMF Staff Country Reports
Malta: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
solvency gaps estimate; solvency stance; model performance; backtesting result; backtesting performance; Liquidity; Corporate sector; Solvency; Financial statements; COVID-19; Global
Cover IMF Working Papers
Guaranteed Minimum Income Schemes in Europe: Landscape and Design
Mr. David Coady, Samir Jahan, Baoping Shang, and Riki Matsumoto
This paper provides an overview of the design of means-tested Guaranteed Minimum Income schemes, which constitute an important component of social protection systems in European countries. It discusses how key design features differ across countries, including how countries balance the primary objective of poverty alleviation against the desire to both manage the work disincentives inherent in such programs and contain fiscal cost. The analysis finds a clear trade-off between both concerns in practice, with many countries combining low generosity with low benefit withdrawal rates (BWRs) thus prioritizing employment incentives over the primary objective of poverty alleviation. Many countries can reduce this trade off by combining higher generosity with higher BWRs. Countries with very high BWRs should consider reducing these, including through allowing income disregards and time dependent (rather than income-dependent) benefit withdrawal. The work disincentives associated with higher BWRs can also be attenuated through strengthening complementary activation policies that incentivize and support participation in the labor market.
Keywords:
work disincentive; activation policy; Labor disincentive; Guaranteed Minimum Income scheme; benefit generosity; GMI scheme; Income; Employment; Wages; Labor markets; Tax allowances; Europe
Cover Policy Papers
Catastrophe Containment and Relief Trust—Second Tranche Of Debt Service Relief In The Context Of The COVID-19 Pandemic
International Monetary Fund
This paper proposes that the Executive Board approve the disbursement of a second 6-month tranche of CCRT debt service relief to 28 of the 29 members, covering the period October 14, 2020 through April 13, 2021, given staff’s assessment that sufficient financial resources are available.2 In this context, the paper also provides brief updates for each beneficiary country on its policy responses to the pandemic and staff’s assessment of these policies and the use of resources freed up by debt service relief. It also provides an update on the finances of the CCRT and the fundraising efforts to secure adequate resources for grant assistance in the future. Based on grant pledges to date, resources are not sufficient to extend CCRT relief beyond the proposed second sixth-month period.
Keywords:
PP; tranche; SDR; CCRT debt service relief; about SDR; COVID balance of SDR; status of the CCRT; tranche of debt service relief; Debt service; Debt relief; COVID-19; Debt financing; Global