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Europe > Norway

You are looking at 1 - 10 of 16 items for :

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Cover Policy Papers
Poverty Reduction and Growth Trust—2023 Borrowing Agreements with the Government of Australia, the People’s Bank of China, the Bank of Finland, the Banque De France, De Nederlandsche Bank NV, the Norwegian Ministry of Finance Representing the Kingdom of Norway, Sveriges Riksbank, and the Government of the United Kingdom
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Legal Dept.
This paper presents the second set of PRGT borrowing agreements that have been finalized through April 2023 as part of the loan mobilization round launched in July 2021 to cover the cost of pandemic-related lending and support the self-sustainability of the Poverty Reduction and Growth Trust (PRGT). Seven of the eight agreements presented use SDRs in the context of SDR channeling. Together these agreements provide a total of SDR 5.1 billion in new PRGT loan resources for low-income countries (LICs).
Keywords:
PRGT Borrowing agreements; PRGT Loans; Poverty Reduction and Growth Trust (PRGT); Concessional financing; Resource adequacy; PRGT Funding; Contributions; Transparency policy; SDR equivalent; channeling pledge; totaling SDR; PRGT loan disbursement; loan resource; Loans; Poverty reduction strategy; SDR interest rate
Cover Policy Papers
Implementation Plan in Response To The Board-Endorsed Recommendations From The IEO Evaluation Report On IMF Collaboration With The World Bank On Macro-Structural Issues
International Monetary Fund. Strategy, Policy, & Review Department
This Management Implementation Plan (MIP) focuses on further strengthening collaboration between the IMF and the World Bank on strategic macro-structural issues. In macro-structural areas, the Fund and the Bank have complementary roles. The Bank provides structural and development-focused assessments and recommendations, while the Fund focuses on integrating macro relevant structural issues in the macroeconomic frameworks and policies. In some areas, including financial sector and public debt sustainability assessments, Bank-Fund collaboration modalities are well established. In other areas, such as climate change, Fund staff is developing comprehensive strategies on how the IMF can step up its engagement and collaboration with external partners, including with the World Bank, to better serve its membership. This MIP proposes concrete steps aimed at further enhancing: • Bank-Fund collaboration on strategic macro-structural issues, with an initial focus on the climate workstream; • Fund staff’s incentives for collaboration with external partners, including the Bank • Access to and exchange of information and knowledge between Bank and Fund staff.
Keywords:
Bank-Fund collaboration; macro-structural policies; structural reforms; climate change; fund staff; climate strategy; transparency policy; IMF surveillance; Board paper; Climate change; Climate finance; Global
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
Cover Policy Papers
Update on the Standard Template to Collect Data on Government Revenues from Natural Resources
International Monetary Fund
The paper presents an update on the status of the standard template to collect data on government revenues from natural resources, originally presented to the Executive Board in January 2014. The paper discusses: (i) the field-testing of the standard template in six countries, which confirmed the feasibility of applying it more broadly; (ii) the final version of the template based on outcomes of consultation with the international community and the field-testing visits; and (iii) the adoption of the template by the Extractive Industries Transparency Initiative (EITI) International Secretariat as a mandatory reporting requirement for its member countries. The standard template serves as a companion to the Guide to Analyze Natural Resources in the National Accounts. The standard template was developed to support fiscal policy formulation and analysis in resource-rich economies, which constitute about one third of the Fund’s membership. The standard template is based on the revenue classification of the Government Finance Statistics Manual 2014, thereby facilitating the collection of resource revenue data in methodologically sound, analytically relevant, and cross-country comparable format.
Keywords:
PP; natural resource; revenue stream; resource revenue dependence; revenue category; EITI revenue template; revenue classification; Natural resources; Data collection; Government finance statistics; Income tax systems; Income and capital gains taxes; Global
Cover Policy Papers
Poverty Reduction and Growth Trust - 2016 Borrowing Agreements with Danmarks Nationalbank, the Norwegian Ministry of Finance Representing the Kingdom of Norway, and the Sveriges Riksbank
International Monetary Fund
The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust),entered into an amendment of the 2010 borrowing agreement with Danmarks Nationalbank, and new borrowing agreements with the Norwegian Ministry of Finance representing the Kingdom of Norway and the Sveriges Riksbank (hereafter Denmark, Norway, and Sweden, respectively), by which the counterparties will provide new resources to the Loan Accounts of the PRGT in the total amount of SDR 1.1 billion (see attachments). The augmentation under the amendment and the two new agreements are the first three loan contributions to be concluded in the context of the current Board-endorsed effort to raise SDR 11 billion in new PRGT loan resources. These amendment and new agreements became effective on November 17, 2016.
Keywords:
PP; trustee; amount; business day; bond equivalent yield; interest rate calculation; agreements result; SDR rate; loan resource; equivalent amount; Loans; Currencies; Bond yields; Poverty reduction and development; Treasury bills and bonds
Cover Policy Papers
Monetary Policy and Financial Stability
International Monetary Fund
The issue of using monetary policy for financial stability purposes is hotly contested. The crisis was a reminder that price stability is not sufficient for financial stability, financial crises are costly, and policy should aim to decrease the likelihood of crises, not only rely on dealing with their repercussions once they occur. It is clear that well-targeted prudential policies (including micro and macroprudential regulation and supervision) should be pursued actively to attenuate the buildup of financial risks. The question is whether monetary policy should be altered to contain financial stability risks. Should it lend a hand by temporarily raising interest rates more than warranted by price and output stability objectives? Keeping rates persistently higher is also possible, but more costly.
Keywords:
PP; monetary policy shock; transmission mechanism; interest rate hike; credit growth; prudential policy; basis point; asset price; financial system; interest rate shock; crisis risk; Financial sector stability; Credit; Inflation; Financial sector risk; Global
Cover Policy Papers
Sovereign Asset-Liability Management - Guidance for Resource-Rich Economies
International Monetary Fund
Ample natural resource revenues create both opportunities and challenges for a sovereign to transform its natural resources into well-managed financial assets. Hence, inter-temporal smoothing of revenue and consumption/investment moves to the center stage of macroeconomic policies. The questions arising from natural resource wealth accumulation are becoming more pressing for many countries, given the need to achieve intergenerational equity in a context where commodity prices may not continue their upward trajectory of the past decade. Addressing these questions requires a flexible sovereign asset-liability management (SALM) framework that integrates various macroeconomic and financial trade-offs with the aim of containing financial risk to the sovereign balance sheet. The framework and policy advice aims to guide policymakers across different institutions in weighing those trade-offs.
Keywords:
PP; expected return; natural resource; excess reserves; time horizon; risk tolerance; Financial statements; International reserves; Natural resources; Government asset and liability management; Global
Cover Policy Papers
Fiscal Regimes for Extractive Industries—Design and Implementation
International Monetary Fund
Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Keywords:
PP; government share; host government; tax rate; cash flow; Long-Term Bond Rate; Minimizes government risk; tax authorities; rate of return; income tax; State equity; Oil; Corporate income tax; Mining sector; Resource rent tax; Production sharing; Sub-Saharan Africa
Cover Policy Papers
Managing Director's Action Plan to the International Monetary and Financial Committee
International Monetary Fund
As described in the latest Consolidated Multilateral Surveillance Report, policy actions in Europe and improving U.S. indicators have helped attenuate financial strains. But recent developments point to the fragility of the world economy and the need to come to grips with a formidable policy agenda. Among the challenges ahead are the immediate risks from a return of stresses in Europe and higher oil prices. Beyond that lie the risks from protracted low growth, too rapid fiscal consolidation in certain cases, deleveraging and uncertain medium-term policy frameworks in some key advanced countries. Many emerging markets may have to deal with inflation risks, elevated oil prices, the resurgence and volatility in capital inflows, and the consequences of extended credit booms. Delays in implementing global regulatory reforms also pose risks.
Keywords:
PP; risk; policy; Fund; policy action; diversity; stemming contagion risk; policy advice; policy dialogue; market access; Fiscal consolidation; Global; Europe
Cover Policy Papers
Framework Administered Account for Selected Fund Activities-Norway Subaccount for Selected Fund Activities
International Monetary Fund
The Fund, represented by the Managing Director, has reached understandings with Norway acting through the Ministry of Foreign Affairs ("Norway"), to finance capacity building, training and related activities. On the basis of these understandings, the Managing Director has established the essential terms and conditions of the Subaccount, with which Norway concurs, with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
Keywords:
PP; Subaccount; fund member; terms and conditions; terms and conditions of the Subaccount; resources of the Subaccount; terms and conditions of the SFA Instrument; Project loans; Legal support in revenue administration; Wages