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Europe > Ukraine

You are looking at 1 - 10 of 79 items for :

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Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund. European Dept.
2024 Selected Issues
Keywords:
macro News; macroeconomics news; ECB monetary policy surprise; EU TFP frontier; inflation expectation; Automobile industry; Total factor productivity; Productivity; Asset prices; Global; Europe; Eastern Europe
Cover Policy Papers
Review of the IMF’s Communications Strategy
International Monetary Fund. Communications Department
On November 22, 2024, the Executive Board of the International Monetary Fund (IMF) discussed a paper on the Review of the IMF’s Communication Strategy that outlines the objectives and scope of Fund communication, reviews its implementation in recent years, and proposes updates and modernization of its approach going forward. The discussion on Fund communication is in addition to the Board Review of the IMF's Transparency Policy, which sets the guidelines for the types and extent of information that the Fund may release publicly (see Press Release 24/436 for the latest review of the IMF’s Transparency Policy).
Keywords:
IMF; Communication; Strategy; Transparency; Media; Stakeholders; Engagement; Trust; Effective; fund Communications; policy advice; Fund communications; evaluation framework; reputational impact; fund communication; Social networks; Civil society organizations; Civil society; Global
Cover IMF Staff Country Reports
Sierra Leone: Poverty Reduction and Growth Strategy
International Monetary Fund. African Dept.
This paper highlights Sierra Leone’s Poverty Reduction and Growth Strategy. The Government of Sierra Leone (GoSL) has launched a new Medium-Term National Development Plan (MTNDP). Crucial lessons have been learned in the implementation of the previous plan 2019-2023 that are important for the current acceleration and transformative plan to deliver a resilient and robust economy for Sierra Leone by 2030. Accordingly, five national goals for 2030 have been identified to accelerate efforts toward achieving the country’s vision of becoming an inclusive and green middle-income country by 2039. One of the goals is to create 500,000 jobs for the youth (with at least a 30% representation of women), including skilled and unskilled, long term, as well as seasonal jobs across all sectors by 2030 (directly related to Big 5.3). While the agriculture industry experienced modest growth, its reliance on the domestic market has impeded the ability to expand agricultural exports.
Keywords:
government ministry; Medium-Term National Development Plan; government of Sierra Leone; Sierra Leone economy; Development secretary Mr. Peter Sam-Kpakra; Public sector; Global; Africa; West Africa; Sub-Saharan Africa
Cover IMF Working Papers
How Widespread is FDI Fragmentation?
Joanne Tan
This paper examines the extent to which FDI has fragmented across countries, the ways it has done so, using a modified gravity approach. The paper finds that FDI fragmentation is, for now, not a widespread phenomenon. Instead, fragmentation is circumscribed in two ways. First, the paper finds that geo-economic fragmentation has occurred only for certain industries that likely have strategic value, including computer manufacturing, information and communications, transport, as well as professional, scientific and technical services. Secondly, fragmentation appears to be more pronounced for outward FDI from the US, notably in a shift of US FDI from China to advanced Europe and the rest of Asia. This shift appears to be driven by both the intensive and extensive margin. Fragmentation is also more pronounced for immediate rather than ultimate FDI, with evidence of ultimate parent companies aligning the geopolitical mix of their intermediaries more closely to that of their final FDI host destinations. Overall, the results suggest that fragmentation, where found, may be a response to targeted policies that have placed curbs on certain types of FDI on national security grounds, rather than an indiscriminate breakup of investment links between non-ally countries.
Keywords:
Fragmentation; Foreign Direct Investment; FDI fragmentation; host destination; FDI from the US; FDI from China; FDI host destination; Exchange rates; Manufacturing; Trade agreements; Europe; Asia and Pacific; Global; Western Europe
Cover IMF Working Papers
Sovereign Environmental, Social, and Governance (ESG) Investing: Chasing Elusive Sustainability
Ekaterina Gratcheva
and
Bryan Gurhy
This paper evaluates the progression of the sovereign ESG landscape since the initial comprehensive assessment of the sector in 2021 in “Demystifying Sovereign ESG” by conducting a comparative analysis of the current sovereign ESG methodologies of commercial ESG providers. The 2021 study articulated the distinct nature of the sovereign ESG segment from corporate ESG and documented fundamental shortcomings in sovereign ESG methodologies, such as the “ingrained income bias”, lack of consensus on environmental performance, and conflation of risk and sustainability objectives. While sovereign ESG methodologies have evolved since 2021, the significant correlation across providers of aggregate, S, and G scores persist. In response to market demand there has been a notable shift towards greater focus on the E pillar against growing heterogeneity on climate and environmental considerations across ESG providers. The findings underscore the disparity between perceptions and realities in implementing a sustainability strategy within the sovereign debt asset class. This necessitates a reevaluation of sovereign ESG scoring methodologies towards outcome-based metrics and urges a globally coordinated effort to establish robust sustainability measurement frameworks.
Keywords:
ESG; sovereign debt; sovereign ESG scores; sustainability; environmental and climate sustainability; climate financial architecture; ESG provider; ESG methodology; sovereign Environmental, Social, and Governance; ESG landscape; ESG score; Corporate social responsibility; Environmental sustainability; Income; Climate finance; Global; Middle East
Cover Technical Assistance Reports
Republic of Moldova: Technical Assistance Report-Analysis of the Draft Law on the Anti-Corruption Judicial System and on Amending Some Normative Acts
International Monetary Fund. Legal Dept.
Upon the request of the authorities of Moldova, the Legal Department provided Technical Assistance on the establishment of the Specialized Anti-Corruption Judiciary (SAJ) in Moldova. The TA report provides analysis of the draft law on the Anti-Corruption Judicial System and other related laws, and proposes recommendations. The recommendations are informed by international standards and good practices on judicial independence and integrity, and are designed to respond to specific challenges faced by Moldova. The creation of the SAJ is an important new initiative aimed at strengthening anti-corruption efforts following the establishment of the Anti-Corruption Prosecutor Office (APO) in 2016. A SAJ composed of judges selected through competitive process with the participation of civil society and reputable anti-corruption experts, can significantly contribute to reducing corruption through effective adjudication of corruption cases.
Keywords:
Republic of Moldova; specialized courts; anti-corruption; rule of law; judiciary; judges; judicial independence; Pre-selection Commission; vetting.; draft law; parliament of the Republic of Moldova; legal department; subject matter jurisdiction; SAJ member; comments from the World Bank; Corruption; Allowance for corporate equity; Civil society organizations; Europe
Cover IMF Working Papers
Medium-term Macroeconomic Effects of Russia’s War in Ukraine and How it Affects Energy Security and Global Emission Targets
Hugo Rojas-Romagosa
Russia’s war in Ukraine has disrupted the supply of natural gas for many European countries, triggering an energy crisis and affecting energy security. We simulate the medium-term effects of these trade disruptions and find that most European countries have limited GDP losses but those more dependent on Russian natural gas face moderate losses. European fossil fuel consumption and emissions are reduced and after accounting for the war impacts, achieving Europe’s emission targets becomes slightly less costly. In terms of energy security, the war eliminates European energy dependency from Russian imports, but most of the natural gas and oil imports will be substituted by other suppliers. We also find that constructing a new Russian pipeline to China does not provide significant macroeconomic benefits to either country.
Keywords:
Energy supply; energy security; trade disruptions; greenhouse gas emissions; computable general equilibrium; baseline share; w.r.t. baseline price; w.r.t baseline price; oil import; Natural gas sector; Imports; Exports; Electricity; Europe; Global
Cover Selected Issues Papers
Corruption and Economic Growth in Moldova: A Reexamination
Maksym Markevych
and
Marina Marinkov
This paper examines corruption in Moldova, analyzing its impact on economic growth and progress in implementing earlier IMF recommendations on anti-corruption and anti-money laundering (AML). Despite solid legal frameworks, corruption remains a significant challenge, impeding growth and EU convergence. Drawing from regional successes, the paper stresses the importance of specialized anti-corruption agencies, robust prosecution, civil society involvement, and international expertise. Moldova has made strides in strengthening its legal and institutional infrastructure, but challenges like delayed corruption case adjudication persist. Recommendations include enhancing the Anti-corruption Prosecution Office's investigative capacity and establishing specialized adjudication infrastructure.
Keywords:
Corruption; economic growth; governance; anti-money laundering; economic growth in Moldova; adjudication infrastructure; Moldova's progress; investigative capacity; corruption case; Anti-money laundering and combating the financing of terrorism (AML/CFT); Civil society; Europe; Eastern Europe
Cover Policy Papers
2023 Review of The Fund's Anti-Money Laundering and Combating The Financing of Terrorism Strategy—Background Papers
International Monetary Fund. Legal Dept.
The background papers support the stocktaking analysis and the proposed way forward for the 2023 review of the IMF's AML/CFT Strategy. The five background papers provide in-depth discussions on the following key topics: (i) illicit financial flows; (ii) the impact of money laundering in financial stability; (iii) synergies between financial integrity issues and other Fund policies and work; (iv) the Fund’s collaboration with key partners in the AML/CFT global policy architecture; and (v) stakeholders’ views of the effectiveness of the Fund’s AML/CFT engagement.
Keywords:
AML/CFT; Anti-money laundering; Money laundering; Terrorism financing; Proliferation financing; Combating the Financing of Terrorism; Financial Stability; Financial Crime; Illicit financial flows; Financial Integrity; CFT issue; CFT framework; addressing IFF; FATF standard; Global AML; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Civil society organizations; Global; Baltics
Cover IMF Working Papers
Geoeconomic Fragmentation: What’s at Stake for the EU
Chikako Baba
,
Ting Lan
,
Ms. Aiko Mineshima
,
Florian Misch
,
Magali Pinat
,
Asghar Shahmoradi
,
Jiaxiong Yao
, and
Ms. Rachel van Elkan
Geoeconomic fragmentation (GEF) is becoming entrenched worldwide, and the European Union (EU) is not immune to its effects. This paper takes stock of GEF policies impinging on—and adopted by—the EU and considers how exposed the EU is through trade, financial and technological channels. Motivated by current policies adopted by other countries, the paper then simulates how various measures—raising costs of trade and technology transfer and fossil fuel prices, and imposition of sectoral subsidies—would affect the EU economy. Due to its high-degree of openness, the EU is found to be exposed to GEF through multiple channels, with simulated losses that differ significantly across scenarios. From a welfare perspective, this suggests the need for a cautious approach to GEF policies. The EU’s best defence against GEF is to strengthen the Single Market while advocating for a multilateral rules-based trading system.
Keywords:
Geoeconomic fragmentation; cross-border restrictions; trade; innovation; multinational production; energy; European Union; Single Market; EU economy; EU integration; EU foreign direct investment linkage; EU State aid; Manufacturing; Foreign direct investment; Fuel prices; Comparative advantage; Exports; Global