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Europe > Ukraine

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Cover IMF Staff Country Reports
Thailand: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
fan chart; household debt; Thailand's debt ceiling; public debt debt ceiling; estimates of debt limits; Debt limits; Consumer credit; Loans; Consumer loans; Global; Eastern Europe
Cover IMF Staff Country Reports
Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Ukraine’s Fifth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-June quantitative performance criteria and completed four structural benchmarks. Looking ahead, the recovery is expected to slow amid headwinds from the impact of the attacks on energy infrastructure and the continuing war, while risks to the outlook remain exceptionally high. Preparedness is necessary to enable appropriate policy action should risks materialize. Continued exchange rate flexibility under the managed exchange rate regime will help strengthen the resilience of the economy to external shocks. Sustained reform momentum, domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and enhance institutional reforms.
Keywords:
downside Scenario financing gap; IMF staff estimate; C. financing Needs; budget financing needs; baseline scenario financing gap; authorities' intention; Debt sustainability; Budget planning and preparation; Sovereign bonds; International reserves; Europe
Cover International Monetary Fund Annual Report 2024 Financial Statements
International Monetary Fund Annual Report 2024 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited financial statements that follow form Appendix VI of the International Monetary Fund’s Annual Report 2024 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2024 web page (www.imf.org/AR2024). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF’s Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

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; fair value; valuation basket; IMF activity; IMF's General Resources Account; basket currency; reserve account; unit of account; Financial statements; Credit risk; Loans; Income; Currencies; Global; Middle East and Central Asia; Europe; Asia and Pacific; Western Hemisphere
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
Forty-Third Issue Supplement
International Monetary Fund. Legal Dept.

Abstract

A supplement to the Forty-Third Issue of Selected Decisions and Selected Documents of the International Monetary Fund, incorporating items posted after January 1, 2023.

Keywords:
MCP decision; Review of the Fund's Policy; payments policy; adequacy assessment framework; fund surveillance; Balance of payments need; Anti-money laundering and combating the financing of terrorism (AML/CFT); Liquidity; Lines of credit; Global
Cover IMF Staff Country Reports
Germany: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany
International Monetary Fund. European Dept.
The 2024 Article IV Consultation highlights that the German economy has begun to recover from the energy-price shock. Gradual economic recovery is expected to continue this year. With wage growth now exceeding inflation, private consumption is expected to drive recovery during 2024. High interest rates have boosted bank profitability, but part of this increase is likely temporary. High interest rates have exposed vulnerabilities in banks’ financing of commercial real estate activity. Risks to growth are broadly balanced, with both positive and negative surprises to consumer and investor sentiment possible. Inflation is expected to slowly fall to around 2 percent as lower wholesale energy prices continue to pass through supply chains and to end-users. Fiscal policy is tight, putting the debt-to-gross domestic product ratio on a downward path, although public investment is also relatively low. In order to stabilize labor supply, the authorities should make it easier for women to work full time. This means expanding access to reliable child- and eldercare services and exploring ways to reduce the effective marginal tax rate on second earners in married couples.
Keywords:
article IV consultation discussion; supervisory authority; currency of Germany; energy-price shock; state's ability; Inflation; Labor markets; Public investment spending; Commercial banks; Global
Cover IMF Staff Country Reports
Luxembourg: Financial Sector Assessment Program—Technical Note on Investment Funds: Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights a technical note on Investment Funds: Regulation and Supervision for the Luxembourg Financial Sector Assessment Program (FSAP). Commission de Surveillance du Secteur Financier (CSSF) has a robust supervisory framework with substantive improvements since the last FSAP, but some areas could be further strengthened. Given the structural importance of delegation for Luxembourg domiciled funds, initiating an on-site inspection framework for delegates outside Luxembourg assumes importance. CSSF’s enforcement framework could be substantially improved through enhancements on four key fronts. CSSF could improve the domestic regulatory framework on areas such as winding up, valuation, and approach to indirectly regulated Alternative Investment Funds AIFs. Given Luxembourg’s position as the domicile of EU’s largest IF sector, CSSF should actively continue to promote and contribute to EU level reforms on various topics. With respect to liquidity risks, CSSF should continue to actively contribute to the European Securities and Markets Authority’s (ESMA) guidance on the use of Liquidity Management Tools and to engage closely with ESMA and the EU Commission on the proposed revision of the Eligible Assets Directive.
Keywords:
managers directive; investment fund manager; Banque Centrale du Luxembourg; EU requirement; investment fund Sector; Mutual funds; Financial sector stability; Financial Sector Assessment Program; Systemic risk; Liquidity risk; Europe; Global
Cover IMF Staff Country Reports
Georgia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation highlights that Georgia’s economic performance remains robust. Growth has moderated from double digits but remains high, inflation is low, and fiscal and financial buffers are healthy. EU candidate status has boosted sentiment, but the global environment remains highly uncertain due to ongoing conflicts and shifting geo-economic patterns. Georgia should continue to strengthen its resilience to adverse shocks by maintaining prudent macroeconomic policies and boost its growth potential by addressing long-standing structural challenges, capitalizing on new economic opportunities, and making decisive progress toward EU accession. Modest further fiscal adjustment is appropriate in the medium term, to build sufficient buffers under the fiscal rule and create room for productive spending. Monetary policy normalization should proceed gradually and cautiously, to ensure core inflation remains close to target. Continued exchange rate flexibility, reserve build-up, and financial sector vigilance are essential to guard against risks, including from capital inflows, virtual assets, and sanctions. Structural reforms are needed to achieve stronger, more inclusive, and job-rich growth.
Keywords:
EU candidate status; NBG website; NBG foreign exchange auction; SBA program; NBG governance; rate hike; Inflation; Fiscal risks; Loans; Global; Middle East and Central Asia; Europe
Cover IMF Staff Country Reports
Togo: Demande d’un accord de 42 mois au titre de la facilité élargie de crédit-communiqué de presse; rapport des services du FMI; analyse de viabilité de la dette; annexe d’information; déclaration de l’administrateur pour le Togo
International Monetary Fund. African Dept.
Bien que sa croissance ait bien résisté aux chocs ces dernières années, le Togo fait face à un niveau élevé d’insécurité alimentaire et d’attaques terroristes, et ses besoins en matière de développement demeurent considérables. Les déficits budgétaires et la dette ont augmenté, ce qui a eu pour effet d’annuler la baisse de l’endettement obtenue au cours de la période de l’accord FEC de 2017–20, de réduire la marge de manoeuvre budgétaire et les réserves permettant d’absorber les chocs, et de contribuer aux vulnérabilités au sein de l’Union économique et monétaire ouestafricaine (UEMOA). Deux banques sous-capitalisées, l’une publique et l’autre récemment privatisée, font peser des risques sur la stabilité du secteur financier et sur les finances publiques. Les autorités sollicitent un soutien financier de 200 % de la quote-part du Togo (293,60 millions de DTS) dans le cadre d’un accord au titre de la FEC d’une durée de 42 mois.
Keywords:
Objectif du programme ECF; Le Fonds; Accord ECF; Programme ECF; un soutien financier; fonction gouvernementale; la viabilité de la dette; Banques commerciales; Global; Afrique occidentale.
Cover IMF Staff Country Reports
Togo: Request for a 42-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Togo
International Monetary Fund. African Dept.
This paper discusses Togo’s Request for a 42-Month Arrangement under the Extended Credit Facility (ECF). Togo continues to face headwinds, following a series of shocks in recent years. The ECF-arrangement will help accelerate poverty reduction, maintain macroeconomic stability, and catalyze further external financing, benefitting Togo and thereby contributing to the macroeconomic and external stability in the West African Economic and Monetary Union (WAEMU). The authorities will strengthen debt sustainability through a large fiscal consolidation in line with a dual fiscal anchor. By providing and catalyzing concessional financing for budget purposes, the program will help ease trade-offs between enhancing inclusion through higher social spending and strengthening debt sustainability. It will also help maintain macroeconomic and external stability in the WAEMU. In order to support growth and limit fiscal and financial sector risks, the authorities will strengthen public financial management, improve the business environment, and ensure the reform of the remaining state-owned bank that was not completed under preceding programs.
Keywords:
ECF program objective; The Fund; ECF arrangement; ECF program; financial support; government function; Debt sustainability; Commercial banks; Global; West Africa
Cover Technical Notes and Manuals
Resolving Opaque Bank Ownership and Related-Party Exposures
Edda R Karlsdóttir
,
Rachid Awad
,
Ender Emre
,
Alessandro Gullo
,
Aldona Jociene
, and
Constant Verkoren
This note intends to provide advice to bank supervision and resolution authorities and policymakers seeking to deal with opaque bank ownership or significant overhang of related-party exposures.
Keywords:
bank Ownership structures; bank Ownership transparency; IMF Library; bank owner; related-party transaction; Basel Core Principles; Anti-money laundering and combating the financing of terrorism (AML/CFT); Bank resolution; State-owned banks; Global