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Europe > Ukraine

You are looking at 1 - 4 of 4 items for :

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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 IMF Staff Country Reports
Ukraine: First Review Under the Stand-By Arrangement, Requests for Extension and Rephasing of Access of the Arrangement, Waivers of Nonobservance of a Performance Criterion, Financing Assurances Review, and Monetary Policy Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
After a number of critical setbacks and delays in the 16 months since program approval, the authorities have taken important corrective actions to address shocks to program objectives. Early tension around the authorities’ commitment to uphold the independence of the National Bank of Ukraine required a pause to assess policy continuity and to determine possible corrective actions. A prior action for this review and new commitments by the authorities provide a way forward in protecting a key policy pillar under the program. Similarly, adverse Constitutional Court rulings challenged the anticorruption framework in fundamental ways that required restoring its effectiveness before the review could proceed. In a push to make progress on delayed structural benchmarks, the authorities have recently met seven of the nine structural benchmarks set at the time of the program request.
Keywords:
policy continuity; state support; monetary policy consultation; real GDP; key rate; IMF's transparency policy; management team; Inflation; Corporate governance; Loans; Global
Cover Departmental Papers
Reassessing the Role of State-Owned Enterprises in Central, Eastern and Southeastern Europe
Christine J. Richmond
,
Ms. Dora Benedek
,
Ezequiel Cabezon
,
Bobana Cegar
,
Mr. Peter Dohlman
,
Michelle Hassine
,
Beata Jajko
,
Piotr Kopyrski
,
Maksym Markevych
,
Mr. Jacques A Miniane
,
Mr. Francisco J Parodi
,
Gabor Pula
,
Mr. James Roaf
,
Min Kyu Song
,
Mariya Sviderskaya
,
Ms. Rima A Turk
, and
Mr. Sebastian Weber
The Central, Eastern, and South Eastern European (CESEE) region is ripe for a reassessment of the role of the state in economic activity. The rapid income convergence with Western Europe of the early 2000s was not always equally shared across society, and it has now slowed dramatically in many countries of the region.
Keywords:
DPPP; DP; private sector; CESEE country; country authorities; economic activity; return on assets; ownership policy; IMF staff calculation; return on equity; holding company; support SOEs; country authority datum; composite index; aluminum company Hydro Aluminum A.S.; company Hydro Aluminum A.S.; SOE performance; government interference; Public enterprises; Privatization; Corporate governance; Employment; Global; Eastern Europe; SOE governance; CESEE region SOB; SOE presence; governance index; Total factor productivity; Europe
Cover Recurring Issues from a Decade of Evaluation
Recurring Issues from a Decade of Evaluation
Lessons for the IMF
International Monetary Fund. Independent Evaluation Office

Abstract

This report seeks to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. The IMF’s core areas of responsibility are surveillance, lending, and capacity development. The aim of this report is to strengthen the follow-up process by focusing on key issues that recurred in IEO evaluations, rather than on specific recommendations on their implementation. The IEO believes that a framework of reviewing and monitoring recurring issues would be useful in establishing incentives for progress, strengthening the Board’s oversight, and providing learning opportunities for the IMF.

Keywords:
IEOR; IEO; evaluation; IEO recommendation; IEO evaluation; IEO report; IMF staff judge; evaluation team; Financial sector; Financial Sector Assessment Program; Trade policy; Emerging and frontier financial markets; Global; Internal audit; Corporate governance; Crisis management