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Europe > Ukraine

You are looking at 1 - 10 of 167 items for :

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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 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 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
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 IMF Staff Country Reports
St. Lucia: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that St. Lucia’s tourist-dependent economy has rebounded strongly after the coronavirus disease 2019 pandemic and the commodity import price shock due to Russia’s war in Ukraine. Output is currently near the pre-pandemic level, while higher government revenue has narrowed the fiscal deficit. The gross domestic product growth projection in 2023, at 3.2 percent, is lower than 2022 as tourism demand continues the recovery and the economy approaches the existing production capacity. Afterward, it is projected to gradually decline toward a potential rate of 1.5 percent in the medium-term. With output approaching full recovery, the priority is to start rebuilding fiscal and financial buffers and place public debt on a solid downward trend, anchored on the regional debt ceiling, through growth-friendly fiscal consolidation and fiscal rules. In the banking sector, it is important to reach full compliance with the regional central bank’s provisioning requirements. The momentum of reforms to address disincentives to bank lending should be maintained by passing legislation to expedite loan collateral appropriation. Draft legislation to strengthen the regulation and supervision of credit unions should be passed, and the planned asset quality review carried forward.
Keywords:
CARTAC TA; St. Lucia economy; CARTAC country; full employment; investment portfolio; Credit bureaus; Credit; External sector statistics; Global; Caribbean
Cover IMF Working Papers
Determinants of Zombie Banks in Emerging Markets and Developing Economies
Torsten Wezel
,
Hannah Sheldon
, and
Zhengwei Fu
While deeply undercapitalized banks have been shown to misallocate credit to weak firms, the drivers of such zombie banks are less researched, particularly across countries. To furnish empirical evidence, we compile a dataset of undercapitalized banks from emerging markets and developing economies. We classify zombie banks as those not receiving remedial treatment by owners or regulators or, alternatively, remaining chronically undercapitalized. Using logit regressions, we find that country-specific factors are more influential for zombie status than bank characteristics, alhough some become significant when disaggreating by region. The paper’s overall findings imply the need for a proper regulatory framework and an effective resolution regime to deal with zombie banks more decisively.
Keywords:
Banks; Capital Requirements; Financial Crises; summary statistics; zombie bank; zombie share; zombie status; equity ratio; Banking crises; Bank resolution; Credit; Asia and Pacific; Global; Europe; 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
Cover IMF Staff Country Reports
Greece: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece
International Monetary Fund. European Dept.
The 2023 Article IV Consultation highlights that Greece’s economic outlook has improved notably. Growth-friendly fiscal consolidation can further strengthen public debt sustainability while supporting inclusive and green growth. Further tightening in the near term and maintaining a primary surplus in the medium term would help further strengthen public debt sustainability while limiting additional pressure on inflation. The resilience of the financial system should be further strengthened in an environment of higher-for-longer interest rates. The monitoring and management of risks associated with interest rates, liquidity and funding, and credit exposures should be further strengthened. Comprehensive reforms to address structural supply impediments would lift medium-term growth prospects amid a negative demographic outlook. Continued reforms in digitalizing public administration and tackling barriers to more competition would unlock higher private investment and improve productivity. Expeditious implementation of the National Recovery and Resilience Plan would help raise productivity by supporting the green and digital transition, and reskilling and upskilling the labor force. Rationalizing regulations would improve business dynamism and resource allocation. Continued reforms in digitalizing public administration and tackling barriers to more competition would unlock higher private investment and improve productivity.
Keywords:
IMF quota; transparency policy; potential GDP; headline inflation; core inflation; climate change adaptation; SDR million; government payment process; household resilience; higher-for-longer interest rates; currency of Greece; money market rate; liability positions vis-à-vis nonresident; bank profit; goods trade balance statistics; Inflation; Loans; Income; Global