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Europe > Ukraine

You are looking at 1 - 10 of 11 items for :

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Cover IMF Staff Country Reports
Republic of Moldova: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper discusses opportunities and challenges of climate adaptation policies in Moldova. Strengthening resilience to natural disasters will require significant adaptation investments in the coming years. This paper shows that such investments can substantially reduce output losses caused by natural disasters, will be more cost-efficient than responding to disasters ex-post, and will contribute to boost Moldova’s long-term economic growth and support its development objectives. However, due to limited domestic financial resources in a complex economic environment, Moldova cannot finance the most-needed adaptation investments without endangering public debt sustainability or hindering its growth potential. Therefore, external support will be critical to help meet the adaptation needs.
Keywords:
quantifying Adaptation investment; Adaptation gap; macro impact; debt financing of Adaptation investment; economic growth in Moldova; Corruption; Infrastructure; Climate change; Natural disasters; Europe; Global; Eastern Europe
Cover IMF Staff Country Reports
Republic of Moldova: Staff Report for 2023 Article IV Consultation, Fourth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for Extension and Rephasing of the Arrangements, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova
International Monetary Fund. European Dept.
This paper presents Republic of Moldova’s 2023 Article IV Consultation, Fourth Reviews under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) Arrangements, Request for Extension and Rephasing of the Arrangements, and Request for an Arrangement under the Resilience and Sustainability Facility. Moldova continues to grapple with persistent challenges from spillovers of Russia’s war in Ukraine. ECF/EFF implementation remains strong despite these challenges, with completion of important reforms related to fiscal governance, financial sector oversight, and the rule of law. Contingency plans have alleviated the effects of the energy crisis, with progress in diversifying energy sources and enhancing protection for the vulnerable population during winter months. Inflation decelerated rapidly due to timely monetary responses, declining food, and fuel prices. Moldova faces ongoing challenges related to spillovers from Russia’s war in Ukraine. Policies are appropriately focused on crisis mitigation and recovery; as risks abate, policies should align with long-term development goals while ensuring fiscal sustainability. Ongoing institutional and policy reforms will contribute to boosting medium-term, sustainable growth.
Keywords:
EFF program; RSF arrangement; EFF arrangement; reform agenda; agriculture sector; Climate change; Climate finance; Global; Europe; Central and Eastern Europe; Central Asia
Cover Policy Papers
2023 Handbook of IMF Facilities for Low-Income Countries
International Monetary Fund. Strategy, Policy, & Review Department
This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.
Keywords:
Low income countries; IMF Concessional Lending Facilities; Extended Credit Facility; Policy Support Instrument; Rapid Credit Facility; Standby Credit Facility; Poverty Reduction and Growth Trust; SCF arrangement; ECF arrangement; financing request; IMF facility; financial support; Balance of payments need; Debt sustainability; Poverty reduction strategy; Arrears; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Jamaica: Request for an Arrangement Under the Precautionary Liquidity Line and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Jamaica’s Request for an Arrangement under the Precautionary Liquidity Line (PLL) and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Jamaica has been buffeted by a difficult global environment—from coronavirus disease, the war in Ukraine, and the ongoing tightening of global financial conditions. IMF assesses that Jamaica qualifies for the PLL, performing strongly in three out of five qualification areas and not substantially underperforming in other areas. The authorities plan to treat the PLL as precautionary. The arrangement would support efforts to strengthen physical and fiscal resilience to climate change, advance decarbonization of the economy, and manage the associated transition risks. The RSF is expected to catalyze funding for Jamaica’s climate priorities from other official lenders and the private sector. The RSF will support Jamaica’s ambitious agenda to accelerate the transition to renewable power generation, increase resilience to climate change, enhance the climate focus in fiscal policy frameworks, and strengthen management of climate risks by financial institutions.
Keywords:
staff appraisal; RSF policy reform measure; climate priority; transition risk; risk financing Policy; Climate change; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Caribbean
Cover IMF Staff Country Reports
Jamaica: 2022 Article IV Consultation-Press Release; Staff Report and Staff Statement
International Monetary Fund. Western Hemisphere Dept.
The 2022 Article IV Consultation highlights that Jamaica has been buffeted by a difficult global environment—from coronavirus disease (COVID), the war in Ukraine, and the ongoing tightening of global financial conditions. The authorities provided targeted support to vulnerable households and firms during the pandemic but promptly scaled it back as conditions normalized. Similarly, in the wake of the war in Ukraine, domestic food and energy prices adjusted in line with shifts in international markets while targeted support was provided to the poor. Discussions focused on the prompt post-COVID fiscal consolidation and monetary policy tightening, which were instrumental to secure debt sustainability, respond to global shocks and aid the return of inflation to the target band. The IMF staff assess that maintaining high primary balances over the medium term remains important for debt sustainability. The Article IV consultation places a special focus on climate change. Despite contributing insignificantly to global greenhouse gas emissions, Jamaica’s geographical and socio-economic characteristics make the country vulnerable to climate events that are becoming larger and more frequent due to global warming.
Keywords:
securities dealer; bank financial system; BOJ executive; head of the FSC; BOJ with the mandate; quarterly balance of payments; Climate change; Natural disasters; Government finance statistics; Global; Caribbean; Western Hemisphere
Cover IMF Staff Country Reports
Rwanda: Request for a new 36-Month Policy Coordination Instrument and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
International Monetary Fund. African Dept.
Supported by a large policy package, Rwanda’s economy rebounded in 2021 after contracting in the preceding year due to the COVID-19 shock. However, the country now faces multi-faceted challenges—pandemic scars, headwinds from the war in Ukraine, and climate-related shocks, meanwhile inflationary pressures have increased markedly. Downside risks are significant from the war spillovers, through further pressures on energy, food, and fertilizer prices, global financial tightening, and slowdown in major trading partners, in addition to climate-related shocks. Against this backdrop, the authorities have requested a new Policy Coordination Instrument (PCI) and an arrangement under the Resilience and Sustainability Facility (RSF) to support their efforts in maintaining macroeconomic stability, advancing their reform agenda, including on climate to enhance Rwanda’s resilience to climate-related shocks, and insuring against downside risks. They will cancel the current PCI (expiring in June 2023) upon approval of the new PCI.
Keywords:
RSF arrangement; climate commitment; RSF financing; IMF Policy Coordination Instrument arrangement; IMF Resilience and Sustainability Facility arrangement; Climate change; Fiscal risks; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Barbados: Request for an Arrangement Under the Extended Fund Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Despite a series of economic shocks, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan since the government led by Prime Minister Mia Mottley took office in May 2018. Macroeconomic stability was restored with a combination of comprehensive sovereign debt restructuring, fiscal consolidation, and structural reforms to reduce fiscal dominance and enhance growth. International reserves have increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018. While fiscal consolidation was interrupted by the COVID-19 pandemic, public debt was put back on a downward path starting in FY2021/22. Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested a successor EFF program along with a Resilience and Sustainability Facility (RSF) to strengthen fiscal sustainability, support the structural reform agenda, and increase resilience to climate change.
Keywords:
successor EFF program; EFF arrangement; climate change mitigation; sector policy; climate change adaptation measure; Climate change; Natural disasters; Fiscal stance; Credit; Global; Caribbean
Cover IMF Staff Country Reports
St. Lucia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Lucia
International Monetary Fund. Western Hemisphere Dept.
The St. Lucian economy is confronted with significant challenges from consecutive external shocks. While still recovering from the impact of the Covid-19 pandemic, which led to an output collapse in 2020 and 2021 mainly due to a halt in tourism, the war in Ukraine is adding inflation and balance of payments pressures given the dependence on fuel and food imports.
Keywords:
donor government; authorities of St. Lucia; CARTAC TA; debt sustainability outlook; financing constraint; Natural disasters; External sector statistics; Tourism; Global; Caribbean
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund. Western Hemisphere Dept.
St. Vincent and the Grenadines is recovering from the pandemic and 2021 volcanic eruptions. Despite the authorities’ strong efforts to contain deficits, critical fiscal responses to these shocks pushed up public debt, which—while assessed as sustainable—remains at high risk of distress should future shocks materialize. The economy is projected to grow by 5 percent in 2022, supported by large-scale investment projects and recoveries in tourism and agriculture. Surging commodity prices, fueled by Russia’s war in Ukraine, are expected to raise inflation sharply to 5.8 percent in 2022, adding to fiscal and external pressures and weighing on the recovery. So far, the financial system has weathered the shocks relatively well. The outlook is subject to significant downside risks primarily from an abrupt slowdown in trading partners’ growth, potential delays in investment projects including due to supply chain disruptions, and the ever-present threat of frequent natural disasters.
Keywords:
St. Vincent and the Grenadines economy; Vincentian authorities; authorities of St. Vincent and the Grenadines; resilience building; CPI basket; reconstruction activity; Natural disasters; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Barbados: Seventh Review Under the Extended Fund Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Despite significant economic shocks associated with the COVID-19 pandemic, twin natural disasters, and the war in Ukraine, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth. International reserves increased to US$1.5 billion at end-2021 supported by IFI loans. This, and a successful 2018-19 public debt restructuring, helped rebuild confidence in the country’s macroeconomic framework. Economic growth is projected at 11 percent for 2022 premised on a robust recovery of tourism, which is expected to return to pre-pandemic levels by 2024. The outlook nonetheless remains highly uncertain, and risks are elevated, including from higher global commodity prices following the Russian invasion of Ukraine that are feeding into inflation. Since Barbados imports the bulk of its food and energy needs, the government has adopted temporary VAT caps on oil products to contain retail price increases (fiscal cost of 0.3 percent of GDP). While fiscal accommodation was needed to respond to the pandemic and natural disasters over the past two years, the authorities are committed to running primary surpluses from FY2022/23 onwards which need to reach 5-6 percent of GDP in three years, consistent with meeting the 60 percent of GDP debt target by FY2035/36.
Keywords:
IMF's transparency policy; Barbados revenue authority; SOE reform; IMF's Extended Fund; tourism competitiveness; economic reform; policy issue; Fiscal stance; COVID-19; Natural disasters; Global; Caribbean