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Europe > Ukraine

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Governmental Loans, Loan Guarantees, Credits, and Grants x
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Cover IMF Working Papers
Energy Support for Firms in Europe: Best Practice Considerations and Recent Experience
Mr. Anil Ari
,
Philipp Engler
,
Gloria Li
,
Manasa Patnam
, and
Ms. Laura Valderrama
The surge in energy prices due to Russia’s February 2022 invasion of Ukraine significantly increased costs for European firms, prompting governments to introduce a range of support schemes. Although energy prices had eased by early 2023, uncertainty around prices remains unusually large. Against this backdrop, this paper examines the case for government intervention and identifies best practices with a view to improving the design of existing energy support schemes, facilitating exit from those schemes, and preparing policymakers for a downside scenario in which energy prices flare up again. The paper argues that support should be limited in size, strictly temporary in nature, narrowly targeted, and accompanied by strong safeguards and conditionality, while preserving price signals as much as possible to encourage energy conservation. Finally, the paper reviews recent support schemes introduced by European governments in light of the identified best practice considerations.
Keywords:
Energy prices; energy subsidies; financial support; price caps; energy crisis; Russia’s invasion of Ukraine; energy support scheme; price signal; best practice consideration; Annex II; support scheme; Energy pricing; Energy conservation; Fuel prices; Solvency; Europe
Cover Staff Discussion Notes
The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings
Charles Cohen
,
S. M. Ali Abbas
,
Anthony Myrvin
,
Tom Best
,
Mr. Peter Breuer
,
Hui Miao
,
Ms. Alla Myrvoda
, and
Eriko Togo
The COVID-19 crisis may lead to a series of costly and inefficient sovereign debt restructurings. Any such restructurings will likely take place during a period of great economic uncertainty, which may lead to protracted negotiations between creditors and debtors over recovery values, and potentially even relapses into default post-restructuring. State-contingent debt instruments (SCDIs) could play an important role in improving the outcomes of these restructurings.
Keywords:
Sovereign debt restructuring; Pandemic; COVID-19; Global financial crisis; Sovereign debt default; State-contingent debt instruments; GDP-linked debt; natural disasters clauses; debt sustainability; value recovery instruments; natural disaster clauses; reference variable; debt contract; investor preference; GLW payment; VRI payout; sector debt suspension; investor appetite; debt stock; Eurobond investor; trading partner; upside payout; investor participation; Natural disasters; Bonds; Debt restructuring; Securities; Global; Caribbean
Cover IMF Working Papers
Managing Fiscal Risks from State-Owned Enterprises
Ms. Anja Baum
,
Mr. Paulo A Medas
,
Alberto Soler
, and
Mouhamadou Sy
Ensuring that state-owned enterprises (SOEs) are efficient and managed prudently is important for economic and social reasons. It is also crucial to contain fiscal risks and reduce the burden on taxpayers from recurrent and large bailouts. Governments need to develop stronger capacity to monitor and mitigate the risks from SOEs. We present a risk tool to benchmark the performance of SOEs relative to their peers and assess their vulnerabilities, including through stress tests. A strategy to mitigate risks requires the right incentives for managers to perform and for government agencies to conduct effective oversight. Incorporating SOEs in overall fiscal targets would promote greater fiscal discipline and transparency.
Keywords:
State-owned enterprises; contingent liabilities; fiscal risks; company c; financial support; SOEs manager; electricity company; negative equity; oversight unit; company level; sectoral strategy; SOEs financials; line ministry; company C; return on assets; Public enterprises; Budget planning and preparation; Public sector; Global