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Europe > Ukraine

You are looking at 1 - 10 of 57 items for :

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Cover IMF Staff Country Reports
Republic of Moldova: Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for modifications of performance criteria, and Second review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Alternative Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
This paper presents IMF’s Sixth Review under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) Arrangements, Request for Modifications of Performance Criteria, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement for Moldova. The recovery from adverse spillovers from Russia’s war in Ukraine and energy price shocks is taking hold. Growth picked up in 2024 and is expected to strengthen further in 2025, driven by robust domestic demand. Downside risks remain high, mainly related to Russia’s war in Ukraine and renewed energy shocks. While quantitative performance of the program has been strong, implementation of structural reforms has been uneven. Further reforms to enhance fiscal performance and the allocation of public resources, strengthen energy security, strengthen governance and the rule of law, and advance climate adaptation and mitigation are key to protect Moldova against shocks and improve its growth prospects.
Keywords:
Gradual consolidation; Consultation band; Energy security; Climate policy; Credit; EU integration; EU reform agenda; Natural disasters; Policy commitment; CB governance; Anti-corruption; Letter of intent.; B. government policy; weather events risk; energy transition; RSF reform; authorities' reform; reform measure; Fiscal risks; Budget planning and preparation; Climate change; Global
Cover Policy Papers
Review Of Charges And The Surcharge Policy—Reform Proposals
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
On October 11, 2024, the IMF’s Executive Board concluded the Review of Charges and the Surcharge Policy. The review is part of a broader ongoing effort to ensure that the IMF’s lending policies remain fit for purpose to meet the evolving needs of the membership. Charges and surcharges are important elements of the IMF’s cooperative lending and risk-management framework, where all members contribute and all can benefit from support when needed. Together, they cover lending intermediation expenses, help accumulate reserves to protect against financial risks, and provide incentives for prudent and temporary borrowing. This provides a strong financial foundation that allows the IMF to extend vital balance of payments support on affordable terms to member countries when they need it most.



Against the backdrop of a challenging economic environment and high global interest rates, the Executive Board reached consensus on a comprehensive package of reforms that substantially reduces the cost of borrowing for members while safeguarding the IMF's financial capacity to support countries in need. The approved measures will lower IMF borrowing costs by about US$1.2 billion annually or reduce payments on the margin of the rate of charge as well as surcharges on average by 36 percent. The number of countries subject to surcharges in fiscal year 2026 is expected to fall from 20 to 13.



Key reforms include a reduction in the margin for the rate of charge, an increase in the threshold for level-based surcharges, a reduction in rate for time-based surcharges, an alignment of thresholds for commitment fees with annual and cumulative access limits for GRA lending facilities, and institution of regular reviews of surcharges.



The series of three papers informed the Executive Board’s first and second informal engagements (July and September 2024) and the formal meeting (October 2024) on this review.
Keywords:
General Resources Account; Charges; Margin for the basic rate of charge; Surcharges; Commitment Fees; Precautionary Balances; Income; transparency Policy; IMF's lending policy; surcharge structure; surcharge payment; surcharge rate; surcharge payer; SDR interest rate; Credit; Income distribution; Financial statements; Global
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
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 Technical Assistance Reports
Georgia: Technical Assistance Report-Report on Stress Testing the Central Bank Balance Sheet and Developing Hedging Markets
International Monetary Fund. Monetary and Capital Markets Department
This CD engagement covered two distinct areas to help the National Bank of Georgia (NBG) deliver on its price stability mandate, it: 1) provided a forward-looking analysis of the NBG’s balance sheet to assess its policy solvency and to help institutionalize such a process, and 2) outlined a strategy to develop hedging instruments in interest rate and foreign exchange (FX) markets to support monetary policy transmission. With virtually no interest-bearing liabilities, the NBG balance sheet is robust. Under the adverse shock, it improves on account of FX revaluation gains. Higher inflation also helps, since the need for a higher policy rate generates larger domestic interest income. Institutionalizing this analysis allows for early warning of the need to reduce dividend payments (or for re-capitalization) thereby supporting operational independence. Georgia has made good progress on many of the enabling conditions for developing hedging markets, but several structural factors provide challenges. A supportive regulatory environment is in place, market infrastructure is robust, and there is a range of instruments available to serve as the underlying instrument for derivatives. However, there is a lack of heterogeneity of financial risk profile and appetite amongst participants. Recommendations include setting up a standardized FX forward trading platform, pushing for upgrades of banks’ treasury management systems, supporting the targeted education and training efforts of the Georgian Financial Markets Treasuries Association, revising the current FX forward index to be more informative by publishing outright transacted rates; and publishing Overnight Indexed Swap benchmarks.
Keywords:
Georgia; Monetary policy transmission; Central bank policy solvency; Central bank independence; Financial market development; Foreign exchange markets; Money markets.; NBG balance sheet; hedging market; Department mission; market infrastructure; request of the National Bank of Georgia; Financial statements; Hedging; Currency markets; Exchange rate risk; Global; Eastern Europe
Cover IMF Staff Country Reports
Ukraine: Third Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Ukraine’s Third Review of the Extended Arrangement under the Extended Fund Facility (EFF), Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria. The EFF continues to provide a strong anchor for the authorities’ economic program, which has remained on track despite extremely challenging circumstances due to Russia’s ongoing war in Ukraine. The authorities also met all structural benchmarks through end-February, underscoring their continuing commitment to an ambitious reform agenda. The Board approved the authorities’ request for a waiver for nonobservance of the December performance criterion on tax revenues, which was missed by a minor amount. The ongoing war continues to strain Ukraine’s public finances. External disbursements on appropriate concessional terms, together with strong domestic resource mobilization are necessary for Ukraine to meet its financing needs and secure fiscal and debt sustainability. Stronger revenue mobilization, underpinned by the recently approved National Revenue Strategy, while avoiding measures that erode the tax base, will be critical to secure fiscal sustainability.
Keywords:
budget financing needs; support program; General government finance; FX cash market stability support; baseline financing gap; inflation moderate; budget support grant; SOE state ownership Policy; Budget planning and preparation; Fiscal risks; International reserves; Global
Cover IMF Working Papers
Debt Surges—Drivers, Consequences, and Policy Implications
Florian Schuster
,
Marwa Alnasaa
,
Lahcen Bounader
,
Il Jung
,
Jeta Menkulasi
, and
Joana da Mota
Many countries find themselves with elevated debt levels, increased debt vulnerabilities, and tight financing conditions, while also facing increased spending needs for development and transition to a greener economy. This paper aims to place the current debt landscape in a historical context and investigate the drivers of debt surges, to what degree they result in a crisis as well as examine post-surge debt trajectories and under what conditions debt follows a non-declining path. We find that fiscal policy and stock-flow adjustments play important roles in debt dynamics with the valuation effects arising from currency depreciation explaining more than half of stock flow adjustments in LICs. Debt surges are estimated to result in a financial crisis with a probability of 11–20 percent and spending-driven fiscal expansions during debt surges tend to result in a high probability of non-declining debt path.
Keywords:
Public debt; debt surges; financial crisis; stock-flow adjustment; exchange rate depreciation; fiscal expansion; debt surge; surge episode; surge attribute; post debt path; surge debt trajectory; Contingent liabilities; Global
Cover International Monetary Fund Annual Report 2023
International Monetary Fund Annual Report 2023
Committed to Collaboration
International Monetary Fund. Secretary's Department

Abstract

The 2023 IMF Annual Report highlights the IMF’s work to support its members to address successive shocks, including Russia’s war on Ukraine, inflation, debt vulnerabilities, inequality food insecurity, geoeconomic fragmentation, climate change, and digitalization. In FY 2023, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 126 country health checks completed.2) Lending: $74 billion to 36 countries, including about $11 billion to 21 low-income countries, for a total of $294 billion to 96 countries since the start of the pandemic. 3) Capacity development: $337 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2023 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2022, through April 30, 2023, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2023 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Keywords:
inflation; debt vulnerabilities; inequality; food insecurity; geoeconomic fragmentation; climate change; digitalization; 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; IMF photo; upper-credit-tranche IMF financing; IMF secretariat; IMF CPI database; IMF liquidity support; full-fedged IMF program; IMF surveillance activity; Training and development in revenue administration; Budget planning and preparation; External audit; Balance of payments need; Global; Asia and Pacific; Europe
Cover International Monetary Fund Annual Report 2023 Financial Statements
International Monetary Fund Annual Report 2023 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 2023 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2023 web page (www.imf.org/AR2023). 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; debt vulnerabilities; inequality; food insecurity; geoeconomic fragmentation; climate change; digitalization; 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; fair value; fixed income; unit of account; SDR currency; loan account; Financial statements; Credit risk; Income; Loans; Credit; Global; Europe
Cover IMF Staff Country Reports
Ukraine: First Review under the Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper focuses on Ukraine’s First Review under the Extended Arrangement under the Extended Fund Facility (EFF). The authorities have made strong progress toward their commitments under the EFF under challenging conditions, meeting all applicable quantitative performance criteria through end-April and structural benchmarks through end-June, and remain highly committed to the program. Continued strong ownership and reform momentum are necessary to safeguard macroeconomic stability, enhance institutional reforms, and support reconstruction efforts, while facilitating Ukraine’s path to EU accession. In the near term, fiscal policies will continue to focus on ensuring adequate resources for priority spending, sustaining strong tax revenues, including by refraining from measures that would erode the tax base, and preserving fiscal and debt sustainability. Reforms to strengthen governance, transparency and tackle corruption need to proceed immediately. Progress on strengthening governance and tackling corruption remain essential to convince foreign investors that there is a level playing field in Ukraine, and to assure donors that their resources will be well spent. These reforms are also critical for progress toward EU accession.
Keywords:
EU remit regulation; electricity price restriction; staff appraisal; private-sector loan; NBU estimate; reform agenda; Budget planning and preparation; Fiscal risks; Global