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Europe > Ukraine

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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
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
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
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
Republic of Lithuania: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Lithuania
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that Lithuania weathered a series of unprecedented external shocks, owing to resilient macroeconomic fundamentals and a decisive policy response. The strong post-pandemic recovery led to demand driven inflationary pressures. Supply side bottlenecks and large increases in commodity prices after Russia’s invasion of Ukraine compounded these pressures and resulted in high and persistent inflation. With monetary conditions that are too loose for Lithuania, the onus to fight inflation and maintain competitiveness is on fiscal policy and structural reforms. Short-term policies should aim at reducing inflationary pressures and preserving financial stability. Long-term policies should focus on implementing long-overdue structural reforms that remain key to raising further the economy’s growth potential supporting faster income convergence with Western Europe. Fiscal policy needs to take a disinflationary stance. This will require a lower-than budgeted deficit this year, notwithstanding a weakening economy and a contractionary stance going forward in line with the domestic fiscal rule. The report recommends implementing long-overdue structural reforms to strengthen education and healthcare and to address risks associated with climate change. Utilize EU funds efficiently to enhance private sector productivity.
Keywords:
inflation risk; safeguards assessment policy; price competitiveness; energy price shock; price pressure; inflation dynamics; weakening economy; BoL website; Inflation; Loans; Labor markets; Fiscal stance; Real estate prices; Baltics; Global; Western Europe
Cover IMF Staff Country Reports
Italy: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy
International Monetary Fund. European Dept.
The 2023 Article IV Consultation highlights that the Italian economy has weathered well the effects of Russia’s war in Ukraine, growing by 3.7 percent in 2022. Private consumption rose robustly on recovery in employment, buoyant tourism, and extensive fiscal support of real purchasing power. Growth in services and construction offset weakness in manufacturing, especially in energy-intensive industries affected by high-energy prices. Consumer prices increased, largely on surging energy prices, financial conditions tightened considerably and yields on Italian government bonds have risen as monetary policy tightened. Growth is expected to enter a slower phase and downside risks dominate the outlook. Growth is forecast to moderate to 1.1 percent in 2023 and to 0.9 percent in 2024, and then to pick up temporarily to 1.1 percent in 2025. Headline inflation is projected to decline steeply to 5.2 percent in 2023 and to 2.5 percent in 2024, driven by lower energy and food prices.
Keywords:
headline inflation; money market rate; private sector liquidity; current account norm; potential GDP; export market shares; liability positions vis-a-vis nonresident; Energy prices; Tax allowances; Loans; Wages; Global
Cover IMF Staff Country Reports
Germany: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights impact of high-energy prices on Germany’s potential output. The surge in energy prices since Russia’s invasion of Ukraine has led to a contraction in the energy-intensive sector’s production, while the nonenergy intensive sector’s industrial production has remained resilient. Permanently higher energy prices could reduce Germany’s potential output, but some of the impact is expected to be offset by firms’ endogenous response to improving energy efficiency. Some decline in Germany’s potential output level because of higher energy prices is likely unavoidable. However, good policies can help mitigate this loss and avoid exacerbating it. Increased energy efficiency is key to mitigating the adverse effects of the energy price shock. Higher labor and capital productivity can help offset output losses from higher energy prices. Government policy can help boost productivity by fostering innovation and human capital development, as discussed in more detail in the 2023 and previous year’s Article IV reports. Government interventions can help direct the transition to cleaner energy. It is important that Germany respond to the energy shock in ways that also support the green transition, given Germany’s goals to significantly reduce its CO2 emissions.
Keywords:
baseline energy price path; housing market crash scenario; house prices in Germany; reference scenario; price effect; BORROWER-BASED MACROPRUDENTIAL instruments in Germany; Energy prices; Housing prices; Energy conservation; Mortgages; Loans; Global
Cover IMF Staff Country Reports
Republic of Serbia: 2023 Article IV Consultation, First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Serbia
International Monetary Fund. European Dept.
This 2023 Article IV Consultation highlights that Serbia has made impressive economic gains over much of the past decade: living standards improved, inflation fell, public finances were strengthened, and reserves increased, helped by ample foreign direct investment (FDI) inflows. But spillovers from the war in Ukraine—especially the sharp increase in international energy prices—and deep-rooted problems in Serbia’s energy sector that came to a head last year, led to large external and fiscal financing needs, prompting the authorities to request a IMF-supported Stand-By Arrangement (SBA). Tighter monetary policy is needed to reduce inflation. The National Bank of Serbia should ensure that real ex-ante policy rates become positive and that such rates stay positive until the path of inflation is clearly converging to target. Fiscal policy should work alongside monetary policy as fiscal consolidation helps disinflation and lowers public debt. In addition, any fiscal over-performance should be saved or used for priority investments.
Keywords:
inflation expectation; rate hike; food price inflation; precautionary Stand-By Arrangement; budget financing; inflation dynamics; SBA approval; A. monetary policy; Inflation; Energy sector; Government finance statistics; Loans; Global; Europe
Cover IMF Staff Country Reports
Cyprus: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
This 2023 Article IV Consultation discusses that Cyprus’s economy has been resilient to the fallout from Russia’s invasion of Ukraine. The outlook is uncertain with risks from an escalation of the war and a possible recession in Europe. Should inflation expectations rise further and the pass-through to wages intensify, inflation could be stickier than expected. Adverse macroeconomic developments could amplify financial risks given high private debt. The recent shocks have demonstrated that fiscal policy can be a powerful tool to foster resilience, and buffers should be rebuilt over the medium term. Fiscal policy should aim at sustaining primary surpluses to reduce public debt over time, supported by a risk-based fiscal framework. As buffers are rebuilt, available fiscal space should be directed to productive investments for the green and digital transitions. A greener growth model is an important element of reforms. Cyprus aims to become emissions neutral by 2050. Integration into the regional electric grid and the expansion of renewables—together with a liberalization of the domestic electricity market—are key elements of this strategy and will also improve energy security, but require large public and private investments.
Keywords:
inflation expectation; inflation pressure; land price indices; IMF's transparency policy; SDR million; Inflation; Fiscal stance; Nonperforming loans; Europe