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Europe > Ukraine

You are looking at 1 - 10 of 15 items for :

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Cover Policy Papers
FY2024—Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2024 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
nominal capital; financing assessment; transparency policy; RSF spending; fund-financed spending; staff FTE; excluding travel; management fee; budget envelope; Budget planning and preparation; Total expenditures; Capital spending; Global; Middle East
Cover IMF Staff Country Reports
Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
The 2022 Article IV Consultation discusses that Maldives’ economic activity rebounded strongly from the pandemic-induced contraction, supported by the authorities’ decisive policy measures. Fiscal and external vulnerabilities remain elevated due to rising subsidies, high capital spending, and an increased interest burden. The Maldives has a high risk of external debt distress and a high overall risk of debt distress. Inflation has risen but is relatively contained due to price subsidies. Risks to the outlook are tilted to the downside, including a possible sharp slowdown in key source markets for tourism, high commodity prices, and tighter global financial conditions. A resumption of tourist arrivals from China is an upside risk to growth. The ongoing economic recovery provides an opportunity to swiftly implement a comprehensive set of reforms to reduce fiscal, debt, and external vulnerabilities, and strengthen economic resilience. The report recommends that financial sector policies should remain vigilant to safeguard financial stability considering the large exposure of the banking sector to the sovereign and the expiration of pandemic-related lending support schemes.
Keywords:
parliament approval; MMA authorities; staff appraisal; market in the Maldives; SARTTAC mission; government policy; Government debt management; Capital spending; Global
Cover Policy Papers
FY2023—Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2023 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
output cost estimate; administrative budget; budget augmentation; inflation; geopolitical fragmentation; transparency policy; staff growth; CD spending; staff FTE; phased budget augmentation; Budget planning and preparation; Capital spending; Climate change; Total expenditures; Global
Cover IMF Staff Country Reports
Benin: Second Review under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; Debt Sustainability Analysis and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper presents Benin’s Second Review under the Extended Fund Facility and the Extended Credit Facility Arrangements. Program performance has been robust, with all end-September and end-December 2022 performance criteria, indicative targets met, and all structural benchmarks implemented. Revenue-based fiscal consolidation is underway, after three years of warranted policy accommodation amidst repeated and severe exogenous shocks. After three years of warranted policy accommodation, fiscal consolidation is underway, underpinned by robust tax collection and spending reprioritization to shield social programs and help meet Benin’s large development and security-related needs. The recently established social registry is much needed to channel timely support to vulnerable households in a world more prone to shocks. Its swift full operationalization is critical to improve the targeting and efficiency of social programs as their coverage expands. The structural reform agenda is advancing, including with the completion and publication of the IMF governance diagnostic, the adoption of a financial inclusion strategy, the digitalization of land title requests, and the submission to Parliament of a draft law to ensure the sustainability of the authorities’ flagship school feeding program.
Keywords:
IMF governance diagnostic; ECF review; action program II; Policy discussion; IMF diagnostic; IMF's transparency policy; warranted policy accommodation; IMF C-PIMA assessment; government entity; Capital spending; West Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
St. Kitts and Nevis: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
International Monetary Fund. Western Hemisphere Dept.
This 2023 Article IV Consultation discusses that St. Kitts and Nevis’ economic growth rebounded strongly in 2022 despite global headwinds. GDP is estimated to have grown by 9 percent in 2022 after contracting 14.5 percent in 2020 and 0.9 percent in 2021. Return to the pre-pandemic activity level is expected by end-2024, and beyond that, growth should converge toward its medium-term path. The budget is expected to be broadly balanced through 2025 and then go into deficits—predicated on current policies. Risks to the outlook are tilted to the downside in the short term, but with some upside potential in the medium term. The new government appointed following the 2022 general election is faced with important challenges. Preserving the country’s legacy of fiscal prudence, in a context of concerns over CBI resources’ sustainability, and of a pressing need to invest in resilience to natural disasters, will require difficult choices. An adequate prioritizing and sequencing of policies will be essential, and addressing concerns related to the systemic bank should be a priority.
Keywords:
CBI revenue; authorities of St. Kitts and Nevis; GDP estimate; CBI program; ECCB website; authorities plan; authorities in St. Kitts and Nevis; authorities' effort; staff project growth; Current spending; Capital spending; Public sector; Global; Caribbean
Cover IMF Staff Country Reports
Benin: First Reviews under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
On July 8, 2022, the IMF Executive Board approved 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements under High Combined Credit Exposure (HCCE) (391 percent of quota, about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving SDGs. The program is off to a strong start notwithstanding elevated uncertainty. While there is broad consensus that sound macroeconomic management in recent years is generating tangible dividends for the economy as a whole, the public is frustrated over the fact that this is taking time to translate into improved socioeconomic conditions for all. This sentiment has been compounded by temporary import price pressures since Russia’s invasion of Ukraine. Legislative elections will be held in early January 2023, with related risks to the program expected to be limited.
Keywords:
draft budget law; staff appraisal; program conditionality; deficit of CFAF; financing needs; authorities endeavor; Debt sustainability analysis; Capital spending; Global; West Africa; Sub-Saharan Africa
Cover Policy Papers
FY2022—Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2022 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
transparency policy; cloud capital equivalent spending; output cost estimate; major budget category; CD spending; Budget planning and preparation; Capital spending; COVID-19; Total expenditures; Global
Cover IMF Staff Country Reports
Benin: 2022 Article IV Consultation and Requests for an Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
The Beninese government embarked, five years ago, on an ambitious reform agenda (“Revealing Benin”) to revive the economy and improve the wellbeing of the people. Economic activity accelerated prior to the COVID-19 pandemic, with sound macroeconomic management and enhanced budget transparency culminating in access to international capital markets in 2019 and issuance of the first-ever SDG bond by an African sovereign last year. However, today, Benin faces significant headwinds from a deteriorating security situation at its northern borders, pandemic-induced scars, and higher cost of living amidst the war in Ukraine, which could impact hard-won macroeconomic gains and cause hardship. The authorities have requested a Fund-supported program to meet pressing financing needs, preserve macroeconomic stability, and anchor the country’s National Development Plan centered on achieving the Sustainable Development Goals (SDGs).
Keywords:
budget transparency; staff appraisal; Benin's bond; authorities' belief; development partner; Debt sustainability analysis; Global; West Africa; Africa; Sub-Saharan Africa; Debt sustainability
Cover IMF Staff Country Reports
Benin: 2022 Article IV Consultation and Requests for an Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper presents Benin’s 2022 Article IV Consultation and Requests for an Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Extended Credit Facility (ECF). Revenue mobilization—the cornerstone of the authorities’ reform agenda—will, together with better spending prioritization and improved efficiency, help create the much-needed fiscal space to support Benin’s significant development and security needs while preserving debt sustainability. A steadfast implementation of the recently adopted action plan for Anti Money Laundering/Combating the Financing of Terrorism and further strengthening the rule of law and governance will consolidate the foundations of sustained private sector-led growth that benefits all Beninese. Considering Benin’s relatively large level of income inequality, the authorities’ IMF-supported EFF/ECF is rightly focused on development with a human face through enhanced access to basic public services and improved state presence in vulnerable areas, consistent with the authorities “civilian approach” to mitigating security risks. Ongoing efforts to enhance resilience to climate change are also important. Achieving these ambitious goals will require continued commitment to clearly communicated reforms and strong technical and financial support from Benin’s development partners to complement large and front-loaded IMF support.
Keywords:
budget transparency; staff appraisal; Benin's bond; authorities' belief; development partner; Debt sustainability analysis; Global; West Africa; Africa; Sub-Saharan Africa; Debt sustainability
Cover IMF Staff Country Reports
Bosnia and Herzegovina: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bosnia and Herzegovina
International Monetary Fund. European Dept.
This 2022 Article IV Consultation discusses that Bosnia and Herzegovina (BiH) is facing considerable challenges just as it has rebounded from the coronavirus disease 2019 pandemic. Spillovers from the war in Ukraine are fueling inflation and weighing on domestic spending and external demand, while domestic political tensions are hampering economic policies and reforms. The authorities need to protect the most vulnerable against inflation, preserve financial stability, and scale up public investment and accelerate reforms to strengthen the single economic space and put the economy on a higher medium-term growth trajectory. The currency board continues to serve BiH well and should be further strengthened. Strict enforcement of prudential requirements and the development of contingency plans for future liquidity pressures are essential for preserving financial stability. The creation of a countrywide registry of bank accounts of individuals would strengthen anti-money laundering and counter-terrorist financing practices and asset recovery.
Keywords:
banking supervisor; authorities' priority; authorities of Bosnia and Herzegovina; entity governments statement; address climate risk; Capital spending; Loans; Social security contributions; External sector statistics; Global; Europe