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Europe > Ukraine

You are looking at 1 - 10 of 13 items for :

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Cover IMF Working Papers
Sovereign Environmental, Social, and Governance (ESG) Investing: Chasing Elusive Sustainability
Ekaterina Gratcheva
and
Bryan Gurhy
This paper evaluates the progression of the sovereign ESG landscape since the initial comprehensive assessment of the sector in 2021 in “Demystifying Sovereign ESG” by conducting a comparative analysis of the current sovereign ESG methodologies of commercial ESG providers. The 2021 study articulated the distinct nature of the sovereign ESG segment from corporate ESG and documented fundamental shortcomings in sovereign ESG methodologies, such as the “ingrained income bias”, lack of consensus on environmental performance, and conflation of risk and sustainability objectives. While sovereign ESG methodologies have evolved since 2021, the significant correlation across providers of aggregate, S, and G scores persist. In response to market demand there has been a notable shift towards greater focus on the E pillar against growing heterogeneity on climate and environmental considerations across ESG providers. The findings underscore the disparity between perceptions and realities in implementing a sustainability strategy within the sovereign debt asset class. This necessitates a reevaluation of sovereign ESG scoring methodologies towards outcome-based metrics and urges a globally coordinated effort to establish robust sustainability measurement frameworks.
Keywords:
ESG; sovereign debt; sovereign ESG scores; sustainability; environmental and climate sustainability; climate financial architecture; ESG provider; ESG methodology; sovereign Environmental, Social, and Governance; ESG landscape; ESG score; Corporate social responsibility; Environmental sustainability; Income; Climate finance; Global; Middle East
Cover Selected Issues Papers
Policies to Address Climate Change: Ukraine
Geoffrey N. Keim
and
Mariia Sydorovych
While the near-term priorities are national defense and macroeconomic stabilization, gradually incorporating climate change considerations into policy design will become increasingly important after the war and into the long term. As regards climate change adaptation, investments will need to be made with a view to maintain long-term debt sustainability. Policy reforms will also be needed to move to a low-emissions economy to deliver international commitments and achieve the broader objective of European Union accession. Potential exists to deliver on climate priorities alongside implementing recovery and reconstruction efforts, while maintaining macroeconomic stability, and ensuring social protection and equity.
Keywords:
Ukraine; climate change; carbon pricing; debt sustainability; address climate change; climate change adaptation; B. GHG emission; long-term debt sustainability; policy reform; Greenhouse gas emissions; Climate finance; 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 IMF Staff Country Reports
Ukraine: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper focuses on policies to address climate change in Ukraine. The war has been a setback to continued progress on Ukraine’s climate objectives. Over the longer term, Ukraine has potential to implement policies that internalize climate-related priorities as well as reconstruction, macroeconomic stability, and social protection priorities. Ukraine is vulnerable to climate change from substantially warmer temperatures and more volatile rainfall patterns that may arise under more severely adverse climate scenarios. Essential investments in climate change adaptation will need to be taken with a view toward avoiding debt vulnerabilities. Ukraine’s investment needs in this area are moderate sized. Ukraine should be in a position to make these investments over the longer term, including after debt sustainability has been restored, without causing debt vulnerabilities to re-emerge. Carbon pricing policies can help achieve climate objectives and deliver significant revenue generation.
Keywords:
B. GHG emission; climate change adaptation; address climate change; C. long-term debt sustainability; copyright page; Greenhouse gas emissions; Climate change; Climate finance; Europe
Cover IMF Staff Country Reports
Kenya: Fifth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-Month Arrangement Under the Resilience and Sustainability Facility, Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Kenya
International Monetary Fund. African Dept.
This paper presents Kenya’s Fifth Reviews under the Extended Fund Facility and Extended Credit Facility Arrangements and Request for a 20-month Arrangement under the Resilience and Sustainability Facility (RSF), Requests for Extension, Rephasing, and Augmentation of Access, Modification of a Performance Criterion, Waiver of Applicability for Performance Criteria and Waiver of Nonobservance for a Performance Criterion, and Monetary Policy Consultation Clause. Key policy priorities of the program include reducing debt vulnerabilities through multi-year fiscal consolidation efforts. This will be done through raising tax revenues and rationalizing spending, while protecting priority social and developmental spending. A proactive monetary policy stance is also part of a mutually reinforcing prudent set of policies. The reforms under the RSF program are expected to advance Kenya’s already strong record of accomplishment at addressing climate-related challenges. These reforms will advance efforts to incorporate climate risks into fiscal planning and the investment framework, reduce emissions through carbon pricing, enhance Kenya’s existing frameworks to mobilize climate finance; and strengthen disaster risk reduction and management.
Keywords:
Kenyan authorities; tax shortfall; apportionment ratio; authorities' effort; inflation expectation; trade tax; tax package; agriculture Project; Climate finance; Climate change; Debt sustainability analysis; Global; East Africa; Sub-Saharan Africa; Africa
Cover Regional Economic Outlook: Sub-Saharan Africa, April 2023
Regional Economic Outlook: Sub-Saharan Africa, April 2023
The Big Funding Squeeze
International Monetary Fund. African Dept.

Abstract

A funding squeeze has hit the region hard. Persistent global inflation and tighter monetary policies have led to higher borrowing costs for sub-Saharan African countries and have placed greater pressure on exchange rates. Indeed, no country has been able to issue a Eurobond since spring 2022.The interest burden on public debt is rising, owing to a greater reliance on expensive market-based funding combined with a long-term decline in aid budgets. The lack of financing affects a region that is already struggling with elevated macroeconomic imbalances. Public debt and inflation are at levels not seen in decades, with double-digit inflation present in about half of the countries—eroding household purchasing power and striking at the most vulnerable. In this context, the economic recovery has been interrupted. Growth in sub-Saharan Africa will decline to 3.6 percent this year. Amid a global slowdown, activity is expected to decelerate for a second year in a row. Still, this headline figure masks significant variation across the region. The funding squeeze will also impact the region’s longer-term outlook. A shortage of funding may force countries to reduce resources for critical development sectors like health, education, and infrastructure, weakening the region’s growth potential.

Keywords:
Geoeconomic fragmentation; trade; debt; foreign direct investment; aid; economic growth; exchange rate; currency depreciation; foreign exchange; international reserves; inflation; public debt; trade balance; Africa; US dollar strength; climate change; green transition; foreign aid; multilateral development banks; concessional finance; funding squeeze; financing condition; exchange rate pressure; anchored inflation; inflation expectation; emergency financing facilities; stickier-than-expected inflation; sub-Saharan Africa address; financing environment; countercyclical financing; monetary policy tightening; inflation projection; Exchange rates; Climate finance; Food prices; Fiscal consolidation; Sub-Saharan Africa; 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
Republic of Moldova: Poverty Reduction Strategy and Growth Strategy
International Monetary Fund. European Dept.
This paper presents the Republic of Moldova’s Poverty Reduction and Growth Strategy. Taking into account the general low level of income and the high incidence of poverty, many citizens of the Republic of Moldova look at cultural opportunities and personal development according to the residual principle. The resources allocated by households to crop-related activities are very small. Cultural infrastructure is in an advanced state of physical degradation, which poses a real problem of accessibility of cultural products. The general and specific development goals which the SND suggests for the perspective of 2030 reflect the aspirations of increasing the welfare of the people of the Republic of Moldova, improving the lives of citizens, Europeanization of state institutions, strengthening democracy, the rule of law, respect for human rights, as well as bringing the Republic of Moldova closer to European standards and values, which will ensure the process of accession of our country to the European Union. In the medium to long term, sustainable income growth can be achieved by increasing the competitiveness of firms, raising labor productivity and integrating marginalized people and groups into the processes of economic value creation.
Keywords:
growth strategy; development partner; copyright page; publication service; justice system; Aging; Global; Central and Eastern Europe; Eastern Europe
Cover IMF Staff Country Reports
Bangladesh: Requests for an Arrangement Under the Extended Fund Facility, Request for Arrangement Under the Extended Credit Facility, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
This paper presents Bangladesh’s Requests for an Extended Arrangement under the Extended Fund Facility, an Arrangement under the Extended Credit Facility, and an Arrangement under the Resilience and Sustainability Facility (RSF). The authorities are concurrently requesting access to the RSF to meet large climate financing needs. IMF proposes access at SDR 1000 million under the RSF, in which access at the maximum nominal limit is justified by the strength and breadth of the proposed reforms, the balance of payment need associated with the implementation of reform measures, and sound capacity to repay the IMF. The Letter of Intent and Memorandum of Economic and Financial Policies demonstrate program ownership and appropriate policies to reach the goals of the authorities’ program. The main risk to the program is limited scope to relax fiscal or monetary policy in the event of additional adverse real shocks, given narrowing fiscal space, high inflation, and reserve losses. The 42-month program will help preserve macroeconomic stability, protect the vulnerable, and foster inclusive and green growth. Reforms will focus on creating fiscal space to enable greater social and developmental spending; strengthening the financial sector; modernizing policy frameworks; and building climate resilience.
Keywords:
EFF arrangement; Bangladesh economy; EFF program; IMF Resilience and Sustainability Facility arrangement; RSF ref orms; Climate change; Climate finance; Global
Cover IMF Working Papers
A Market for Brown Assets To Make Finance Green
Mr. Domenico Fanizza
and
Laura Cerami
This paper proposes a market solution to enhance the role of the financial sector in the green transition. Developing a secondary market for “brown exposures” can allow banks to dispose more quickly of stranded assets thereby increasing their capacity to finance green investments. Furthermore, newly created instruments – the brown assets backed securities (B-ABS) - can expand the diversification opportunities for specialized green investors and, thus, attract additional resources for new green investments. The experience of the secondary market for non-performing loans suggests that targeted policy and regulatory measures can simultaneously support the development of the secondary market for brown assets and green finance.
Keywords:
Green finance; financial innovation; greenium; financial sector; climate change; market solution; experience of the secondary market; green transition; policy simulation; Climate finance; Nonperforming loans; Securities markets; Climate policy; Global; Europe