Download or read book Mongolia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Mongolia written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-29 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: A strong export-led recovery is underway. Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed. An export-led recovery which began in mid-2020, is gathering steam due to booming prices for Mongolia’s exports. Nevertheless, domestic demand, labor markets and the business sector remain weak. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been compromised. On the plus side, external and fiscal buffers have been built, helped by the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota), and the rollover of large external liabilities has increased policy space.
Download or read book Mongolia written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Georgia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Georgia written by International Monetary and published by International Monetary Fund. This book was released on 2021-09-21 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: High frequency estimates suggest a V-shaped recovery with output now poised to return close to 2019 levels already this year, much earlier than expected. Recently COVID-19 case numbers have risen sharply to new highs while vaccinations have also accelerated significantly after a slow start. The recovery has improved the fiscal outlook and the authorities submitted to Parliament a supplementary budget, with GEL 1.2 billion in additional spending roughly equivalent to the expected increase in revenues. The National Bank of Georgia (NBG) has increased the policy rate by 200 basis points to deal with high inflation driven by lagging effects of depreciation, commodity and food price increases, and supply side constraints.
Download or read book Mongolia written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2019-09-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Mongolia discusses that economy growth accelerated to 8.6 percent in the first quarter of 2019, over fiscal balance turned into surplus in 2018, and gross international reserves have increased by $2 1/2 billion since 2016. The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand. Notwithstanding the progress, Mongolia remains vulnerable to external shocks given its high debt levels and the economy’s dependence on mineral exports. Structural reforms progressed in several key areas: the budget process is more resilient to political pressure and quasi-fiscal activities were curtailed. In order to achieve sustainable and inclusive growth, it is necessary to advance the current reform efforts by strengthening the rule-based fiscal policy framework, ensuring financial sector soundness and improving governance. Risks are tilted toward the downside in the near term. Shocks to mineral demand can lead to sharp fall in exports, weakening growth outlook and fiscal accounts. A slowdown in growth could trigger financial instability given still inadequate capital buffers at some banks and overindebted households.
Download or read book Guinea 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Guinea written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-06 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the non-mining sector was severely impacted by the COVID-19 crisis, overall growth in Guinea remains strong, reaching 7 percent in 2020, driven by booming mining production. Inflation exceeded 12 percent as a result of COVID-related supply disruptions and the ongoing monetary and fiscal response. The already weak social indicators have deteriorated further.
Download or read book Turkey 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Turkey written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-11 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Turkey, as in other countries, the human and economic toll of the COVID-19 pandemic has been severe. Thousands of lives have been tragically lost and many livelihoods compromised. The initial policy response to the pandemic—and subsequent sharp growth rebound—set Turkey apart from its peers. Rapid monetary and credit expansion and large liquidity support meant that Turkey was among the few countries to experience positive economic growth in 2020. But these policies also aggravated pre-existing economic and financial vulnerabilities. Higher inflation, increased dollarization, and a large shift in the current account position increased pressure on the lira and gave rise to heavy foreign exchange sales, which led in turn to steep reserve declines from already-low levels. A policy shift in late 2020—mainly towards tighter and more transparent monetary policy and slower credit growth—was both welcome and necessary. But the durability and depth of the shift were called into question in March 2021, following the change in central bank leadership, as the lira weakened markedly and interest rate spreads widened.
Download or read book Mongolia Article IV Consultation written by and published by . This book was released on 2008 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Singapore 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Singapore written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-16 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout. Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021, underpinned by a recovery in domestic demand and a positive contribution from net exports. The uncertainty surrounding the outlook is larger than usual.
Download or read book Guinea written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mongolia written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2023-10-04 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mongolia’s economic conditions stabilized by 2023H2, helped by China’s reopening. The economy was in a challenging position in 2022 with widening external and internal imbalances due to multiple global shocks, policy excesses and governance lapses. However, greater exchange rate (ER) flexibility; the government’s strenuous efforts to facilitate exports; an influx of new private external financing, and some moderation of global shocks helped lift economic activity, moderate inflation, and stabilize the external position by end-2022. Effective public debt management by the government mitigated rollover risks. A supplementary budget for 2023 introduced large and permanent expansions in wages, benefits, and pensions.
Download or read book Ghana 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Ghana written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-23 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ghana has been hit hard by the pandemic. The government’s proactive response helped contain the spread of COVID-19, protecting lives and limiting the impact on economic activity. However, partly because of the pandemic, the fiscal position worsened considerably last year, with a sharp increase in public sector debt.
Download or read book Guinea 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Guinea written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-03 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the non-mining sector was severely impacted by the COVID-19 crisis, overall growth in Guinea remains strong, reaching 7 percent in 2020, driven by booming mining production. Inflation exceeded 12 percent as a result of COVID-related supply disruptions and the ongoing monetary and fiscal response. The already weak social indicators have deteriorated further.
Download or read book Australia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Australia written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-06 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strong health and economic policies allowed for quick economic recovery from initial COVID-19-related lockdowns in 2020. Renewed outbreaks and lockdowns have created setbacks since mid-2021, with disproportionate impacts on some regions, sectors, and workers. Accommodative macroeconomic policies have been instrumental in cushioning the economic impact.
Download or read book Republic of Kazakhstan 2021 Article IV Consultation Press Release Staff Report Staff Statement and Statement by the Executive Director for Kazakhstan written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Activity returned to its pre-COVID level in 2021. Inflation remains well above the NBK’s 4–6 percent target band, and spillovers from sanctions on Russia will exacerbate price pressures and weaken economic growth in 2022. Kazakhstan benefits from strong fiscal and external buffers but risks to the outlook are elevated due to the uncertain impact on Kazakhstan of the sanctions on Russia and heightened domestic tensions since the January social unrest episode. In the medium term, non-oil growth under the baseline is expected to converge to about 4 percent. Sustainable growth will require greater economic diversification. Climate-related challenges are acute for Kazakhstan given its outsized hydrocarbon sector, high per-capita greenhouse gas emissions, and low domestic energy prices.
Download or read book Algeria 2021 Article IV Consultation Press Release and Staff Report and Statement by the Executive Director for Algeria written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-02 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concomitant Covid-19 pandemic and oil price shock in 2020 have taken a heavy toll on the Algerian economy and the population. The authorities’ response helped mitigate the social and economic impact of the crisis. Nevertheless, the crisis exacerbated the Algerian economy’s vulnerabilities, making even more urgent the need for a new, more inclusive and sustainable, growth model. A recovery is underway in 2021, but the outlook remains challenging. While the recent rebound in hydrocarbon prices should buoy the recovery and ease immediate financing constraints, addressing long-standing structural challenges will help to realize Algeria’s vast growth potential for the benefit of its population.
Download or read book Algeria 2021 Article IV Consultation Press Release and Staff Report and Statement by the Executive Director for Algeria written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-23 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concomitant Covid-19 pandemic and oil price shock in 2020 have taken a heavy toll on the Algerian economy and the population. The authorities’ response helped mitigate the social and economic impact of the crisis. Nevertheless, the crisis exacerbated the Algerian economy’s vulnerabilities, making even more urgent the need for a new, more inclusive and sustainable, growth model. A recovery is underway in 2021, but the outlook remains challenging. While the recent rebound in hydrocarbon prices should buoy the recovery and ease immediate financing constraints, addressing long-standing structural challenges will help to realize Algeria’s vast growth potential for the benefit of its population.
Download or read book Mauritius 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Mauritius written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-28 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Impact of the Pandemic and Policy Responses. Mauritius has been successful in containing the COVID-19 pandemic thanks to strict health measures but the halt in tourism has significantly affected its tourism-dependent economy. A comprehensive set of stimulus measures to mitigate the economic impact of the pandemic, including a wage subsidy and income support for the self-employed, have provided support to firms and households.
