Download or read book Safeguards Assessment 2019 Update written by Mr.George M Kabwe and published by International Monetary Fund. This book was released on 2019-12-17 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements Safeguards assessment reports are confidential and therefore the IMF Executive Board is provided with a periodic report on safeguards activities on a biennial basis, in addition to high-level summaries in member country staff reports on key findings and recommendations. This update on safeguards activity covers the period May 2017 to end-April 2019 (the period).
Download or read book Safeguards Assessments Policy External Expert Panel s Advisory Report written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2022-12-16 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2015. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, and Fund staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.
Download or read book How to Achieve Inclusive Growth written by Valerie Cerra and published by Oxford University Press. This book was released on 2021-12-23 with total page 901 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. Leading academic economists have partnered with experts from several international institutions to explain the sources and scale of these challenges. They gather a wide array of empirical evidence and country experiences to lay out practical policy solutions and to devise a comprehensive and unified plan of action for combatting these economic and social disparities. This authoritative book is accessible to policy makers, students, and the general public interested in how to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.
Download or read book Morocco written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2019-07-16 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Morocco discusses that gradually increasing growth, moderate inflation, and stronger external and fiscal buffers are expected over the medium term, benefiting from sustained reform implementation. However, this outlook remains subject to significant domestic and external risks: delays in implementing reforms, lower growth in key partner countries (particularly in the euro area), higher oil prices, geopolitical risks, and volatile financial conditions could weaken Morocco’s resilience and economic prospects. Building on progress achieved in recent years, further fiscal and structural reforms are needed to consolidate gains in macroeconomic resilience and achieve higher and more inclusive growth. The discussions mainly focused on strengthening the resilience of the economy through continued fiscal reforms, greater exchange rate flexibility, and strengthened financial sector soundness. It also highlighted the need for pushing ahead with mutually-reinforcing and properly sequenced reforms to raise growth and inclusion, including by improving public sector governance, promoting private sector development, and reducing inequalities.
Download or read book Democratic Republic of the Congo written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2022-07-05 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considerable macroeconomic gains were achieved in 2021: the economic rebound was stronger than envisaged, driven by the non-extractive sector; CPI inflation declined to 5.3 percent year-on-year, accompanied by a stable exchange rate as the central bank stopped providing financing to the government; and an improved external position supported reserves accumulation. The 2021 fiscal outturn was also better-than-projected although domestic arrears accumulated. Despite excess liquidity, the banking sector faces vulnerabilities. The war in Ukraine is pushing up the cost of living and rising the fiscal costs associated with the fuel subsidy. Despite this and deteriorating global economic prospects, the outlook remains favorable and provides opportunities to consolidate macro stability and scale up structural reforms, though significant downside risks remain, and severe fragility persists.
Download or read book Pakistan written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-07-18 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pakistan’s economy was buffeted by significant shocks over the past year. The severe impact of the floods, the commodity shock from the war in Ukraine, and the tightening of external and domestic financing conditions together with policy backsliding aggravated economic conditions and halted the post-pandemic recovery. Growth stalled, inflation surged, international reserves dropped to very low levels, and fiscal and external pressures have become acute. Despite some efforts in FY23H2, the difficult economic, social, and political environment as well as insufficient external financing, have prevented sufficient progress in completing the Extended Fund Facility (EFF) which expired on June 30. To address the challenges and sustain macroeconomic stability, the authorities have renewed their policy efforts, and are seeking support under a new Stand-By Arrangement.
Download or read book Statement by The Managing Director on the Work Program of The Executive Board written by International Monetary Fund and published by International Monetary Fund. This book was released on 2020-01-16 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2019 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee Communiqué into an Executive Board agenda from November 2019 to October 2020, focusing on the next six months. Its main policy priorities and deliverables are as follows: • Turn evidence-based analysis into actionable policy recommendations to make economies more resilient and inclusive • Contribute to improving the multilateral system and upgrading international cooperation to bring the benefits of integration to all • Modernize the Fund’s policy toolkits to meet the challenges of a fast-changing world • Safeguard the Fund’s financial strength and undertake an ambitious internal modernization agenda
Download or read book The Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-01-20 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2015 Article IV Consultation highlights that Moldova’s economic growth, at 3.6 percent, came in surprisingly strong in the first half of 2015 and was largely driven by net exports. Reserves fell by about a third between October 2014 and February 2015, but have been stable since. Net outflows in the financial account surged at end-2014, owing to election uncertainty and the banking crisis, but the outflow in currency and deposits tapered off in the second quarter of 2015. The near-term outlook is difficult. The economy is projected to contract by 1.75 percent in 2015, followed by a marginal recovery of about 1.5 percent in 2016. Deep reform is needed in the financial sector.
Download or read book Georgia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2017-04-13 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Georgia’s Request for Extended Arrangement under the Extended Fund Facility and Cancellation of Stand-by Arrangement (SBA). The authorities in Georgia have formulated a comprehensive program to preserve macro and financial stability and advance structural reforms to bolster growth. The program envisions fiscal consolidation over the medium term, anchored in keeping debt at its current level while shifting spending toward capital investment to address infrastructure bottlenecks. The IMF staff supports the authorities’ request for the approval of the three-year Extended Arrangement under the Extended Fund Facility and the cancellation of the SBA arrangement.
Download or read book Malawi written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-12-06 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Malawi’s Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of NonObservance of Performance Criteria and Augmentation of Access. Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management. All quantitative performance criteria were met except those on the primary balance, which were missed largely due to faster than envisaged implementation of rural electrification and development projects, unexpected spending for disaster relief and to ensure safety during elections and post-election protests. The authorities aim to entrench macroeconomic stability, preserve debt sustainability, and advance governance reforms while attaining higher, more inclusive, and resilient growth. Essential reconstruction and security spending will be accommodated by reprioritizing spending and a modest relaxation in the FY 2019/20 domestic primary balance target. Monetary policy remains targeted on containing inflation and exchange rate flexibility will buffer shocks and preserve competitiveness. Financial sector resilience continues to be strengthened.
Download or read book The Federal Democratic Republic of Ethiopia written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-01-28 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents 2019 Article IV Consultation with the Republic of Ethiopia and its Requests for Three-Year Arrangement Under the Extended Credit Facility and an Arrangement Under the Extended Fund Facility. Ethiopia has enjoyed strong growth for over a decade, which has reduced poverty and raised living standards. However, the public investment-driven growth model has reached its limits. The authorities have announced a Homegrown Economic Reform Plan, consisting of a mix of macroeconomic, structural and sectoral policies, to address vulnerabilities and tackle structural bottlenecks inhibiting private sector activity. Over the medium term, macroeconomic and structural reforms announced by the authorities are expected to lead to a reduction in public debt, lower external vulnerabilities, and stronger growth, investment and exports. The risks to the outlook are tilted to the downside. Domestic opposition to reforms ahead of the upcoming elections could increase investor uncertainty and weigh on investment and growth. External risks stem from rising protectionism and weaker than expected global growth as well as climate-related shocks.
Download or read book Cameroon Requests for Three Year Arrangements Under the Extended Credit Facility and the Extended Fund Facility Press Release Staff Report Staff Statement and Statement by the Executive Director for Cameroon written by International Monetary and published by International Monetary Fund. This book was released on 2021-08-10 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), continues to face the repercussions of the COVID-19 pandemic. Since the onset of the pandemic, the IMF’s Executive Board has approved two disbursements under the Rapid Credit Facility (RCF) totaling SDR 276 million, about US$ 382 million or 100 percent of Cameroon’s quota. Cameroon’s last arrangement under the Extended Credit Facility (ECF) ended in September 2020, without completion of the sixth and final review. The authorities have requested new arrangements from the IMF to help maintain external sustainability, implement their ambitious reform agenda—laid out in the National Development Strategy for 2020-30 (SND30)—and catalyze financial support from other donors.
Download or read book Effectiveness of Internal Audit and Oversight at Central Banks Safeguards Findings Trends and Observations written by Elie Chamoun and published by International Monetary Fund. This book was released on 2018-05-31 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.
Download or read book The Gambia written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-04-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights The Gambia’s Requests for Disbursement Under the Rapid Credit Facility and Modification of Performance Criteria Under the Extended Credit Facility Arrangement. The Gambia has also benefited from the IMF Executive Board decision of April 13, 2020 to provide debt service relief to all countries eligible for support from the International Development Association in the form of grant assistance under the Catastrophe Containment window of the Catastrophe Containment and Relief Trust. The authorities’ support for social programs is being severely tested. In this context, a better targeting and timely delivery of social assistance to the most affected households and sectors is needed during the pandemic. The Central Bank of The Gambia should continue to monitor developments in the financial sector, to ensure adequate liquidity and oversight, while avoiding a blanket weakening of supervisory standards. A strengthening of market surveillance under the existing regulations will help detect and address appropriately any weakening of banks’ foreign exchange positions. Maintaining a flexible exchange rate will help absorb balance-of-payments shocks.
Download or read book Ecuador 2021 Article IV Consultation Second and Third Reviews Under the Extended Arrangement Under the Extended Fund Facility Request for a Waiver of Nonobservance of Performance Criterion and Financing Assurances Review Press Release Staff Report and Statement by the Executive Director for Ecuador written by International Monetary and published by International Monetary Fund. This book was released on 2021-10-07 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new administration has committed to continue with the Fund-supported Extended Fund Facility (EFF) of SDR 4,615 million (661 percent of quota, about $6.5 billion) that was approved by the IMF Executive Board on September 30, 2020. The authorities’ objectives under the program are to ensure an environmental-friendly growth with high quality jobs, promote a transparent management of public resources, and ensure equity in the conduct of fiscally sustainable policies. Upon the completion of the Second and Third Reviews under the EFF, an additional SDR $568 million would be made available.
Download or read book Bolivia written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2016-12-22 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights Bolivia’s substantial economic and social progress, boosted by the commodity boom. Growth has been strong, averaging about 5 percent since 2006, and poverty has fallen by a third. During this time, the authorities built up sizable buffers and largely dedollarized the financial system. Real GDP growth is projected at 3.7 percent in 2016, which is still relatively strong by regional standards. In the medium term, growth is expected to converge toward 3.5 percent, consistent with the new commodity price normal, amid persistent twin deficits.
Download or read book Central African Economic and Monetary Community written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-01-06 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: CEMAC is broadly benefiting from the positive terms of trade shock amidst the fallout from Russia’s war in Ukraine. Post-pandemic economic recovery is taking hold, albeit slowly, supported by high oil prices and the lifting of COVID-19 containment measures. External reserves have started to build up, though still short of the desired level, owing in part to costly untargeted energy and food subsidies. Global inflation pressures have passed through to domestic prices, putting pressure on real incomes. Rebuilding buffers and sustaining a recovery that protects the most vulnerable will require stricter adherence to budget and reform plans consistent with Fund-supported programs and policy advice; this will ensure that part of the oil windfall is saved. Implementation of these policies in current favorable conditions is critical to strengthening resilience in the face of rising risks, including most notably to food security, debt vulnerabilities, and tightening of global financial conditions.
