Download or read book Safeguards Assessments 2014 Update written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-09 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The safeguards policy aims to mitigate the potential risks of misuse of resources, including Fund resources, and misreporting of program monetary data. The policy, introduced in 2000, is an integral part of the Fund’s financing policies and complements other safeguards, such as program design, conditionality, and access limits. Safeguards assessments of central banks of the borrowing member are required for almost all forms of Fund financing, and are followed by a period of monitoring for as long as Fund credit is outstanding.
Download or read book Safeguards Assessments Policy External Expert Panel s Advisory Report written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-24 with total page 39 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 2010. 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, Fund and World Bank staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.
Download or read book Safeguards Assessments Review of Experience written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-23 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews experience with the safeguards assessment policy since the last review in 2010. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
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 Assessment 2017 Update written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-10-26 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: activity remained consistent with recent years. 21 assessments were completed during the update period (September 2015-April 2017) and five were in progress at the end of the period. Activity continues to average around 13 assessments per year. While the number of central banks under monitoring decreased slightly from 67 to 63, some monitoring cases required intense engagement due to safeguards challenges that emerged. These related to forensic investigations, governance reforms, and a deterioration in safeguards frameworks of central banks facing difficult external conditions.
Download or read book Safeguards Assessments 2022 Review of Experience written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2022-12-16 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
Download or read book Sierra Leone written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-09-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Background. The Ebola outbreak that started in one district in late May has spread to the entire country, overwhelming already weak institutions and ill-equipped medical facilities. At end-August, over 1000 people were infected and more than a third had died from the disease. The country’s social and economic fabric is also adversely affected by the epidemic. Economic growth has slowed, inflationary pressures have intensified, and new balance of payments and fiscal financing needs have emerged. The epidemic has heightened food insecurity and impacted livelihoods for a large portion of the population, generating additional distress for vulnerable groups. The program. In October 21, 2013, the Executive Board approved a three-year arrangement under the Extended Credit Facility (ECF) for Sierra Leone totaling SDR 62.2 million (60 percent of quota). The first review under the program was completed on June 19, 2014. Preliminary indications are that performance under the program is on track, in spite of weaknesses in budget execution at end-June. The authorities’ requests. In the attached letter of intent, the Sierra Leone authorities are requesting an Ad Hoc review under the ECF arrangement, and an augmentation of access in an amount equivalent to 25 percent of quota (SDR 25.925 million), in a single disbursement. These resources, together with contributions from other donors will help cover balance of payments and budgetary financing needs generated by the Ebola epidemic. The authorities are also requesting a modification of end-December 2014 performance criteria on net domestic bank credit to the central government, and on net domestic assets of the central bank. Safeguard assessment. A safeguards assessment of the Bank of Sierra Leone (BoSL) was completed in March 2014. The BoSL is taking steps to strengthen its safeguards framework and staff is monitoring implementation of the recommendations from the assessment. Staff views. Staff supports the completion of the Ad Hoc review, and the authorities’ requests.
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 Haiti written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-01-05 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY This is the final review under the Extended Credit Facility (ECF) arrangement. The program contributed to maintaining macroeconomic stability, and there was progress on structural reforms. The authorities intend to request a successor arrangement under the ECF. A new finance minister was appointed in April; uncertainly remains on the timing of elections. Preliminary data suggest that GDP in FY2014 grew by 3.5–4 percent, while inflation increased slightly to about 5 percent. An increase in fuel prices (in October) should result in fiscal savings of at least 1 percent of GDP during FY2015. The March performance criterion on net international reserves (NIR) was met, but although the deficit was lower than projected, the performance criterion on net central bank credit to the central government was missed. Downside risks are significant and include a pull-back of Venezuela-related flows, a resumption of political tensions, and vulnerability to weather events. A total of SDR 1.638 million will become available upon completion of this review, bringing total disbursements under the ECF to SDR 40.950 million. Key Policy Recommendations: • The policy mix, in particular the adjustment going forward, should come from a lower fiscal deficit rather than from a tighter monetary policy. The FY2015 fiscal deficit should be reduced to mitigate financing risks as part of a medium-term plan to restore fiscal sustainability. • The central bank should let the exchange rate adjust more to market pressures. Intervention should be parsimonious, geared at avoiding excess volatility and disorderly movements in the exchange rate; it should be guided by fundamentals in the medium term. • Progress on structural reforms (including on the energy sector and on public financial management) should catalyze more donor support and is essential for supporting growth. A possible new ECF arrangement would entrench macroeconomic stability and promote policies to generate sustained GDP growth.
Download or read book Romania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-05-11 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses recent economic developments, outlook, and risks related to the Romanian economy. Romania made important progress in addressing economic imbalances and restoring growth after the global financial crisis. Prudent policies, partly in the context of successive IMF-supported programs, reduced vulnerabilities, and the fiscal and current account deficits improved markedly. However, economic policies have weakened recently and hard-won gains are at risk of being reversed. Governance problems have received more attention recently, and Romania has made progress compared to its peers in the fight against corruption. Staff’s baseline projection is for growth to remain above potential in 2016–17.
Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2019-06-05 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Armenia’s 2019 Article IV Consultation report and request for a Stand-By Arrangement (SBA). The arrangement is intended to be precautionary. It will provide insurance against external shocks and support the authorities’ efforts to strengthen economic fundamentals and policy frameworks. It will also help effective implementation of structural reforms, particularly relating to governance and improving business climate. Discussions focused on macroeconomic and structural policies to ensure macro and fiscal sustainability, foster higher and more broad-based growth, and strengthen resilience to shocks. Supported by the upgraded fiscal rule, fiscal consolidation remains on track, and public debt has started to decline. Inflation is under control, the financial system remains stable, and pressures on the exchange rate have been limited. The authorities’ efforts are centered on advancing structural reforms to generate higher, more inclusive, and resilient growth; and strong policies to maintain macroeconomic stability.
Download or read book Dominica written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-12-20 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Dominica’s recovery from Tropical Storm Erika (August 2015) has been slower than anticipated, with output growth of 1 percent in 2016, dragged down by a storm-related decline in manufacturing. Moreover, capacity constraints and unfavorable weather slowed public investment more than anticipated. Despite ample liquidity, bank credit to the private sector remains weak, although this is in part relieved by growing lending by credit unions. Growth is projected to accelerate to above 3 percent in 2017–18 on the back of a pickup in public investment and several large-scale private projects with citizenship-by-investment and grant financing.
Download or read book Kenya written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-10-02 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context: Kenya has embarked on major reforms in line with the 2010 constitution. The new government has started the process of devolution at a fast pace, introducing a reporting framework that allows for monitoring progress and challenges. Macroeconomic stability in a market-friendly environment continues attracting the interest of foreign investors. Kenya placed its first US$2 billion Eurobond at favorable terms, with proceeds to be used to upgrade power generation and transportation. Promising commercial prospects of oil discoveries have the potential of providing significant foreign exchange and fiscal resources. Kenya is actively participating in the integration of East Africa, showing progress in reducing delays from the port of Mombasa to Kampala and Kigali. Kenyan banks export their successful business models through East Africa and other countries in the region, while complying with upgraded prudential regulations. The Central Bank of Kenya (CBK) maintains proactive financial inclusion policies that have been effective in facilitating access to credit by small and medium enterprises. Thanks to legal reforms, the Financial Action Task Force has removed Kenya from its watch list. Recent terrorist attacks and threats have raised security concerns, especially in coastal areas bordering Somalia. Outlook and policies: Growth is projected to accelerate to 5.8 percent in 2014/15 on the back of higher public and private investment and measures to improve the business environment. The 2014/15 budget aims at rebalancing recurrent and development spending. Medium-term fiscal policies intend to bring down the debt burden consistent with the East African Community Monetary Union (EAMU) Protocol convergence criteria. Inflation remains broadly in check, but rising food prices and rapid credit growth require careful monitoring by the CBK. Focus: Discussions centered on the implementation of devolution, in particular on the enforcement of accountability provisions. Some checks and balances are proving effective, such as the required Treasury approval of guarantees for county borrowing. However, a more systematic framework is needed. Staff and the authorities agreed that the scale of transfers to counties magnified government’s cash management problems that need to be addressed with the help of the recently introduced Treasury Single Account (TSA). This would also contribute to more effective monetary operations. Discussions also focused on the design of the legal framework for natural resource management aimed at ensuring consistency with public finance management provisions.
Download or read book Ukraine written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-04-04 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation shows that following a severe crisis in 2014–15, the economy of Ukraine is growing again. The flexible exchange rate and tight fiscal and monetary policies have greatly reduced internal and external imbalances. The current account deficit fell sharply, from more than 9 percent of GDP in 2013 to 3.6 percent of GDP in 2016. The overall fiscal deficit declined to 2.3 percent of GDP in 2016. Growth will remain at 2 percent in 2017 due to the impact of the blockade in the eastern part of Ukraine, but is expected to reach 3 percent in 2018 as the economy adjusts and about 3.5–4.0 percent over the medium term.
Download or read book Republic of Madagascar written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-07-02 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on Madagascar’s Request for Disbursement Under the Rapid Credit Facility (RCF). The Malagasy authorities managed to avert a macroeconomic crisis during a difficult period of political transition and economic uncertainty since 2009. However, these disruptions have constrained growth and fiscal revenue, leading to a sharp compression of public investment and social outlays. The authorities are requesting a disbursement under the RCF. They also see the RCF as a stepping stone for a possible future arrangement addressing Madagascar’s medium-term challenges and as a positive signal to development partners. The IMF staff supports the authorities’ request for a disbursement under the RCF.
Download or read book Republic of Latvia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-05-04 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2015 Article IV Consultation highlights that Latvia’s strong recovery has recently slowed in the face of sluggish growth in the euro area and deteriorating economic conditions in Russia amid rising geopolitical tensions. GDP growth decelerated to 2.4 percent in 2014 reflecting weak demand and the prolonged closure of a steel manufacturer. In 2015, the weak external environment, particularly the sharp slowdown in Russia, will continue to weigh on exports and investment. This is expected to be mitigated, but not fully offset, by higher disposable income owing to lower oil prices and robust real wages, the reopening of the steel manufacturer, and the accommodative monetary stance of the European Central Bank.
Download or read book Background Papers on The IMF and the Crises in Greece Ireland and Portugal written by Moisés J. Schwartz and published by International Monetary Fund. This book was released on 2017-06-30 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.
