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International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper provides the basis for the quinquennial review by the Executive Board of the method of valuation of the Special Drawing Right (SDR). The review covers the composition and weighting of the SDR currency basket, and the financial instruments used to determine the SDR interest rate. In the five-year period for this review (2017‒21), developments in key variables relevant for the SDR valuation suggest that there have been no major changes in the roles of currencies in the world economy. The countries and the currency union (euro area) whose currencies are currently included in the SDR basket remain the five largest exporters and their currencies continue to account for the majority of international financial transactions. Moreover, staff analysis finds that the COVID-19 pandemic and recent fintech developments have no systematic or material impact on the SDR valuation. The paper proposes to maintain the current composition of the SDR currency and interest rate baskets, as well as the method for determining the currency weights and currency amounts in the basket. In line with the Board-approved methodology, the paper proposes updated weights for the currencies in the SDR basket. These maintain the same ranking of the initial weights set in the 2015 review, with slightly higher weights for the U.S. dollar and the Chinese renminbi and, accordingly, somewhat lower weights for the British pound, the euro, and the Japanese yen. The paper also proposes to make explicit the treatment of data gaps in the SDR valuation framework. Findings from a survey of SDR department participants and prescribed holders are used to follow up on operational issues raised in earlier valuation reviews. The new SDR valuation and interest rate baskets are proposed to come into effect on August 1, 2022 for a period of five years.
International Monetary Fund. Asia and Pacific Dept

IMF Country Report No. 22/120

International Monetary Fund. Asia and Pacific Dept

IMF Country Report No. 22/121

International Monetary Fund. Asia and Pacific Dept
Macao SAR’s recovery is expected to continue in 2022, but it will take several years before the economy returns to its pre-crisis level. Although strong fiscal support and the financial strength of Macao SAR’s casino groups cushioned employment and consumption, the sharp contraction in activity exposed Macao SAR’s vulnerability to external forces affecting the inflow of tourists. Short-term risks to the outlook include a re-intensification of the COVID-19 pandemic and an increase in Macao SAR’s financial sector stress. The heavy impact of the pandemic on Macao SAR’s growth highlights the need to diversify the economy beyond the gaming industry. The high exposure to climate-related shocks poses long-term concerns.
International Monetary Fund. Asia and Pacific Dept

1. Macao SAR has been hit hard by the COVID-19 crisis, but the strong policy response helped contain the spread of the virus and soften its economic impact.1 Strict containment and border control measures helped preserve people’s health and safety. Macao SAR has reported only 79 confirmed COVID-19 cases and no deaths as of February 15, 2022. Deploying its large fiscal reserves, the government helped stabilize employment and consumption with fiscal stimulus amounting to about 12 percent of GDP in 2020–21.

International Monetary Fund. Asia and Pacific Dept

This chapter evaluates whether Macao SAR’s current labor market meets the skills demand of the four sectors targeted by the government’s diversification strategy. Analysis based on the overall and sectoral occupational composition suggests that sectors targeted by the government’s diversification strategy demand high-skilled labor, while Macao SAR’s current labor market mainly comprises low and middle-skill-requiring occupations. This indicates a need for skill upgrading to bridge skill gaps. Further estimates show that overcoming the skills mismatch to achieve occupational labor mobility is costly and takes time. These findings underscore the need for Macao SAR to undertake labor market reform to nurture and attract talents.

International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of “A Strategy for IMF Engagement on Social Spending.”