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You are looking at 1 - 10 of 38 items for :

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Cover IMF Staff Country Reports
Republic of Fiji: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
International Monetary Fund. Asia and Pacific Dept
Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.
Keywords:
government document; Fiji authorities; revenue profile; money market rate; CPI data; COVID-19; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Nauru: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru
International Monetary Fund. Asia and Pacific Dept
Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru’s remoteness and size constrain potential growth and it is severely exposed to the negative effects of climate change on sea levels and the ocean stock of tuna. Development challenges are exacerbated by limited capacity and a high incidence of non-communicable diseases (NCDs).
Keywords:
TA GFS mission; Nauru agency; ESS TA mission; agency arrangement; authorities in Nauru; COVID-19; Anti-money laundering and combating the financing of terrorism (AML/CFT); Pacific Islands; Australia and New Zealand; Global
Cover IMF Staff Country Reports
Samoa: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This paper discusses Samoa’s Request for Disbursement Under the Rapid Credit Facility. Samoa has shown resilience to multiple past economic shocks, underpinned by the authorities’ strong commitment to support the economy, and financial assistance provided by the international community. The global coronavirus disease 2019 pandemic has exacerbated the impact of the measles outbreak of late-2019 on Samoa’s economy. The border closure, combined with a sudden stop of tourist arrivals and decline in remittances, has led to a precipitous fall in two vital sources of foreign earnings and resulted in an urgent balance of payments need. Beyond the immediate response, the authorities will continue to implement structural reforms, with policies appropriately balanced between safeguarding debt sustainability and promoting economic growth. They also need to continue their efforts to enhance spending efficiency, strengthen social protection programs and safety nets, further improve tax administration, strengthen public financial management, and safeguard financial stability. Addressing vulnerability to climate change remains a key medium-term challenge to create a fiscal buffer.
Keywords:
ISCR; CR; remittance inflow; IMF financing support; fund Support; response package; Samoan authorities; IMF disbursement; Credit; COVID-19; Balance of payments need; Loans; Global; Australia and New Zealand
Cover Departmental Papers
Policy Advice to Asia in the COVID-19 Era
Changyong Rhee and Katsiaryna Svirydzenka
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Keywords:
Policy Advice; Pandemic; Asia; DPPP; DP; containment measure; potential GDP; sample firm; illiquid firm; investment regression; nonfinancial firm; nonviable firm; rising debt; COVID-19; Yield curve; Central bank policy rate; Sovereign bonds; Global; Asia and Pacific; South Asia; Pacific Islands; Australia and New Zealand
Cover IMF Survey
IMF Survey, Volume 33, Issue 22
International Monetary Fund. External Relations Dept.
Higher oil prices, a rising euro, and softer global demand are beginning to take their toll on Europe’s brittle economic upturn. Will the euro area’s two largest economies, Germany and France, be able to sustain their recoveries without losing sight of the pressing goals of fiscal consolidation and comprehensive structural reforms? Alessandro Leipold, mission chief for France and Deputy Director of the IMF’s European Department, and Ajai Chopra, mission chief for Germany and Senior Advisor, talk with Conny Lotze of the IMF Survey about recent developments and how the two countries can meet the challenges ahead.
Keywords:
SV; IMF publications catalog; IMF S; IMF's website; database; IMF-World Bank Staff Advisory Note; Medium-Term Growth Projections Be Improved; IMF survey; IMF publication service; Medium-Term growth projection; HIV and AIDS; Labor policy; Reserve positions; Trading arrangements; Europe; Global; Middle East; Australia and New Zealand; Africa; North Africa; South Asia; Sub-Saharan Africa
Cover IMF Staff Country Reports
Samoa: Request for Disbursement under the Rapid Credit Facility—Press Release; Staff Report; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept

-19 pandemic . The financing provided by the Fund is expected to catalyze support from other development partners (details below) through additional grants and concessional loans. Escalation of the Global COVID-19 Pandemic Will Exacerbate the Downturn in Samoa Sources: Based on various announcements by the governments of Samoa, Australia, and New Zealand, and WHO. Background: A Sea Change in the Global Economy A. Prior to the Global Coronavirus (COVID-19) Outbreak 3. The Samoan economy continued to grow strongly in 2019:Q3, experienced a

Keywords:
ISCR; CR; remittance inflow; IMF financing support; fund Support; response package; Samoan authorities; IMF disbursement; Credit; COVID-19; Balance of payments need; Loans; Global; Australia and New Zealand; stimulus package; net credit; financing needs; net use; external shock; Budget planning and preparation; finan