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Cover Staff Climate Notes
Climate Change and Select Financial Instruments: An Overview of Opportunities and Challenges for Sub-Saharan Africa
Anna Belianska, Nadja Bohme, Kailhao Cai, Yoro Diallo, Saanya Jain, Mr. Giovanni Melina, Ms. Pritha Mitra, Mr. Marcos Poplawski Ribeiro, and Solo Zerbo

’s link with the country’s climate or development strategy, where high impact projects are often preferred. SSA authorities and other SSA climate finance recipients are often familiar with the requirements of international agencies and institutions as well as MDBs and bilateral agencies. This is the result of several decades of working with these financing providers on broader economic development projects. Consequently, even when a government may need to adopt new processes or procedures (including in project development and implementation)—especially as

Keywords:
bond issuance; SSA financing; SSA project; SSA authority; SSA-issued credit
Cover 2020-007-A001-en
2020-007-A001-en

, the prevalence of hard-to-model idiosyncratic shocks (for example, governance slippages), and a lower degree of banking system sophistication that may have given the impression of limited vulnerabilities. Even so, with the global financial crisis affecting SSA economies and banking systems, SSA authorities have increasingly embraced stress testing as an essen- tial tool to assess banking sector resilience and frequently report stress test outcomes to the public, for example, in financial stability reports (FSRs). This paper takes stock of the evolving stress

Cover Departmental Papers
Stress Testing in Sub-Saharan Africa: Practices, Communications, and Capacity Development
Mindaugas Leika, Hector Perez-Saiz, Ms. Olga Ilinichna Stankova, and Torsten Wezel
The paper finds that supervisory stress tests are conducted in more than half of sub-Saharan African countries, particularly in western and southern Africa, and that the number of individual stress tests has grown exponentially since the early 2010s. By contrast, few central banks publish assessments of macro-financial linkages; the focus leans more toward discussing trends and weaknesses within the financial sector than on outside risks that may negatively affect its performance.
Keywords:
DPPP; DP; risk; financial risk; bank; market; process; liquidity risk; market risk; interest rate; macro-financial risk assessment; risk analysis; Stress testing; Financial sector stability; Communications in revenue administration; Credit risk; Commercial banks; Africa; Sub-Saharan Africa; Global; stress test result; risk weight; IMF TA; banking sector risk; bank supervisor; concentration risk; banking risk; macro-financial risk analysis; asset concentration risk; risk driver
Cover IMF Working Papers
Fiscal Policy Implementation in Sub-Saharan Africa
Victor Duarte Lledo and Mr. Marcos Poplawski Ribeiro
This paper investigates economic, political, and institutional constraints to fiscal policy implementation in sub-saharan Africa. We find that planned fiscal adjustments or expansions are less likely to be implemented the larger they are, the more inaccurate the growth forecasts they are based on, the more fragile the regulatory system in the country, and the weaker the institutions framing the design, approval, and execution of the budget. The findings support ongoing efforts in the region to improve the quality and timeliness of economic data; enhance forecasting capacity; adopt realistic fiscal plans; and strengthen governance, budgetary institutions, and public financial management procedures.
Keywords:
WP; implementation gap; null hypothesis; SSA country; absolute value; fiscal policy; policy implementation; budget institutions; sub-Saharan Africa; fiscal policy implementation; terms of trade; SSA authorities; SSA budget; revenues spread; fiscal policy implementation gap; revenue shortfall; procedure indices; fiscal policy implementation model; expenditure implementation gap; budget procedure; Estimation techniques; Budget planning and preparation; Budget execution and treasury management; Tax gap; Africa
Cover Departmental Papers
Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis
Luc Eyraud, Irina Bunda, Jehann Jack, Mr. Tarak Jardak, Rasmané Ouedraogo, Zhangrui Wang, and Torsten Wezel
Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.
Keywords:
Nonperforming loans; credit risk; banking sector; Africa; Covid-19; default (finance); NPL ratio; resolution strategy; reduction target; NPL portfolio; ratios in SSA country; NPL write-off; removing legacy NPL; management strategy; Loans; Credit; Distressed assets; Financial soundness indicators; Sub-Saharan Africa; South Asia; West Africa
Cover Departmental Papers
Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis
Luc Eyraud, Irina Bunda, Jehann Jack, Mr. Tarak Jardak, Rasmané Ouedraogo, Zhangrui Wang, and Torsten Wezel
Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.
Keywords:
Nonperforming loans; credit risk; banking sector; Africa; Covid-19; default (finance); NPL ratio; resolution strategy; reduction target; NPL portfolio; ratios in SSA country; NPL write-off; removing legacy NPL; management strategy; Loans; Credit; Distressed assets; Financial soundness indicators; Sub-Saharan Africa; South Asia; West Africa
Cover Staff Climate Notes
Climate Change and Select Financial Instruments: An Overview of Opportunities and Challenges for Sub-Saharan Africa
Anna Belianska, Nadja Bohme, Kailhao Cai, Yoro Diallo, Saanya Jain, Mr. Giovanni Melina, Ms. Pritha Mitra, Mr. Marcos Poplawski Ribeiro, and Solo Zerbo
Sub-Saharan Africa (SSA) is the region in the world most vulnerable to climate change despite its cumulatively emitting the least amount of greenhouse gases. Substantial financing is urgently needed across the economy—for governments, businesses, and households—to support climate change adaptation and mitigation, which are critical for advancing resilient and green economic development as well as meeting commitments under the Paris Agreement. Given the immensity of SSA’s other development needs, this financing must be in addition to existing commitments on development finance. There are many potential ways to raise financing to meet adaptation and mitigation needs, spanning from domestic revenue mobilization to various forms of international private financing. Against this backdrop, S SA policymakers and stakeholders are exploring sources of financing for climate action that countries may not have used substantially in the past. This Staff Climate Note presents some basic information on opportunities and challenges associated with these financing instruments.
Keywords:
Climate finance; sub-Saharan Africa; climate change; mitigation; adaptation; concessional finance; green bonds; blue bonds; sustainability bonds; debt for climate swaps; carbon credits; climate insurance; climate funds; forest conservation; green development; IMF staff Climate note; IMF staff Climate Note 2022/009; solo Zerbo; SSA policymaker; SSA government; crowding out SSA project; Climate policy; Greenhouse gas emissions; Insurance; Global; Africa
Cover Departmental Papers
Macroeconomic Research in Low-income Countries: Advances Made in Five Key Areas Through a DFID-IMF Collaboration
Hites Ahir, Hendre Garbers, Mattia Coppo, Mr. Giovanni Melina, Mr. Futoshi Narita, Ms. Filiz D Unsal, Vivian Malta, Xin Tang, Daniel Gurara, Luis-Felipe Zanna, Linda G. Venable, Mr. Kangni R Kpodar, and Mr. Chris Papageorgiou
Despite strong economic growth since 2000, many low-income countries (LICs) still face numerous macroeconomic challenges, even prior to the COVID-19 pandemic. Despite the deceleration in real GDP growth during the 2008 global financial crisis, LICs on average saw 4.5 percent of real GDP growth during 2000 to 2014, making progress in economic convergence toward higher-income countries. However, the commodity price collapse in 2014–15 hit many commodity-exporting LICs and highlighted their vulnerabilities due to the limited extent of economic diversification. Furthermore, LICs are currently facing a crisis like no other—COVID-19, which requires careful policymaking to save lives and livelihoods in LICs, informed by policy debate and thoughtful research tailored to the COVID-19 situation. There are also other challenges beyond COVID-19, such as climate change, high levels of public debt burdens, and persistent structural issues.
Keywords:
Low-income-countries; Investments; Monetary policy; DPPP; DP; transmission mechanism; exchange rate; IMF economist; interest rate; LIC economy; rate of return; credit entry; IMF country team; IMF gender portal; monetary policy formulation; DFID-IMF monetary policy agenda; LICS face; Public investment spending; Income inequality; Gender inequality; Income; Global; Sub-Saharan Africa
Cover Departmental Papers
Stress Testing in Sub-Saharan Africa: Practices, Communications, and Capacity Development
Mindaugas Leika, Hector Perez-Saiz, Ms. Olga Ilinichna Stankova, and Torsten Wezel

constraints, the prevalence of hard-to-model idiosyncratic shocks (for example, governance slippages), and a lower degree of banking system sophistication that may have given the impression of limited vulnerabilities. Even so, with the global financial crisis affecting SSA economies and banking systems, SSA authorities have increasingly embraced stress testing as an essential tool to assess banking sector resilience and frequently report stress test outcomes to the public, for example, in financial stability reports (FSRs). This paper takes stock of the evolving stress

Keywords:
DPPP; DP; risk; financial risk; bank; market; process; liquidity risk; market risk; interest rate; macro-financial risk assessment; risk analysis; Stress testing; Financial sector stability; Communications in revenue administration; Credit risk; Commercial banks; Africa; Sub-Saharan Africa; Global
Cover Departmental Papers