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Johanna Tiedemann, Veronica Piatkov, Dinar Prihardini, Juan Carlos Benitez, and Ms. Aleksandra Zdzienicka
Small Developing States (SDS) face substantial challenges in achieving sustainable development. Many of these challenges relate to the small size and limited diversification of their economies. SDS are also among the most vulnerable countries to the impact of climate change and natural disasters. Meeting SDS sustainable development goals goes hand-in-hand with building their climate resilience. But the additional costs to meet development and resilience objectives are substantial and difficult to finance. This work adapts the IMF SDG Costing methodology to capture the unique characteristics and challenges of climate-vulnerable SDS. It also zooms into financing options, estimating domestic tax potential and discussing the possibility of accessing ‘climate funds.’
Mr. Krishna Srinivasan, Ms. Inci Ötker, Ms. Uma Ramakrishnan, and Mr. Trevor Serge Coleridge Alleyne

; and the presence of relatively higher-risk businesses such as money or value transfer services, payment settlement services, offshore sectors, or gaming, especially those businesses lacking physical presence ( IMF 2017 ). Various characteristics of the Caribbean economies make them more vulnerable to perceptions of potential AML/CFT risks. For example, many Caribbean countries tend to transact a higher-than-average volume of remittances per capita (see Figure 12.1 ). Money or value transfer services can be a channel through which banks face exposure to AML

Johanna Tiedemann, Veronica Piatkov, Dinar Prihardini, Juan Carlos Benitez, Ms. Aleksandra Zdzienicka, and Mr. James Daniel

readiness and social readiness to deal with climate vulnerabilities. Higher scores indicate higher vulnerabilities and better readiness. LIDCs: low-income developing countries; EMs: emerging market economies; AEs: advanced economies; SDS: small developing states in our sample. See annex 1 and 4 for more details. Many SDS face exposure to both the short- and long-term effects of climate change impacts and geo-meteorological hazards ( Annex 2 ). These events, such as storms, cyclones/typhoons or earthquakes, can occur frequently and, often, with high severity effects

Mr. Trevor Serge Coleridge Alleyne, Mr. Jacques Bouhga-Hagbe, Mr. Thomas Dowling, Dmitriy Kovtun, Ms. Alla Myrvoda, Mr. Joel Chiedu Okwuokei, and Mr. Jarkko Turunen

; and the presence of relatively higher risk businesses, such as money or value transfer services, payment settlement services, offshore sectors or gaming, especially those with a lack of a physical presence ( IMF, 2017 ). 17. Various characteristics of the Caribbean economies make them more vulnerable to perceptions of potential AML/CFT risks . For example, many Caribbean countries tend to transact a higher than average volume of remittances per capita ( Figure 1 ). Money or value transfer services can be a channel through which banks face exposure to AML

International Monetary Fund. African Dept.

Financial Stability 24. The introduction of the RTGS$ raises several challenges for the banking sector . While reported financial soundness indicators ( Table 5 and Figure 5 ) suggest banks were solvent and liquid at end-2018, risks have increased. Following the currency conversion, banks with large net open foreign exchange positions (NOP) face reductions in their capital base. Banks holding long-maturity, fixed-interest rate Treasury bills could also face exposure to potential maturity mismatch relative to their liabilities. Table 5. Zimbabwe: Financial

Patrick A. Imam and Rainer Koehler

authorities. When comparing bank long-term assets and long-term liabilities, there is limited maturity mismatch, suggesting that asset–liability are well matched at the long end (right chart, Figure 13 ). In terms of the net aggregate short-term and long-term positions of banks (bottom chart, Figure 13 ), total deposits outweigh assets by a substantial margin, which suggests that banks face exposure to interest rate risks and rollover risks. To recap, Mauritius’ short-term foreign-currency liquidity position (maturity mismatch) has continued to improve gradually

International Monetary Fund

should only be minimally screened for quality but should be screened by the External Relations Department, with the assistance of the department where the Working Paper originated, prior to release for confidentiality issues and problematic language. Recommendation 17: Create a new vehicle for nonsenior staff to make presentations to Management and the Executive Board . 179. The Executive Board should have more face-to-face exposure to good Fund research. We recommend that periodically, perhaps four times a year, a Board meeting be scheduled at which staff make

Patrick A. Imam and Rainer Koehler
After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and maturity mismatches have fallen across various sectors, and the intersectoral risks to each analyzed sector’s balance sheet appear controllable. The government has implemented reforms in recent years that have contributed to general improvement in the balance sheet of the Mauritian economy and its subsectors. We conclude that from a BSA perspective, the macroeconomic vulnerabilities of Mauritius seem manageable, though vulnerabilities remain, and data gaps mean that more work will be needed to support these findings.
Mr. Trevor Serge Coleridge Alleyne, Mr. Jacques Bouhga-Hagbe, Mr. Thomas Dowling, Dmitriy Kovtun, Ms. Alla Myrvoda, Mr. Joel Chiedu Okwuokei, and Mr. Jarkko Turunen
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
Mr. Robert M Heath
The System of National Accounts 1993 (1993 SNA) provided new standards for the statistical treatment of financial derivatives. Subsequently, financial derivative markets have evolved, and there have been requests from national statisticians for clarification and amplification of the recommendations in the 1993 SNA and the fifth edition of the IMF’s Balance of Payments Manual (BPM5). Meeting this need is the main purpose of this working paper. Its recommendations have been widely discussed in international meetings and have been approved by bodies that effect changes in the 1993 SNA and BPM5.