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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

the pandemic and faster than envisaged integration with the GBA could contribute to stronger growth than currently envisaged, most risks point to a lower growth ( Appendix II ). Resurgent pandemic : A resurgence of the COVID-19 pandemic and associated mobility restrictions could stall Macao SAR’s recovery in the near term and prompt persistent behavioral changes (e.g., a permanent shift toward online gaming), undermining the medium-term viability of the gaming sector. Tighter regulation of the gaming industry : The proposed amendments to Macao SAR’s gaming law

International Monetary Fund. Asia and Pacific Dept

pandemic could stall Macao SAR’s near-term recovery and undermine the medium-term viability of the gaming sector. Some uncertainty remains regarding the proposed amendments to Macao’s gaming law, which in combination with the recent ban on the gaming services’ marketing in the Mainland, clouds the outlook of the gaming sector. Potential large-scale defaults in Mainland China’s real estate sector and a sudden growth slowdown in Mainland China pose risks to Macao SAR’s economy and financial system. The decline in households’ debt servicing capacity due to the pandemic

Mr. David Robinson and Mr. David Edwin Wynn Owen

chain of forward foreign currency obligations also unraveled. Many nonresidents had purchased forward foreign currency contracts and options from larger banks, which, in turn, had hedged their exposure with smaller banks and with enterprises. These hedges were, however, of dubious quality and their legal status was particularly weak. Under Russian law, forward contracts entered into in Russia are governed by Russian gaming laws that provide limited opportunities for creditors seeking to enforce collections. On the other hand, the obligations of the larger banks to

International Monetary Fund. Asia and Pacific Dept

, debit tax, customs duties, ports and airport levy, Sri Lanka Export Development Act levies, Betting and Gaming laws, and labor laws) to qualified businesses. A benchmarking exercise is currently underway with support from international consulting companies, which would inform the design of the regulatory framework. 3. The immediate economic impact of the Port City project depends on project implementation . The Port City is a long-term project with most its benefits expected to be realized at later operational stages, as the City is projected to contribute about $13

International Monetary Fund. Asia and Pacific Dept
COVID-19 severely hit the economy, causing a loss of tourism receipts and necessitating several strict lockdowns. Pre-pandemic tax cuts and the impact of COVID-19 led to fiscal deficits larger than 10 percent of GDP in 2020 and 2021 and a rapid increase in public debt to 119 percent of GDP in 2021. Sri Lanka’s access to international capital markets was lost in 2020, prompting a decline of international reserves to critically low levels and large-scale direct lending to the government by the Central Bank of Sri Lanka (CBSL). External debt repayments and a widening current account deficit have led to foreign exchange (FX) shortages, while the official exchange rate has been de facto fixed since April 2021. Inflation is on the rise, reaching double digits in December 2021, reflecting imported inflation, supply shocks, and a pickup in domestic demand amid loose monetary policy.
International Monetary Fund
This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled to strengthen the competitiveness and help the country integrate into the euro area. Finally, Greece has specified the policies necessary to overcome recent inertia and deliver program objectives, and a memorandum of financial and economic policies is discussed.
International Monetary Fund

This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled to strengthen the competitiveness and help the country integrate into the euro area. Finally, Greece has specified the policies necessary to overcome recent inertia and deliver program objectives, and a memorandum of financial and economic policies is discussed.

International Monetary Fund
This paper presents Mexico’s detailed assessment report on antimoney laundering and combating the financing of terrorism. Powerful drug cartels, resorting to extreme violence, have extended their activities across various parts of the country, and these activities pose significant challenges to the government. This situation reflects the magnitude of financial and economic resources and power at the disposal of drug cartels and organized crime. The authorities have taken a number of measures to counter the significant money laundering risks connected with drug trafficking, organized crime, and related offenses.
International Monetary Fund

more than five such casinos are normally authorized, and only one was authorized in 2007 (San Marcos). 90. The Ministry of Interior undertakes a fit and proper review of the applicants every year. Based on its general powers under the Regulations of the Gaming Law, the Ministry has recently imposed a contractual obligation on permit holders to keep an accurate registry of the identity of their customers in order to determine whose bets, in light of the amount of such bets, raise the suspicion that transactions with illicit resources are being conducted. The most