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International Monetary Fund. Fiscal Affairs Dept.

Abstract

Without substantial mitigation of greenhouse gas emissions, global temperatures are projected to rise by around 4°C above preindustrial levels by 2100 (they have already increased by 1°C since 1900).1 Global warming causes major damage to the global economy and the natural world and engenders risks of catastrophic and irreversible outcomes such as rising sea levels, extreme weather events (already more frequent) leading to loss of life, and the possibility of much higher warming scenarios.2 Carbon dioxide (CO2) emissions from fossil fuel combustion account for a dominant (63 percent) and growing share of global greenhouse gas emissions and are the most immediately practical to control (Figure 1.1, panel 1).3 Policy action is thus urgently needed to curtail emissions. The longer that action is delayed, the greater the accumulation in the atmosphere, and the more abrupt and costly will be the necessary action to stabilize global temperatures.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

International Monetary Fund. Middle East and Central Asia Dept.

telecommunication sector. Policy and Reform Agenda Going Forward Djibouti’s economic prospects remain favorable. However, the authorities are fully cognizant of the downside risks that threaten the outlook, notably related to debt overhang, regional geo-political tensions, escalating international trade disputes and a slowdown of growth in the main trading partners. To hedge against these risks, our authorities are determined to tackle debt vulnerabilities and preserve macroeconomic and financial stability while creating fiscal space for poverty-reducing spending and

International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

creditors in tackling debt vulnerabilities. D. Resource Implications 47. The surge in demand for concessional financing has created a substantial resource gap for the PRGT . Credit outstanding, which had been relatively stable at around SDR 6 billion over the last decade, doubled in 2020, to SDR 12.5 billion. Demand is expected to remain high in the near term, with PRGT credit outstanding projected to increase to around SDR 16–20 billion in 2024 under current policies. The fast-track PRGT loan mobilization campaign launched in April 2020 has secured SDR 16

International Monetary Fund. African Dept.

, and trade taxes and further work in strengthening tax administration. The authorities are also making preparations to institute a property tax: work to build up a fiscal cadaster is ongoing. Consistent with staff advice to streamline tax incentive, a measure to reduce the number of institutions able to grant tax incentives was taken to control growing tax expenditures. Despite these efforts, the tax revenue performance has not been encouraging, and efforts should be further intensified. 2. Tackling debt vulnerabilities, enhancing the governance of SOEs, and

International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The Fund introduced two main sets of temporary adjustments to its lending frameworks in the early months of the pandemic: (i) increases in the limits on access to its emergency financing instruments (April 2020) and (ii) increases in the annual limits on access to financing from both its general and concessional financing facilities (July 2020).
International Monetary Fund. Asia and Pacific Dept

2016 Article IV Report Staff Recommendations in 2016 Article IV Report Announced Reform Measures since July 2016 Date A. Tackling The Corporate Debt • High-level decision with coordinated action of all involved public agencies to tackle debt vulnerabilities. • A joint-ministerial committee led by NDRC was established to oversee and coordinate the reforms on deleveraging. Oct 2016 • Harden budget constraints by removing implicit guarantees and better pricing of risks. • A small number of SOEs were allowed to enter

International Monetary Fund. Research Dept.

-axis, and the value for the preceding five years is shown on the x -axis. Easing financial constraints of struggling countries and tackling debt vulnerabilities : The months of health emergency and subdued global economic activity have entailed substantial public finance interventions, stretching budgets and posing enormous challenges to countries that entered the pandemic with already-limited fiscal space. The IMF has stepped in by providing more than $110 billion in new financing to 86 countries since the early phases of the pandemic. A further boost to

International Monetary Fund. African Dept.
This paper presents 2019 Article IV Consultation with the Republic of Ethiopia and its Requests for Three-Year Arrangement Under the Extended Credit Facility and an Arrangement Under the Extended Fund Facility. Ethiopia has enjoyed strong growth for over a decade, which has reduced poverty and raised living standards. However, the public investment-driven growth model has reached its limits. The authorities have announced a Homegrown Economic Reform Plan, consisting of a mix of macroeconomic, structural and sectoral policies, to address vulnerabilities and tackle structural bottlenecks inhibiting private sector activity. Over the medium term, macroeconomic and structural reforms announced by the authorities are expected to lead to a reduction in public debt, lower external vulnerabilities, and stronger growth, investment and exports. The risks to the outlook are tilted to the downside. Domestic opposition to reforms ahead of the upcoming elections could increase investor uncertainty and weigh on investment and growth. External risks stem from rising protectionism and weaker than expected global growth as well as climate-related shocks.
International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation with Djibouti discusses that large-scale infrastructure investments and a rapid expansion of trade and logistics activities have fueled strong growth in recent years. The government has in recent years implemented large-scale investments to develop transport and logistics infrastructures. Combined with business climate reforms, this development strategy has fueled strong growth and positioned Djibouti well to become a regional trade and logistics hub. The IMF staff’s baseline projections assume a significant reduction in debt financed public investment. Growth is nonetheless projected to remain strong, driven by the rapid expansion in Ethiopia’s trade and a pickup in private investment. Fostering higher and inclusive growth and bolstering the external position require addressing impediments to private sector investment and improving external competitiveness. Critical reforms include further enhancing the business environment, promoting competition, and improving the governance and efficiency of public enterprises to lower factor costs, particularly in the telecommunications and electricity sectors.