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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Republic of North Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on challenges and policies regarding climate change in the Republic of North Macedonia. A scale-up of private and public investments, along with decommission of old and polluting coal-based power plants, is needed to adapt to climate change and meet emissions targets as part of the green transition. The EU-Carbon Border Adjustment Mechanism (EU-CBAM) from 2026 will affect North Macedonia, and the authorities should consider a gradual introduction of carbon taxation to prepare for the EU-CBAM, as also envisioned in existing legislation. The introduction of the EU CBAM will influence North Macedonia’s exports to the EU negatively, as well as revenue collected, as part of the EU CBAM will be foregone revenue for North Macedonia. Instead, North Macedonia should consider a form of carbon taxation, as also envisioned in existing legislation, to collect the revenue by the state, as well as recycle part of this to mitigate the impact of the carbon tax and further support the green transition.
Keywords:
interest rate pass-through; long term interest rates pass-through; interest rate transmission; climate policy agenda; productivity competition; Total factor productivity; Productivity; Central bank policy rate; Climate change; Electricity; Europe; Global
Cover IMF Staff Country Reports
Albania: 2023 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that the Albanian economy has shown remarkable resilience in the face of consecutive shocks. Returning inflation to target will likely require some further increases in the policy rate. The rising role of tourism has boosted confidence in the country’s prospects, a factor partly reflected in the steady appreciation of the lek. Elevated gross financing needs and a moderate debt level call for a credible consolidation starting in 2024 and anchored by a sound Medium-Term Revenue Strategy. Revenue measures should be accompanied by spending reallocation to greater outlays on climate adaptation, and education. Further progress in fiscal structural reforms will strengthen the management of public finances, investment, and fiscal risks. With real rates negative and below neutral, there is scope to further increase policy rates to ensure inflation converges to target by early 2025, but high uncertainty calls for a flexible and data-driven approach to policy settings. Supply-side policies that tackle corruption develop and retain human capital, boost female labor force participation and close infrastructure gaps would amplify gains from sound and prudent policies and bolster long-term growth.
Keywords:
policy rate increase; headline inflation; liability positions vis-à-vis nonresident; budgetary funds; EU accession prospect; foreign currency; General government operation; Currencies; Global; Europe
Cover IMF Staff Country Reports
Albania: Technical Assistance Report—Investment Funds and Interconnectedness Risks
International Monetary Fund. Monetary and Capital Markets Department
This paper presents the technical assistance report on investment funds and interconnectedness risks in Albania. The fund sector has been expanding and remains highly concentrated. Interconnectedness between funds and the rest of the financial system is limited. On the liability side, retail investors mainly hold fund shares, and institutional investors play a minor role. On the asset side, funds do not have significant direct exposures to securities issued by financial entities. Exposures to the sovereign market are the main risk transmission channel between funds and the rest of the financial system, given the lack of liquidity of domestic sovereign bonds. The review recommends that Albanian Financial Services Authority (AFSA) should enhance its risk monitoring of the fund sector and its interlinkages with the rest of the financial system. The review recommends that AFSA consider expanding the range of Liquidity Management Tools available to funds. The current regulatory framework only foresees suspension of redemptions, while other tools could be used to mitigate the risk of destabilizing redemptions.
Keywords:
fund sector; fund assets; fund share; fund manager; funds portfolio; Sovereign bonds; Securities markets; Stress testing; Corporate bonds
Cover IMF Staff Country Reports
Albania: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
copyright page; role of Albania; adaption measure; natural disasters in Albania; Albania NDC; Climate change; Natural disasters; Greenhouse gas emissions; Infrastructure; Global
Cover IMF Staff Country Reports
Albania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Past efforts to build policy buffers and a broadly appropriate macroeconomic policy mix during 2020–21 have helped Albania withstand the impact of consecutive shocks since 2019. Growth is expected to remain solid in 2022 before decelerating in 2023, and inflation is projected to return to the central bank’s target only in 2024. There is considerable uncertainty. Risks to growth are tilted to the downside and risks to inflation are to the upside.
Keywords:
inflation expectation; monetary policy decision; monetary policy transmission mechanism; policy buffer; policy advice; Inflation; Global; Europe