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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Ukraine’s Fifth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-June quantitative performance criteria and completed four structural benchmarks. Looking ahead, the recovery is expected to slow amid headwinds from the impact of the attacks on energy infrastructure and the continuing war, while risks to the outlook remain exceptionally high. Preparedness is necessary to enable appropriate policy action should risks materialize. Continued exchange rate flexibility under the managed exchange rate regime will help strengthen the resilience of the economy to external shocks. Sustained reform momentum, domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and enhance institutional reforms.
Keywords:
downside Scenario financing gap; IMF staff estimate; C. financing Needs; budget financing needs; baseline scenario financing gap; authorities' intention; Debt sustainability; Budget planning and preparation; Sovereign bonds; International reserves; Europe
Cover IMF Staff Country Reports
Vietnam: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper overviews the different tools employed by the State Bank of Vietnam (SBV) and empirically analyzes the monetary policy transmission mechanism, comparing the effects from different SBV rate shocks. The results presented in this chapter indicate that the monetary policy’s interest rate channel affects main financial variables, but there are other factors in the transmission that curtail its effectiveness. In contrast, the transmission to inflation or industrial production is found to be generally weak, with only the combined repo/SBV bill rates generating a statistically significant effect. These findings stress the importance of modernizing SBV’s monetary policy framework to strengthen its transmission mechanism and better achieve its goals. Most central banks usually have one main policy rate employed to achieve one main objective and conduct open market operations to make the policy rate effective throughout the economy. Achieving this, along with a clear communication strategy that it is easy to understand would supply the SBV with a stronger monetary policy framework and greater ability to weather future eventual shocks.
Keywords:
sovereign bond market; Vietnam's government bond bond market; government bond market; Policy trade-off; market size; Sovereign bonds; Currency markets; Central bank policy rate; Securities markets; Inflation; Global; Southeast Asia