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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Zimbabwe: Change in Representative Rate
International Monetary Fund. Finance Dept.
This paper focuses on change in representative rate in Zimbabwe. Zimbabwe introduced the Zimbabwe Gold in April 2024, replacing the Zimbabwe dollar. In accordance with IMF Article IV, Section 2(a), regarding the obligations of members to notify the IMF of their exchange arrangements, Zimbabwe informed the IMF on April 29, 2024 of the introduction of a new currency called the Zimbabwe Gold. The procedure to establish the representative rate for the Zimbabwe dollar was established in December 2019. The representative rate is used to value the Fund’s holdings of Zimbabwe’s currency in terms of the SDR. This rate is the midpoint between the buying and selling rates against the U.S. dollar as reported by the Reserve Bank of Zimbabwe. With the introduction of the Zimbabwe Gold, a new representative rate is proposed, following consultation with the Zimbabwean authorities. The IMF finds, after consultation with the authorities of Zimbabwe, that the representative exchange rate for the Zimbabwe Gold is the midpoint (average) between the buying and selling rates against the U.S. dollar as reported by the Reserve Bank of Zimbabwe.
Keywords:
representative rate; Zimbabwe dollar; copyright page; capital markets department; reserve bank of Zimbabwe; Gold; Currencies
Cover IMF Staff Country Reports
Chile: Request for an Arrangement under the Flexible Credit Line and Cancellation of the Current Arrangement-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Chile’s Request for an Arrangement under the Flexible Credit Line (FCL) and Cancellation of the Current Arrangement. The imbalances built during the pandemic have been largely resolved shifting priorities to supporting stronger, more inclusive and greener medium-term growth. The near-term outlook has improved, primarily due to higher copper prices and prospects for increased lithium production. Chile qualifies for the FCL by virtue of its very strong economic fundamentals and institutional policy frameworks, and sustained track record of very strong macroeconomic policies. In the context of the still elevated external risks and a stronger near-term baseline outlook, the authorities have requested a reduction in access. They are committed to gradually lowering access depending on external risk developments and intend to continue treating the arrangement as precautionary. The proposed new commitment and cancellation of the current arrangement would have a net positive impact on the IMF’s liquidity position.
Keywords:
FCL arrangement; July monetary policy meeting; gross international reserves; policy rate cut; inflation pressure; Credit; Debt service; Metal prices; Global; Western Hemisphere
Cover IMF Staff Country Reports
Chile: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Chile’s Review under the Flexible Credit Line (FCL) Arrangement. Chile continues to qualify for the FCL by virtue of its very strong economic fundamentals and institutional policy frameworks, and sustained record of accomplishment of very strong macroeconomic policies. In view of the still elevated external risks, the authorities have expressed a desire to maintain the current level of access and are committed to gradually exit the arrangement conditional on the evolution of external risks. The authorities intend to continue to treat the arrangement as precautionary. External downside risks remain tied to a possible abrupt global slowdown and sharply tighter global financial conditions. Domestic risks relate particularly to potential discontent from unmet social demands and deterioration in security as well as uncertainty related to the health care sector. The FCL has provided a valuable buffer against tail risks and boosted market confidence by reinforcing Chile’s policy and institutional strengths.
Keywords:
FCL arrangement; Chilean peso; rate reduction; inflation expectation; income tax reform; FCL qualification criteria; Inflation; Fiscal stance; Metal prices; Global; Caribbean
Cover IMF Staff Country Reports
Chile: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
The pandemic hit the Chilean economy while it was recovering from the 2019 social unrest. The authorities’ swift and strong economic policy efforts and Chile’s very strong institutional frameworks helped buffer the economic and social consequences. The ongoing economic recovery continues to be supported by ample policy stimulus, a rapid vaccination process, well-anchored inflation expectations, a resilient export base, and continued market confidence.
Keywords:
FCL arrangement; FCL resource; FCL qualification; market confidence; Chilean economy; inflation expectation; COVID-19; Credit; Metal prices; Global
Cover IMF Staff Country Reports
Mali: Technical Assistance Report-Mining Taxation: Modeling of Five Mining Operations
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses Malian mining taxation. Mali’s industrial mining sector is predominantly gold mining, with six industrial mines currently active. Most of the mines are old, but some have substantial reserves; extensions are planned for the Syama, Morila, Kalama, Tabakoto-Segela, and Loulo-Gounkoto mines. The Fiscal Analysis for Resource Industries model was completed for five new projects with recent feasibility studies. The government revenue contributed by the five new projects is on the order of US$1.7 billion (constant dollars) over the next 10 years. The application of the 1999 or 2012 Mining Code increases the government’s share of income in comparison with the 1991 code.
Keywords:
ISCR; CR; government; Malian government; tax data; internal rate of return; term; mining Code; production forecast; information from the Ministry of Finance; gold production; tax information; ad valorem tax; area taxation; Mining sector; Corporate income tax; Average effective tax rate; Gold
Cover IMF Staff Country Reports
Mali: Rapport d'assistance technique — fiscalité minière : modélisation de cinq exploitations minières
International Monetary Fund. Fiscal Affairs Dept.
La plupart des mines sont anciennes mais leurs réserves en minerai demeure importantes pour certaines d’entre-elles. Ainsi des extensions sont envisagées pour les mines de Syama, Morila, Kalama, Tabakoto-Segela et Loulo-Gounkoto. Une mine, Robex, devrait entrer en production prochainement et une étude de faisabilité a été déposée pour la mine de Fekola. Les aménagements de la mine de Kodiéran, détenue par Wassoul’or, pourraient reprendre au cours de l’année 2015, suite au versement de plus de 7 milliards de FCFA aux différents créanciers. Ainsi, la tendance baissière de la production d’or au Mali pourrait s’inverser durablement dans les prochaines années si le prix du marché mondial demeurerait à son niveau actuel.
Keywords:
ISCR; CR; government; Malian government; tax data; internal rate of return; term