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Law > Business and Financial

You are looking at 1 - 10 of 35 items for :

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Cover IMF Staff Country Reports
South Africa: Post-Financing Assessment-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents South Africa’s Post-Financing Assessment report. The new government of national unity that took office in June faces significant challenges, including declining real per capita growth, high unemployment, poverty, and inequality, and a rising level of public debt. The new administration has committed to address these challenges by continuing ongoing structural reforms aimed at addressing supply constraints and bolstering inclusive growth, while maintaining fiscal discipline. Monetary policy should carefully manage the descent of inflation to the mid-point of the target range and stay data dependent. The report recommends that policies should focus on bolstering inclusive growth and restoring fiscal sustainability, while managing the descent of inflation to target and safeguarding financial stability. Monetary policy should stay data dependent and rate cuts be considered only after inflation declines sustainably toward the midpoint of the target range. The authorities should continue to monitor financial sector risks, including those related to the bank-sovereign nexus, and enhance supervision and prudential regulations.
Keywords:
U.S. dollar; inflation decline; government operation; per-capita GDP figure; Policy discussion; IMF's transparency policy; IMF team; Fiscal stance; Africa; Global
Cover IMF Staff Country Reports
Chile: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that macroeconomic imbalances built during the pandemic have been largely resolved, supported by tighter macroeconomic policies deployed during late 2021–22 in Chile. Growth is expected to pick up to close to 2 percent in 2024 and 2–2.5 percent in the medium term. Inflation is projected to converge to the 3-percent target in 2024. Key external risks are the uncertainties around the potentially higher-for-longer interest rates in advanced economies, a growth slowdown in major trading partners, and the intensification of regional conflicts in the world. Policies have supported macroeconomic stability. In the context of disinflation acceleration, the Central Bank of Chile lowered the monetary policy rate by 400 basis points since July 2023. The headline fiscal balance is estimated to decline to about -2.5 percent of gross domestic product in 2023 due to weaker tax revenues amid an economic slowdown, lower copper prices, and other transitory factors. The 2024 budget envisions a moderate deficit reduction within a medium-term fiscal plan to a broadly balanced fiscal position by 2026. The ongoing implementation of the countercyclical capital buffer will strengthen financial resilience in periods of stress.
Keywords:
basket weight; CPI data; CPI calculation methodology; liability positions vis-à-vis nonresident; money market rate; Fiscal stance; Inflation; Income; Global; Caribbean
Cover IMF Staff Country Reports
Nepal: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the degree to which inflation co-moves between India and a panel of countries in Asia. The paper shows that the considerable co-movement in headline inflation rates between India and Nepal is driven almost exclusively by food-inflation co-movement. By contrast, the role for inflation spillovers emanating from India in driving non-food inflation in Nepal appears limited. The implication is that Nepal should rely on domestic monetary policy rather than stable inflation in India to achieve stable domestic inflation. The main takeaway from the results is that food inflation co-movement between India and other countries is higher in cases where the co-movement in rainfall deviations from seasonal norms is highest. Since core inflation co-movement is weak, idiosyncratic domestic factors such as economic slack, exchange-rate movements, and differing degrees of passthrough from food- and energy-price shocks play an important role. This finding is critically important for monetary policy, especially since domestic policy is primarily effective only in controlling core inflation. Thus, domestic monetary policy needs to be calibrated to domestic inflationary pressures—Nepal cannot necessarily rely on stable inflation in India to achieve stable domestic inflation.
Keywords:
ISCR; CR; Nepal; headline inflation inflation rate; SME credit guarantee scheme; policy effort; SME lending; India-Nepal case; government initiative; Fiscal federalism; Financial inclusion; Inflation; Asia and Pacific; Global; South Asia
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
Keywords:
ISCR; CR; discussion; real GDP; government; IMF staff estimate; liability positions vis-à-vis nonresident; growth in Curaçao; positions of Curaçao; finance of Curaçao; Budget planning and preparation; Fiscal space; Caribbean; Global
Cover IMF Staff Country Reports
Iceland: 2018 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Iceland
International Monetary Fund. European Dept.
Iceland is experiencing an economic slowdown that has reduced overheating concerns. Tourism growth has decelerated and the króna has stopped appreciating. Demand management has become easier, allowing the authorities to focus on medium-term priorities, including infrastructure, healthcare, education, and the environment. Risks, however, have become more evident. High fuel prices and other factors are challenging the airline business; world trade tensions are escalating; and the United Kingdom—a vital trading partner—is not yet assured of a smooth EU exit. Icelandic policies thus need to focus on further increasing resilience to shocks.
Keywords:
ISCR; CR; competition authority; staff appraisal; baseline rojections; increase government investment; IMF staff projection; liability positions vis-à-vis nonresident; tourism growth; foreign currency; Current account surpluses; Income; Government finance statistics; Fiscal stance; Global; Europe
Cover IMF Staff Country Reports
Grenada: Sixth Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Grenada’s Sixth Review under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review. The government met all continuous and end-December 2016 performance criteria and structural benchmarks. The economy grew by about 3.9 percent in 2016, reflecting continued strong construction activity and steady external demand for Grenada’s tourism services. The pace of restructuring of public debt has accelerated in recent months, and Grenada’s debt-to-GDP ratio declined to 83.4 percent at the end of 2016 from 108 percent in 2013. The IMF staff supports the completion of the Sixth Review under the ECF arrangement and the financing assurances review.
Keywords:
ISCR; CR; ECF arrangement; debt target; private sector; Grenada's economy; fiscal policy framework; Grenada's performance; Grenada's competitiveness; Arrears; Caribbean
Cover IMF Staff Country Reports
Republic of Palau: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Palau
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that Palau’s economy has performed well in recent years. The economy grew strongly in FY2015 (ending September 30, 2015) at 9.4 percent, with tourist arrivals and construction activity expanding by 35 percent. However, the rapid rise in tourism activity strained infrastructure and was tilted toward low budget tourists, which led the authorities to limit the number of charter flights in FY2016. The outlook for Palau is also favorable. Economic growth is expected to slow temporarily to zero in FY2016 as tourist arrivals decline, but to rebound to 5 percent in FY2017 as tourism activity recovers with the entry of new hotels and construction picks up.
Keywords:
ISCR; CR; government; government reform effort; infrastructure investment; Palau; development agenda; government place; private sector development; Tourism; Fiscal stance; Infrastructure; Loans; Fiscal consolidation; Pacific Islands
Cover IMF Staff Country Reports
Morocco: Ex Post Evaluation of Exceptional Access Under the 2012 Precautionary and Liquidity Line Arrangement
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Morocco’s Ex Post Evaluation of Exceptional Access Under the 2012 Precautionary and Liquidity Line (PLL) Arrangement. The Ex Post Evaluation confirms that the 2012–14 PLL arrangement was consistent with the PLL qualification standards and requirements under the exceptional access policy at the time of the PLL arrangement request in August 2012 and at the subsequent reviews. The authorities’ policies helped maintain macroeconomic stability and reduce fiscal and external vulnerabilities, despite unfavorable external developments. It is observed that despite the significant macroeconomic achievements under the 2012–14 PLL arrangement, a number of policy challenges remained to be fully addressed.
Keywords:
IMF Deputy managing director; fund policy; draft central bank bank charter; PLL exit; PLL eligibility; government action; Government debt management; Oil prices; Fiscal stance; Current account deficits; Global; Europe; Maghreb; Sub-Saharan Africa