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Political Science > Environmental Policy

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Cover IMF Staff Country Reports
Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya
International Monetary Fund. African Dept.
Kenya is confronted with the need to chart a course that attends directly to the recent public outcry. The widespread protests that started in June and resulted in tragic loss of lives and injuries were triggered by the authorities’ efforts to correct a large tax revenue shortfall in FY2023/24 through revenue raising proposals in the 2024 Finance Bill, some of which were unpopular or seen as regressive. The protests forced the President to withdraw the Bill, introduce significant spending cuts through a Supplementary Budget in July, and reconstitute the Cabinet in August. Persistent difficulties in mobilizing revenue coupled with spending rigidities have led to a further accumulation of pending bills, and necessitated deep cuts in development spending, with potential for knock-on effects on growth and debt sustainability. Against this backdrop, preceded by large exogenous shocks (COVID-19, global developments impacting import price and affordable access to market finance, and severe multi-season droughts), the authorities face a complex and difficult balancing act: meeting critical spending needs for priority areas (social programs, health, and education), servicing large upcoming debt obligations, and boosting domestic revenues. Earlier in the year, Kenya addressed the exceptional balance of payments (BoP) needs associated with repayment of the June 2024 US$2 billion Eurobond, boosting market confidence that helped strengthen the shilling and build reserves. Meanwhile, fiscal pressures continue, including from uncertainty surrounding the constitutionality of the 2023 Finance Act on which the Supreme Court’s decision is awaited.
Keywords:
ECF arrangement; government initiative; implementation framework; Mombasa climate change action plan; ECF review; Debt sustainability analysis; Debt sustainability; Global; Africa
Cover IMF Staff Country Reports
United Republic of Tanzania: Third Review Under the Extended Credit Facility Arrangement and Request for Extension of the Extended Credit Facility Arrangement and Rephasing of Access, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
International Monetary Fund. African Dept.
This paper presents United Republic of Tanzania’s Third Review under the Extended Credit Facility Arrangement, Request for Extension of the Extended Credit Facility (ECF) Arrangement and Rephasing of Access, and Request for an Arrangement under the Resilience and Sustainability Facility. The ongoing growth-friendly fiscal consolidation will help buttress fiscal and debt sustainability. Efforts should be geared toward enhancing domestic revenue mobilization and strengthening cash management and commitment controls. Strengthening public financial and investment management will help contain fiscal risks and improve the efficiency of public investment. Performance under Tanzania’s economic reform program supported by the ECF remained strong. The authorities are committed to continue implementing reforms to preserve macro-financial stability, strengthen the economic recovery, and promote sustainable and inclusive growth. Structural reforms are essential to promote inclusive, resilient, and sustainable growth. Business reforms should focus on streamlining bureaucratic procedures, simplifying the regulatory regime, and enhancing regulatory transparency. Implementation and enforcement of the authorities’ anti-corruption legislation and strategies is central to enhancing governance.
Keywords:
intervention policy; strategy Policy review Department; near-term policy priority; RSF arrangement; interest rate; Climate change; Trade balance; Global; Southern Africa; East Africa
Cover IMF Working Papers
Green Fiscal Rules? Challenges and Policy Alternatives
Francesca Caselli, Andresa Lagerborg, and Paulo A Medas
This paper studies the impact of green fiscal rules – designed to protect climate-related spending –on debt dynamics. Simulations of green rules that exempt green spending from the rule limits for an emergingmarket economy illustrate that they can lead to unsustainable debt dynamics when the net zero emissions goal is pursued mostly using spending-based instruments (e.g., investment and subsidies). Or the rule would need to implicitly assume a large fiscal adjustment in the non-green budget, which would undermine its credibility. It will be needed to build broad public consensus for a more comprehensive fiscal strategy that tackles the difficult policy tradeoffs that will be required and takes into account long-term effects. A more appropriate mix of climate policies, including actively employing carbon pricing, should be pursued within the overall setting of fiscal and debt objectives. Developing ‘green’ medium-term fiscal frameworks would help to integrate climate change considerations into fiscal policy design in a more comprehensive manner.
Keywords:
Fiscal rule; golden rule; medium-term fiscal framework; MTFF; Policy alternative; policy tradeoff; debt objective; PFM practice; green spending; Fiscal rules; Climate policy; Climate change; Natural disasters; Debt sustainability; Global
Cover IMF Staff Country Reports
Cameroon: Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
International Monetary Fund. African Dept.
This paper presents Cameroon’s Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Climate change presents substantial risks for Cameroon. Climate change poses an imminent threat to livelihoods and could result in significant output losses, while worsening food insecurity and conflicts, and exacerbating poverty, inequality, and population displacements. This underscores the need to strengthen the country’s preparedness and resilience to ensure that climate change impact does not jeopardize human capital accumulation or inclusive growth. The three-year upper credit tranche (UCT) arrangements under the Extended Credit Facility and the Extended Fund Facility approved in July 2021 remain on track. While an arrangement under the RSF is normally approved concurrently with the UCT review, the standalone RSF request allowed time to further strengthen proposed reform measures, providing the necessary policy safeguards for RSF financing. The RSF will provide timely support for the climate reform momentum ahead of the 2025 elections and sustain the growing engagement with multiple stakeholders and donors on complementary actions.
Keywords:
RSF arrangement; RSF reform package; RSF Reform Measures; IMF Resilience and Sustainability Facility; RSF request; Climate change; Climate policy; Global
Cover IMF Staff Country Reports
Cameroun: Demande d’Accord au Titre de la Facilité pour la Résilience et la Durabilité-communiqué de presse; rapport des services du FMI; analyse de viabilité de la dette; déclaration de l’administrateur pour le Cameroun
International Monetary Fund. African Dept.
Les changements climatiques présentent des risques considérables pour le Cameroun. Le Cameroun est non seulement la première économie de la CEMAC, avec un fort potentiel économique et des ressources naturelles abondantes, mais il abrite aussi de larges pans de la forêt tropicale du bassin du Congo, la deuxième forêt tropicale du monde. Cependant, c’est aussi un pays fragile et en conflit (PFC) qui présente un ensemble de fragilités, notamment une forte vulnérabilité aux changements climatiques. Les risques climatiques s’intensifient dans le pays, avec une élévation progressive des températures, une augmentation prévisionnelle du nombre de jours de fortes précipitations et une fréquence accrue des phénomènes météorologiques extrêmes tels que les sécheresses, les glissements de terrain et les inondations. Les changements climatiques sont une menace imminente pour les moyens d’existence de la population et pourraient entraîner d’importantes pertes de production tout en aggravant les risques d’insécurité alimentaire et de conflits, et en accentuant la pauvreté, les inégalités et les déplacements de population. Cela souligne la nécessité de renforcer l’état de préparation et la résilience du pays afin que les effets des changements climatiques ne compromettent pas l’accumulation de capital humain ou la croissance inclusive.
Keywords:
Changement climatique; Politique climatique; Environnement; Dette extérieure; Organisation internationale; Politique monétaire Dette publique.
Cover Policy Papers
Resilience and Sustainability Facility—Operational Guidance Note
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
This note provides general guidance on the operationalization of the Resilience and Sustainability Facility (RSF) for arrangement requests and reviews. The RSF complements the existing IMF lending toolkit by providing longer-term, affordable financing to members to help them address longer-term structural challenges from climate change and pandemic preparedness. The note has benefited from experience gained during early operationalization of the RSF.
Keywords:
Climate change; Long-term challenges; pandemic preparedness; Prospective risks to Balance of Payment stability; Conditionality; Collaboration with other international organizations; RSF arrangement; RSF financing presentation; RSF design; RSF engagement timeline; RSF framework; Climate policy; Climate finance; Debt sustainability; Global
Cover IMF Working Papers
Cross-Border Risks of a Global Economy in Mid-Transition
Etienne Espagne, William Oman, Jean-François Mercure, Romain Svartzman, Ulrich Volz, Hector Pollitt, Gregor Semieniuk, and Emanuele Campiglio
This paper analyzes the cross-border risks that could result from a decarbonization of the world economy. We develop a typology of cross-border risks and their respective channels. Our qualitative and quantitative scenario analysis suggests that the mid-transition – a period during which fossil-fuel and low-carbon energy systems co-exist and transform at a rapid pace – could have profound stability and resilience implications for global trade and the international financial system.
Keywords:
Climate change; transition risks; cross-border risks; trade; international money and finance.; asset purchase; energy export; baseline export; baseline GDP; cost of capital; Non-renewable resources; Climate policy; Exports; Global
Cover IMF Staff Country Reports
Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal
International Monetary Fund. African Dept.
This paper presents Senegal’s Requests for an Extended Arrangement under the Extended Fund Facility (EFF), an Arrangement under the Extended Credit Facility (ECF), and an Arrangement under the Resilience and Sustainability Facility (RSF). The Senegalese economy has been severely impacted by different shocks including the rising food and energy prices, tightening financial conditions, weaker external demand, and the US dollar appreciation. The EFF/ECF-supported program will help meet Senegal’s protracted balance of payment needs and address macroeconomic imbalances. Policy priorities under the EFF/ECF program include reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation, strengthening governance, and delivering a more inclusive and job-rich growth. The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies. The RSF will support Senegal's climate change mitigation objectives, accelerate the country’s climate change adaptation, and support work to mainstream climate change considerations into the budget process.
Keywords:
authorities' fiscal policy goal; Senegalese authorities; policy reform; EFF request; RSF arrangement; ECF-supported program; Climate change; Budget planning and preparation; Global; West Africa
Cover IMF Staff Country Reports
Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal
International Monetary Fund. African Dept.
This paper presents Senegal’s Requests for an Extended Arrangement under the Extended Fund Facility (EFF), an Arrangement under the Extended Credit Facility (ECF), and an Arrangement under the Resilience and Sustainability Facility (RSF). The Senegalese economy has been severely impacted by different shocks including the rising food and energy prices, tightening financial conditions, weaker external demand, and the US dollar appreciation. The EFF/ECF-supported program will help meet Senegal’s protracted balance of payment needs and address macroeconomic imbalances. Policy priorities under the EFF/ECF program include reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation, strengthening governance, and delivering a more inclusive and job-rich growth. The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies. The RSF will support Senegal's climate change mitigation objectives, accelerate the country’s climate change adaptation, and support work to mainstream climate change considerations into the budget process.
Keywords:
authorities' fiscal policy goal; Senegalese authorities; policy reform; EFF request; RSF arrangement; ECF-supported program; Climate change; Budget planning and preparation; Global; West Africa
Cover IMF Staff Country Reports
Seychelles: Requests for an Extended Arrangement under the Extended Fund Facility and Arrangement under the Resilience and Sustainability Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
This paper presents Seychelles’ Requests for an Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Resilience and Sustainability Facility (RSF) and Cancellation of the Current Arrangement under the EFF. Under the previous EFF approved in 2021, Seychelles has made substantial progress in restoring macroeconomic sustainability after being hard hit by the coronavirus disease 2019 pandemic. The new EFF will build on this progress and maintain macroeconomic stability, boost inclusive growth, and strengthen fiscal and monetary policy frameworks. The RSF will support the Seychellois authorities’ agenda to build resilience to climate change, to exploit synergies with other sources of official financing, and to help catalyze further private financing for climate-related investments. The authorities plan to leverage the RSF to undertake reforms to remove bottlenecks to, and strengthen the climate-resilience of, public investment. The RSF will also help authorities catalyze further private financing and exploit synergies with other official financing. In particular, the RSF will focus on mainstreaming climate change in the government budget, strengthening climate-related risk management for financial institutions, and undertaking climate adaptation and mitigation reforms, including through measures to facilitate energy transition.
Keywords:
IMF Resilience and Sustainability Facility arrangement; government efficiency; Seychellois authorities; RSF request; EFF arrangement; Climate change; Climate finance; Natural disasters; Global; Africa