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Blog: Emerging-Market Central Bank Asset Purchases Can Be Effective but Carry Risks

January 5, 2022
Asset purchases can be an effective tool, but it is critical to minimize risks to central bank independence and price stability.

Cyprus: Technical Assistance Report-Debt and Cash Management

January 5, 2022
In tandem with Eurozone financial market developments and the prevalence of negative interest rates in 2020, Cypriot banks passed through the costs of their liquidity to their customers, reducing the attractiveness of placing PDMO cash surpluses in domestic bank deposits. Suitable investment alternatives to central bank deposits for the PDMO’s liquidity buffer are scarce, given negative yields on other Eurozone sovereign and agency issues. This situation is shared by the PDMO with almost all of its Eurozone peers. While this is likely to persist in the short term, it should not preclude establishing a framework governing the PDMO’s investment policy or a suitable set of guidelines.

Democratic Republic of the Congo: First Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo

January 5, 2022
After a third wave over the summer, COVID-19 cases are declining but vaccination has stalled. Economic activity has improved on the back of strengthened external demand, allowing for a stronger-than-envisaged buildup in international reserves. Inflation and the exchange rate have stabilized. Near-term challenges arise from uncertainty related to the pandemic and the gradual global economic recovery supporting high commodity prices.

Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

January 4, 2022
The 2016–20 ECF/EFF helped rehabilitate Moldova’s banking sector, bolstering macro-financial stability. However, the COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy prices, have slowed economic activity, intensified downside risks, and complicated policy making. While emergency financial assistance under a blended RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped cushion the pandemic’s impact, Moldova remains among the poorest countries in Europe with long-standing governance and structural weaknesses inhibiting income convergence.

Review Of Temporary Modifications To The Fund’s Access Limits In Response To The Covid-19 Pandemic

December 23, 2021
Over the course of the pandemic, the Fund has made several modifications to the access limits on the use of Fund’s resources to increase the borrowing space under the hard caps on emergency financing and under the annual limits that trigger exceptional access (EA) safeguards under GRA and PRGT. The current temporarily-increased access limits expire at end-December 2021, and absent policy changes, the limits would return to the lower pre-pandemic levels or to the new PRGT annual access limit. Staff proposes to let all access limits return to pre-pandemic levels (or the new PRGT annual access limit), with the exception of the cumulative access limits for emergency financing instruments, which would be extended at the current level for another 18 months.

Blog: Top 10 Blogs of 2021 Show Breadth of Global Policy Challenges

December 23, 2021
The arc of 2021, from tentative recovery to resurgent uncertainty, may feel like more of a circle for many around the world who are understandably weary of the pandemic and eager for a return to normal.

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

December 23, 2021
December 2021 List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

Suriname: Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname

December 23, 2021
Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement. Usable foreign reserves were depleted and, in the absence of other sources of budget financing, fiscal deficits were monetized. Inflation has, as a result, surged and there has been a significant depreciation of the exchange rate. Public debt, at 148 percent of GDP at end-2020, is unsustainable. In addition, there are important solvency problems embedded in the domestic banking system.

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