Ukraine: First Review Under the Stand-By Arrangement, Requests for Extension and Rephasing of Access of the Arrangement, Waivers of Nonobservance of a Performance Criterion, Financing Assurances Review, and Monetary Policy Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

Ukraine: First Review Under the Stand-By Arrangement, Requests for Extension and Rephasing of Access of the Arrangement, Waivers of Nonobservance of a Performance Criterion, Financing Assurances Review, and Monetary Policy Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ukraine PDF

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-11-24

Total Pages: 136

ISBN-13: 1616355271

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After a number of critical setbacks and delays in the 16 months since program approval, the authorities have taken important corrective actions to address shocks to program objectives. Early tension around the authorities’ commitment to uphold the independence of the National Bank of Ukraine required a pause to assess policy continuity and to determine possible corrective actions. A prior action for this review and new commitments by the authorities provide a way forward in protecting a key policy pillar under the program. Similarly, adverse Constitutional Court rulings challenged the anticorruption framework in fundamental ways that required restoring its effectiveness before the review could proceed. In a push to make progress on delayed structural benchmarks, the authorities have recently met seven of the nine structural benchmarks set at the time of the program request.

Foreign investment in eastern and southern Europe after 2008.

Foreign investment in eastern and southern Europe after 2008. PDF

Author: Béla Galgóczi

Publisher: ETUI

Published: 2015-12-01

Total Pages: 381

ISBN-13: 2874523909

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This book investigates the role that foreign direct investment (FDI) in central-eastern and southern Europe has played in the post-crisis period, comparing patterns across countries and sectors. An overarching objective of this publication is to assess the extent to which FDI can still be seen as a key driver of economic development, modernisation and convergence for Europe’s low- and middle-income economies, taking into account also the risks and limiting factors associated with FDI.

Sierra Leone: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Requests for Extension and Rephasing of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone

Sierra Leone: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Requests for Extension and Rephasing of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone PDF

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-08-13

Total Pages: 115

ISBN-13: 1513590782

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Following two emergency Rapid Credit Facility disbursements in June 2020 and March 2021 to assist in addressing the impact of the COVID-19 pandemic, the Sierra Leonean authorities are committed to resuming the program supported by the Extended Credit Facility arrangement. The program is an important policy anchor for the authorities, and its main objectives—revenue mobilization, safeguarding financial stability, and addressing external vulnerabilities—remain valid. While an economic recovery is underway, driven by the mining sector, risks to the outlook are considerable and, the risk of debt distress is high but remains sustainable. This is predicated on the authorities’ ambitious fiscal adjustment and continued reliance on concessional financing and grants. External vulnerabilities are expected to persist over the medium term.

Iceland

Iceland PDF

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1997-04-08

Total Pages: 140

ISBN-13: 145181920X

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This paper reviews economic developments in Iceland during 1990–96. It analyzes the origins of the current economic expansion associated with a swing in the current account and in emerging inflation pressure. Three driving forces are emphasized: the positive supply shock affecting the fisheries; the expansion of the power intensive industry; and brisk increases in real wages over the past two years (1995–96). The paper highlights that the main sources of upside risks comprise the likely construction of a new aluminum smelter.

The Spending Challenge of Achieving the SDGs in South Asia: Lessons from India

The Spending Challenge of Achieving the SDGs in South Asia: Lessons from India PDF

Author: Mercedes García-Escribano

Publisher: International Monetary Fund

Published: 2021-12-17

Total Pages: 33

ISBN-13: 1616355654

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South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and economic development, India has shown a strong commitment to the Sustainable Development Goals (SDG) Agenda. This paper focuses on the medium-term development challenges that South Asia, and in particular India, faces to ensure substantial progress along the SDGs by 2030. We estimate the additional spending needed in critical areas of human capital (health and education) and physical capital (water and sanitation, electricity, and roads). We document progress on these five sectors for India relative to other South Asian countries and discuss implications for policy and reform.

A Diversification Strategy for South Asia

A Diversification Strategy for South Asia PDF

Author: Weicheng Lian

Publisher: International Monetary Fund

Published: 2021-07-30

Total Pages: 49

ISBN-13: 1513584790

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While South Asia has gone a long way in diversifying their economies, there is substantial scope to do more. Some countries – India, Nepal, and Sri Lanka – can build on their existing production capabilities; others – Bangladesh, Bhutan, and the Maldives – would need to undertake a more concerted push. We identify key policies from a large set of potential determinants that explain the variation in export diversification and complexity across 189 countries from 1962 to 2018. Our analysis suggests that South Asia needs to invest in infrastructure, education, and R&D, facilitate bank credit to productive companies, and open to trade in order to diversify and move up the value chains. Given the COVID-19 pandemic, investing in digital technologies as part of the infrastructure push and improving education are of even greater importance to facilitate the ability to work remotely and assist resource reallocation away from the less viable sectors.

At A Cost: The Real Effects of Thin Capitalization Rules

At A Cost: The Real Effects of Thin Capitalization Rules PDF

Author: Ruud A. de Mooij

Publisher: International Monetary Fund

Published: 2021-02-05

Total Pages: 17

ISBN-13: 1513568558

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Thin capitalization rules (TCRs) aim to mitigate profit shifting by multinational corporations (MNCs) but, by raising the cost of capital for affected affiliates, can also negatively affect real investment. Exploiting unique panel data on multinational companies in 34 countries during 2006-2014, we estimate that the size of this adverse investment effect can be large, and dependent on the statutory corporate tax rate and the tightness of the safe-haven ratio. Negative investment effects are more pronounced for highly-levered firms for which TCRs are more likely to be binding.

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