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The changing contours of the global economy and the rapid transformation of the global financial safety net (GFSN) have strengthened the case for more structured collaboration between its different layers, particularly with Regional Financing Arrangements (RFAs). RFAs have become an important part of the GFSN, and their roles have also evolved. Over recent years, their coverage has expanded to encompass many major advanced and emerging market economies; the resources under their control has risen. Moreover, since the global financial crisis, some RFAs have become key financing counterparts of Fund-supported programs. These developments have heightened the importance of close and timely collaboration with RFAs. However, there is currently no formal framework for an exchange of Board documents with RFAs, leaving a gap in Fund collaboration with RFAs. The Fund has a long-standing practice for collaborating and sharing documents with other international organizations, primarily under the Transmittal Policy that was amended most recently in November 2017. However, some RFAs do not meet the criteria under the Transmittal Policy and, in view of the unique and heterogeneous institutional and governance structures of RFAs, there is a need for a dedicated and coherent framework that facilitates the exchange of documents on both routine and non-routine bases. This paper proposes a policy framework for the exchange of documents between the Fund and RFAs. The proposed framework establishes a set of criteria to be met by RFAs for document exchange—based on the consideration of whether a certain entity shares common operational interest with the Fund, and provides satisfactory confidentiality and reciprocity assurances. Under routine document sharing arrangements with RFAs, Board documents would be provided after Board consideration. In cases of UFR arrangements involving current or potential co-financing by the Fund and RFAs, or Policy Coordination Instruments (PCIs) and Policy Support Instruments (PSIs) that may help unlock RFA financing to the country, staff proposes that relevant Board documents be exchanged prior to their consideration by the Board, following notification to the Board. The proposed framework builds on the principles of the Transmittal Policy and does not impact the transmittal of documents to international organizations currently governed by the Transmittal Policy.

International finance. --- Crisis management --- Crisis prevention --- Economic & financial crises & disasters --- Finance --- Finance: General --- Financial crises --- Financial Institutions and Services: Government Policy and Regulation --- Financial Risk Management --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial services industry --- General Financial Markets: Government Policy and Regulation --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Russian Federation

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The insurance sector has significant potential for expansion and to contribute to economic growth as an important part of the financial sector. While the insurance sector has grown at 10 percent annually over the last 5 years, on average, and remains profitable with high solvency ratios, the insurance penetration and density are lower than other emerging markets. Nevertheless, the insurance industry has the potential to reach to much higher levels of insurance penetration. A few large conglomerate groups—composed of banks, insurers and investments funds—dominate the insurance sector. Conglomerate groups account for more than 75 percent of the market share. Reflecting very conservative regulations imposed by the Banco Central do Brasil (BCB) and the Superintendency of Private Insurance (SUSEP), the interlinkages between banks and insurers are limited. Nevertheless, material contagion may occur through a reputational channel, adversely impacting the profitability of the linked business.

Economic development--Brazil. --- Brazil--Economic conditions. --- Banks and Banking --- Finance: General --- Insurance --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: Government Policy and Regulation --- Finance --- Insurance & actuarial studies --- Banking --- Financial services law & regulation --- Insurance companies --- Market risk --- Financial Sector Assessment Program --- Financial institutions --- Mutual funds --- Financial regulation and supervision --- Financial sector policy and analysis --- Banks and banking --- Financial risk management --- Financial services industry --- Brazil --- Economic development.

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Tanzania’s bank-dominated financial sector is small, concentrated, and at a relatively nascent stage of development. Financial services provision is dominated by commercial banks, with the ten largest institutions being preeminent in terms of mobilizing savings and intermediating credit. Medium-to-small banks rely systematically more on costlier, short-term, interbank financing and institutional deposits and have markedly higher operating costs. These structural features underpin financial stability challenges which are significant. Bank asset quality has deteriorated sharply in recent years, and under-provisioning is significant, belying the apparently comfortable capital cushions. Credit growth has fallen precipitously, corporate debt loads have risen, and their cash flows are weak. Dollarization of bank balance-sheets raises the possibility of solvency stress under shocks being exacerbated by funding liquidity pressures, especially at smaller banks.

Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Banks and Banking --- Exports and Imports --- Finance: General --- Industries: Financial Services --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Empirical Studies of Trade --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- International economics --- Financial services law & regulation --- Currency --- Foreign exchange --- Macroeconomics --- Financial Sector Assessment Program --- Trade balance --- Nonperforming loans --- Commercial banks --- Financial sector policy and analysis --- International trade --- Financial sector stability --- Financial institutions --- Banks and banking --- Financial services industry --- Balance of trade --- Loans --- State supervision --- Tanzania, United Republic of

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This 2018 Article IV Consultation highlights that the economic growth in Luxembourg reached 2.3 percent in 2017, above the European Union average, and was driven by net exports of financial services and private consumption. Growth is projected at 3.5 percent for 2018, with continued strong job creation, and a temporary slowdown in inflation. In 2017, buoyant corporate tax revenues contributed to a fiscal surplus of 1.4 percent of GDP. The full impact of 2016 tax reform, and a continued need for high public investment are expected to result in a small fiscal surplus over the medium-term.

Fiscal policy. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Banks and Banking --- Finance: General --- Public Finance --- Corporate Taxation --- Industries: Financial Services --- Macroeconomics --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Taxation, Subsidies, and Revenue: General --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Business Taxes and Subsidies --- Public finance & taxation --- Finance --- Banking --- Corporate & business tax --- Labour --- income economics --- Property & real estate --- Mutual funds --- Revenue administration --- Public debt --- Corporate income tax --- Financial institutions --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Taxes --- Revenue --- Debts, Public --- Financial services industry --- Banks and banking --- Corporations --- Luxembourg --- Income economics

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This Technical Note discusses the results of the stress testing of Belgium’s banking and insurance sectors. Belgium’s financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions. All banks meet minimum capital requirements and none needs to draw down its capital conservation buffer over the stress horizon. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and losses incurred in the stress scenarios by those that belong to banking groups do not threaten the soundness of those groups.

Banks and banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Money and Monetary Policy --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Financial services law & regulation --- Monetary economics --- Economic & financial crises & disasters --- Stress testing --- Insurance companies --- Financial Sector Assessment Program --- Credit risk --- Financial sector policy and analysis --- Credit --- Financial regulation and supervision --- Financial crises --- Banks and banking --- Financial risk management --- Financial services industry --- Belgium