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This paper reviews the two Climate Macroeconomic Assessment Program (CMAP) pilots and proposes a way forward. It builds on the experience of the previous six Climate Change Policy Assessment (CCPA) pilots, and the recent rollout of the World Bank’s Country Climate and Development Report (CCDR). It also accounts for early experience with countries requesting support under the Fund’s Resilience and Sustainability Trust (RST). Based on the lessons from pilots and recent developments, staff proposes to streamline the CMAP to focus on the Fund’s comparative advantages in the areas of mitigation, PFM and macro-fiscal impact of climate change policies, provide a streamlined CMAP in exceptional circumstances, and expand more targeted CD in particular in support of RSF countries. This focused and tailored approach would benefit members as it is more agile, allows the Fund to serve more members within the same resource envelope and enhance synergies with other Fund products and the World Bank’s CCDR.

Money and Monetary Policy --- Political Economy --- Environmental Economics --- Environmental Policy --- Monetary Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Environmental Economics: General --- Monetary economics --- Political economy --- Environmental policy & protocols --- Climate change --- Green finance / sustainable finance --- Monetary policy --- Environment --- Climate policy --- Climate finance --- Economics --- Climatic changes --- Environmental policy

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This Selected Issues paper discusses governance challenges in the Kyrgyz Republic. This paper aims to assess various aspects of governance in the Kyrgyz Republic and identify some of the key challenges in this area. Governance reforms in the Kyrgyz Republic can leverage linkages to the global economy and structural transformation to deliver higher and more inclusive growth. Combating corruption and strengthening governance, including of state-owned enterprises and public finances, and improving the regulatory environment and the anti-corruption; and Anti-money Laundering and Combating Financial Terrorism (AML/CFT) framework, are critical steps to improve the business climate and promote private sector-led growth. Reforms in these areas have a significant potential to increase efficiency of allocation of public resources and the delivery of public services. The IMF’s analytical work has shown that governance reforms could raise the country’s growth rates by about 1.2 percentage points per year. Strengthening control of corruption and regulatory quality, reforming state-owned enterprises, and enhancing transparency and accountability of the public sector are important priorities to pursue.

Money and Monetary Policy --- International Economics --- Environmental Economics --- Public Finance --- Environmental Conservation and Protection --- Environmental Policy --- Macroeconomics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Climate --- Natural Disasters and Their Management --- Global Warming --- National Government Expenditures and Welfare Programs --- Environmental Economics: Government Policy --- Welfare, Well-Being, and Poverty: General --- Nonprofit Organizations and Public Enterprise: General --- Monetary economics --- International institutions --- Climate change --- Public finance & taxation --- Environmental policy & protocols --- Poverty & precarity --- Public ownership --- nationalization --- Monetary policy --- International organization --- Environment --- Social assistance spending --- Expenditure --- Greenhouse gas emissions --- Climate policy --- Poverty --- International agencies --- Climatic changes --- Expenditures, Public --- Greenhouse gases --- Environmental policy --- Congo, Republic of

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This paper discusses the technical note on Supervision and Disclosure of Climate-Related Risks for the Sweden Financial Sector Assessment Program. Swedish banks are in general mainly exposed to the effects of climate change through loans that are collateralized by real estate properties and lending to high-emission industries. Despite the challenges, Finansinspektionen (FI) has undertaken a number of positive initiatives aimed at integrating climate-related risks and the wider sustainability issues into its supervisory processes. There are however, still some gaps that need to be gradually addressed by FI to ensure full integration of climate-related risks into supervisory processes. The specific action to further integrate climate into the supervisory process should be prioritized based on the vulnerability of the Swedish banks and progress at international level in addressing the challenges that are not unique to Sweden. FI should also in a proportional manner formalize and expand its collaboration and information sharing arrangements with other Swedish Agencies involved in climate-related work.

Money and Monetary Policy --- International Economics --- Environmental Economics --- Environmental Policy --- Environmental Conservation and Protection --- Finance: General --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Environmental Economics: General --- Monetary economics --- International institutions --- Climate change --- Environmental policy & protocols --- Finance --- Green finance / sustainable finance --- Monetary policy --- International organization --- Environment --- Climate policy --- Greenhouse gas emissions --- International agencies --- Climatic changes --- Environmental policy --- Greenhouse gases --- Financial services industry --- Financial risk management --- Sweden

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This Selected Issues paper on Switzerland focuses on assessing Swiss National Bank (SNB) balance sheet changes in 2022. This paper clarifies the main underlying drivers, discusses potential implications, or lack thereof, on monetary and fiscal policies, and assesses the SNB’s financial performance. Central banks’ financial results are not directly comparable with each other, given their non-profit nature, the differences in their mandates and, importantly, their different accounting policies. In particular, many other central banks would have recorded much larger financial losses in 2022 if mark-to-market accounting were applied. The SNB’s financial loss in 2022 is not expected to have an impact on monetary policy operations. The SNB has appropriately warned about risks to its balance sheet, including during periods of high profitability. In addition, the SNB put in place sound safeguards against such risks, and provided transparent communications on its investment strategy. Nevertheless, large balance sheets are subject to risks, highlighting communication challenges during periods of both large profits and losses. In this context, the SNB should continue to regularly review its investment strategy and maintain adequate safeguards.

Money and Monetary Policy --- International Economics --- Environmental Conservation and Protection --- Environmental Policy --- Industries: Financial Services --- Finance: General --- Foreign Exchange --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- International institutions --- Climate change --- Finance --- Currency --- Foreign exchange --- Environmental policy & protocols --- Financial reporting, financial statements --- Monetary policy --- International organization --- Greenhouse gas emissions --- Environment --- Stock markets --- Financial markets --- Nonbank financial institutions --- Financial institutions --- Climate policy --- International agencies --- Greenhouse gases --- Climatic changes --- Stock exchanges --- Financial services industry --- Switzerland

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This Selected Issues paper on Switzerland focuses on assessing Swiss National Bank (SNB) balance sheet changes in 2022. This paper clarifies the main underlying drivers, discusses potential implications, or lack thereof, on monetary and fiscal policies, and assesses the SNB’s financial performance. Central banks’ financial results are not directly comparable with each other, given their non-profit nature, the differences in their mandates and, importantly, their different accounting policies. In particular, many other central banks would have recorded much larger financial losses in 2022 if mark-to-market accounting were applied. The SNB’s financial loss in 2022 is not expected to have an impact on monetary policy operations. The SNB has appropriately warned about risks to its balance sheet, including during periods of high profitability. In addition, the SNB put in place sound safeguards against such risks, and provided transparent communications on its investment strategy. Nevertheless, large balance sheets are subject to risks, highlighting communication challenges during periods of both large profits and losses. In this context, the SNB should continue to regularly review its investment strategy and maintain adequate safeguards.

Money and Monetary Policy --- International Economics --- Environmental Conservation and Protection --- Environmental Policy --- Industries: Financial Services --- Finance: General --- Foreign Exchange --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- International institutions --- Climate change --- Finance --- Currency --- Foreign exchange --- Environmental policy & protocols --- Financial reporting, financial statements --- Monetary policy --- International organization --- Greenhouse gas emissions --- Environment --- Stock markets --- Financial markets --- Nonbank financial institutions --- Financial institutions --- Climate policy --- International agencies --- Greenhouse gases --- Climatic changes --- Stock exchanges --- Financial services industry --- Switzerland