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This Technical Assistance Report discusses the findings and recommendations made by the IMF mission to improve public sector debt statistics (PSDS) in Moldova. The IMF mission found that Moldova continues to improve their recording, compilation and dissemination of PSDS reflecting potential fiscal risks, but faces some statistical challenges going forward. The adoption of recommendations, along with comprehensive monitoring of on-lending and contingent liabilities, would increase the Moldovan policymaker’s ability to forecast future fiscal risk and actively monitor the gross debt of all public-sector institutions in line with the new Fiscal Risk Statement. This would translate into a sound Public Finance Management structure and allow for more accurate macroeconomic surveillance and analysis.
Moldova--Economic policy. --- Corporate Finance --- Investments: General --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Financial Institutions and Services: General --- General Financial Markets: General (includes Measurement and Data) --- Public Enterprises --- Public-Private Enterprises --- Public finance & taxation --- Ownership & organization of enterprises --- Investment & securities --- Civil service & public sector --- Public debt --- Business enterprises --- Securities --- Government debt management --- Public sector --- Economic sectors --- Financial institutions --- Public financial management (PFM) --- Debts, Public --- Financial instruments --- Finance, Public --- Moldova, Republic of --- Moldova --- Economic policy.
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This Selected Issues paper discusses fiscal risk assessment in Kazakhstan. Comprehensive analysis, management, and disclosure of fiscal risks help the credibility and sustainability of public finances and supports macro stability. Risk management practices are often incomplete, fragmented, and lacking quantitative analysis. This may result in an incomplete assessment of risks with adverse impacts on activity and public finances. A more comprehensive and integrated assessment of the potential effects of shocks on public finances, in the form of fiscal analysis and stress tests, helps strengthen central forecasts and understand implications for government liquidity, financing needs, and solvency. Kazakhstan has tools to mitigate some risks, but there is not a comprehensive framework to analyze and manage all fiscal risks. The analysis of fiscal risks should be presented in a single report or statement. Enhancing monitoring, management and reporting of fiscal risks would bring considerable benefits. Best practice recommends an integrated approach to fiscal risks. A deep analysis and full disclosure following a comprehensive, integrated approach with the aim of producing a detailed fiscal risk statement in line with international best practice should be a key objective for Kazakhstan.
Inflation (Finance)--Kazakhstan. --- Banks and Banking --- Inflation --- Money and Monetary Policy --- Public Finance --- Production and Operations Management --- Public Administration --- Public Sector Accounting and Audits --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Macroeconomics: Production --- Price Level --- Deflation --- Public finance & taxation --- Monetary economics --- Macroeconomics --- Banking --- International economics --- Fiscal risks --- Reserve requirements --- Output gap --- Public financial management (PFM) --- Monetary policy --- Production --- Prices --- Currencies --- Money --- Fiscal policy --- Banks and banking --- Economic theory --- Kazakhstan, Republic of --- Inflation (Finance)
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This Selected Issues paper describes wages and competitiveness in Norway. Norway may have to downwardly revise its expectations for wage growth if it is to avoid a significant loss of competitiveness and manage the transition to a less oil-dependent economy. Norway was able to afford very high wage growth in the past (notwithstanding the noted challenges in several sectors) thanks to good fortune in its terms of trade. Going forward, it would be prudent not to count on being fortunate twice: wage moderation would help build resilience in case of less favorable trends in international prices. It would also help facilitate the needed transition out of oil by supporting sectors that did not benefit from past terms of trade gains. Communication from the government can continue to help in managing public expectations. Fiscal policy plays a key role in promoting competitiveness and containing the spending effect of Dutch Disease. After a prolonged expansion of fiscal policy—partly enabled by large valuation gains of the sovereign wealth fund—it is now appropriate to gradually start tightening fiscal policy. The ongoing up-cycle provides an ideal setting to get started on structural consolidation, which will ultimately be needed to face to address aging pressures.
Petroleum industry and trade--Norway. --- Financial Risk Management --- Infrastructure --- Labor --- Macroeconomics --- Real Estate --- Housing Supply and Markets --- Wages, Compensation, and Labor Costs: General --- Price Level --- Inflation --- Deflation --- Financial Crises --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Property & real estate --- Labour --- income economics --- Economic & financial crises & disasters --- Civil service & public sector --- Financial reporting, financial statements --- Housing prices --- Asset prices --- Wages --- Asset bubbles --- Prices --- Financial crises --- National accounts --- Saving and investment --- Norway --- Petroleum industry and trade
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This Selected Issues paper discusses correspondent banking relationships (CBRs) pressures on the Republic of the Marshall Island (RMI). RMI’s two banks currently have access to the US financial system. The Bank of the Marshall Islands is a domestic financial institution providing banking services to a substantial portion of the population and operates five branches throughout RMI, including on the Kwajalein Atoll. RMI, through the Trust Company of the Marshall Islands, provides offshore corporate and maritime registry services. Weak implementation of the anti-money laundering and combating the financing of terrorism (AML/CFT) framework by the authorities contributes to CBR pressures in RMI. The termination of BOMI’s CBR with First Hawaiian Bank would be expected to have significant negative economic repercussions without alternative arrangements. The RMI authorities are strengthening the effectiveness of the AML/CFT framework. Additional steps should be taken to further lower the risk of losing the last US dollar CBR. Once the national risk assessment is completed, an action plan should be developed to address the identified risks.
Marshall Islands--Economic policy. --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Criminology --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Illegal Behavior and the Enforcement of Law --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Distributed ledgers --- Banking --- Corporate crime --- white-collar crime --- Monetary economics --- Virtual currencies --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Currencies --- Correspondent banking --- Technology --- Crime --- Money --- Financial services --- Blockchain and DLT --- Financial services industry --- Technological innovations --- Money laundering --- Banks and banking --- Correspondent banks --- Blockchains --- Databases --- Marshall Islands, Republic of the --- Marshall Islands --- Economic policy.
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This Selected Issues Paper presents an overview of the Malaysian labor market. Malaysia’s economy and its labor market have undergone significant shifts in the last three decades. The labor market is now more urban and has a higher share of female workers and workers with tertiary education. Employment has kept pace with labor supply, keeping the unemployment rate stable for more than a decade. Meanwhile, reliance on noncitizen workers has also increased against the backdrop of slower growth in citizen population. Continuing with its economic transformation, Malaysia aspires to achieve high-income status, with a labor market that is ready for the economy of the future: a market that can support more female workers, more skilled jobs, and a higher labor productivity growth.
International finance--Government policy. --- International finance. --- Malaysia--Economic conditions. --- International monetary system --- International money --- Finance --- International economic relations --- Financial Risk Management --- Labor --- Macroeconomics --- Public Finance --- Gender Studies --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Economics of Gender --- Non-labor Discrimination --- Labour --- income economics --- Gender studies, gender groups --- Public finance & taxation --- Labor force --- Gender diversity --- Labor force participation --- Gender --- Labor market --- Economic theory --- Fiscal policy --- Sex role --- Debts, Public --- Malaysia --- International finance --- Government policy. --- Economic conditions.
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This Selected Issues paper focuses on the impact of adjusting to commodity shocks in Trinidad and Tobago. With commodity resources being nonrenewable, developing a long-term strategy can help avoid unsustainable policies and ensure greater intergenerational equity. Recent country experiences highlight the benefits of precautionary buffers in smoothing fiscal adjustment process. Prudent and countercyclical fiscal policy implementation, structural reforms, and economic diversification can help contain the impact of commodity price booms and busts. Strong fiscal institutions are needed to help achieve and sustain the fiscal adjustment. Different adjustment strategies may be feasible depending on the needed size of the adjustment and country-specific circumstances. Trinidad and Tobago have faced several years of weak or negative growth on the back of terms-of-trade and energy supply shocks. A well-designed fiscal framework that considers potential uncertainties associated with commodity cycles can help improve fiscal management. Countercyclical policy implementation would help smooth the impact of commodity-induced sharp fluctuations in the economy.
Trinidad and Tobago--Economic conditions--Statistics. --- Budgeting --- Investments: Energy --- Macroeconomics --- Public Finance --- Criminology --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Illegal Behavior and the Enforcement of Law --- Commodity Markets --- Energy: General --- Public finance & taxation --- Crime & criminology --- Investment & securities --- Budgeting & financial management --- Fiscal policy --- Expenditure --- Crime --- Fiscal consolidation --- Commodity prices --- Prices --- Expenditures, Public --- Crime--Economic aspects --- Petroleum industry and trade --- Trinidad and Tobago --- Economic conditions
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This Selected Issues paper investigates the macroeconomic impact of existing gender gaps in Ethiopia and discusses the authorities’ policies in the areas of gender equality and women’s rights, with a focus on women’s economic engagement. Ethiopia has shown a firm political commitment to the advancement of gender equality and women’s rights; however significant challenges around women’s economic participation remain. Whilst most people work in Ethiopia, women face many barriers to formal labor force participation, have lower levels of education than men—particularly at secondary and tertiary levels—and have significant wage gaps compared to men. The findings suggest that, eliminating gender gaps in both educational attainment and the rate of formal employment could increase output in Ethiopia over time by over 24 percent. Improved institutional capacity would lead to better integration of gender issues into the planning and implementation of government policies. Ethiopia has already embedded gender units within the structure of many of its ministries.
International Monetary Fund--Ethiopia. --- Economic development--Ethiopia. --- Poverty--Ethiopia. --- Labor --- Women''s Studies' --- Gender Studies --- Economics of Gender --- Non-labor Discrimination --- Education: General --- Labor Standards: Labor Force Composition --- Wages, Compensation, and Labor Costs: General --- Gender studies --- women & girls --- Social discrimination & equal treatment --- Labour --- income economics --- Education --- Women --- Gender inequality --- Labor force participation --- Wages --- Gender --- Sex discrimination --- Labor market --- Ethiopia, The Federal Democratic Republic of --- Economic development --- Poverty
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This Selected Issues paper identifies key challenges among households in reducing nonperforming loans (NPL) further in Cyprus, namely, low repayment capacity, particularly among a certain group of debtors; and weak repayment discipline owing to strategic behavior. Despite some revival of lending activity, the role of bank credit as a funding source remains limited. External inflows, drawdown of savings, use of own funds, and unpaid debt service obligations are contributing to financing economic activities, but these sources may not be sustainable over the medium term. Addressing NPLs to lower borrowing costs and reviving credit supply will be important for supporting longer-term growth. Since 2017, bank credit has provided only a moderate amount of new financing. The reduction in credit-to-GDP ratio has been almost entirely achieved by NPL write-offs and sale or transfer of loans out of the banking system, and through denominator effect. As of 2017, credit demand appears moderately strong, in line with robust economic growth, while credit supply remains broadly unchanged, reflecting continued risk averseness by banks. These trends suggest that while deleveraging is expected to continue through clean-up of bank balance sheets, growth in credit flows (pure new loans) are likely to remain at a moderate level until NPL recovery and repayment discipline improves significantly.
Economics--Cyprus. --- Finance, Public--Cyprus. --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Industries: Financial Services --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Lending and Debt Problems --- Financial Crises --- Finance --- Monetary economics --- Banking --- International economics --- Economic & financial crises & disasters --- Nonperforming loans --- Loans --- Credit --- Debt service --- Financial institutions --- Money --- External debt --- Financial crises --- Banks and banking --- Cyprus --- Finance, Public --- Economic policy.
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Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities it oversees and makes good use of the extensive data it receives from market participants on an ongoing basis. Fiduciary administrators play an important role as the main gatekeeper for investment funds and, despite the highly concentrated nature of the industry, there is evidence that they make a significant contribution to the safety and soundness of the sector as a whole.
Economic development--Brazil. --- Brazil--Economic conditions. --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- International Financial Markets --- Portfolio Choice --- Investment Decisions --- Finance --- Mutual funds --- Asset management --- Liquidity --- Liquidity management --- Financial institutions --- Asset and liability management --- Asset-liability management --- Economics --- Brazil --- Economic development --- Economic conditions.
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