International Monetary Fund

Bank of International Settlements, European Central Bank, International Monetary Fund, Organisation for Economic Co-operation and Development, World Bank

Financial Stability Board Global Shadow Banking Monitoring Report 2013

The shadow banking system can broadly be described as credit intermediation involving entities and activities outside the regular banking system. Intermediating credit through non-bank channels can have important advantages and contributes to the financing of the real economy, but such channels can also become a source of systemic risk, especially when they are structured to perform bank-like functions (e.g. maturity transformation and leverage) and when their interconnectedness with the regular banking system is strong. Therefore, appropriate monitoring of shadow banking helps to mitigate the build-up of such systemic risks. The FSB set out its approach for monitoring the global shadow banking system in its report to the G20 in October 2011. This report presents the results of the third annual monitoring exercise following this approach, using end-2012 data. The report includes data from 25 jurisdictions and the euro area as a whole, bringing the coverage of the monitoring exercise to about 80% of global GDP and 90% of global financial system assets.

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Cyprus, International Monetary Fund

IMF Fiscal Affairs Department Cyprus Options for Short-Term Expenditure Rationalization

Increasing public spending had contributed to a substantial deterioration of public finances in Cyprus over recent years. To address fiscal imbalances, the government introduced an initial set of fiscal reform’s in late 2012. However, additional measures are needed to ensure the sustainability of public finances. The size of the necessary adjustment will depend, among other things, on the magnitude of spillovers from financial sector restructuring.

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European Central Bank, European Union, International Monetary Fund

IMF, EU, European Central Bank “Troika” Greece Debt Sustainability Analysis October 21, 2011

Since the fourth review, the situation in Greece has taken a turn for the worse, with the economy increasingly adjusting through recession and related wage-price channels, rather than through structural reform driven increases in productivity. The authorities have also struggled to meet their policy commitments against these headwinds. For the purpose of the debt sustainability assessment, a revised baseline has been specified, which takes into account the implications of these developments for future growth and for likely policy outcomes. It has been extended through 2030 to fully capture long term growth dynamics, and possible financing implications.

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International Monetary Fund, New York

Dominique Strauss-Kahn Rape, Sexual Abuse Criminal Complaint

The defendant engaged in oral sexual conduct and anal sexual conduct with another person by forcible compulsion; the defendant attempted to engage in sexual intercourse with another person by forcible compulsion; the defendant subjected another person to sexual contact by forcible compulsion; the defendant restrained another person; the defendant subjected another person to sexual contact without the latter’s consent; and in that the defendant intentionally, and for no legitimate purpose, forcibly touched the sexual and other intimate parts of another person for the purpose of degrading and abusing such person, and for the purpose of gratifying the defendant’s sexual desire.

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International Monetary Fund, World Bank

IMF/World Bank “Future of Global Financial and Monetary System” Seminar

In the context of rapidly increasing inter-dependence across national economies and shifting economic weight of different regions, the crisis has been a wake-up call for putting in place a global financial and monetary system that reduces the frequency and severity of crisis, underpinned by greater multilateralism in policymaking. Global cooperation and coordination on a wide set of issues, ranging from crisis prevention to regulatory and prudential reform and to provision of financial support, is critical for responding to the challenges presented by financial fragilities, external imbalances, weak fiscal positions and rising debt levels, and volatile capital flows.

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International Monetary Fund

IMF G20 Report: Fair and Substantial Financial Sector Contribution

This report responds to the request of the G-20 leaders for the IMF to: “…prepare a report for our next meeting [June 2010] with regard to the range of options countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burden associated with government interventions to repair the banking system.”

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International Monetary Fund

IMF Report: Fiscal Rules for Sustainable Public Debt

The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

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International Monetary Fund, United Arab Emirates

IMF United Arab Emirates Anti-Money Laundering & Terrorist Financing Report

A basic legal framework for combating money laundering and terrorist financing is in place in the UAE, but that framework needs further strengthening in a number of areas. The AML law needs to be amended to expand the range of predicate offences and to provide greater powers for the financial intelligence unit. The FIU should also increase its own staffing so that it may operate as an autonomous unit, rather than relying on the resources of the Central Bank’s Supervision Department and other regulatory agencies.

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International Monetary Fund, Italy

IMF Italy Anti-Money Laundering & Terrorist Financing Report

An assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Italy was onducted based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF) and prepared using the AML/CFT Methodology 2004. The assessment considered the laws, regulations and other materials supplied by the authorities, and information obtained by the assessment team during its mission April 4–20, 2005, and subsequently.

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International Monetary Fund, Liechtenstein

IMF Liechtenstein Anti-Money Laundering & Terrorist Financing Executive Summary

The financial sector in Liechtenstein provides primarily wealth-management services, including banking, trust, other fiduciary services, investment management, and life insurance-based products. There has been significant expansion recently in the non-banking areas, particularly investment undertakings and insurance. Approximately 90 percent of Liechtenstein’s financial services business is provided to nonresidents, many attracted to Liechtenstein by the availability of discrete and flexible legal structures, strict bank secrecy, and favorable tax arrangements, within a stable and well-regulated environment.

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Czech Republic, International Monetary Fund

IMF Czech Republic Anti-Money Laundering & Terrorist Financing Report

Criminal activity in the Czech Republic that generates major sources of illegal proceeds is comparable to criminal activity in other countries in transition. Economic crime (e.g., fraud and asset stripping) that is linked to the privatization process is still a major concern. The authorities also mentioned tax offences as significant crime areas. Organized crime involving drug trafficking and counterfeiting of goods is also active in the Czech Republic with links to the region and Asia.

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Bermuda, International Monetary Fund

IMF Bermuda Anti-Money Laundering & Terrorist Financing Report

This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Bermuda is based on the Forty Recommendations 2003 and the Nine Special recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF). It was prepared using the AML/CFT assessment Methodology 2004, as updated in June 2006. The assessment team considered all the materials supplied by the authorities, the information obtained on-site during their mission from May 7 to 23, 2007, and other information subsequently provided by the authorities soon after the mission. During the mission, the assessment team met with officials and representatives of all relevant government agencies and the private sector.

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International Monetary Fund, Moldova

IMF Moldova Report: Aligning to Best Tax Administration Practises

Using the occasion of the Spring Meetings-on April 22, 2006-Moldovan Finance Minister Michai Pop requested FAD’s assistance to review the authorities draft strategic plan for a comprehensive modernization of the State Tax Inspectorate (STI). The mission has been informed that the government intends to finalize and adopt the modernization plan by the end of September 2006.

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International Monetary Fund, Sierra Leone, World Bank

Sierra Leone IDA-IMF Second Poverty Reduction Strategy Staff Advisory Note

This Joint Staff Advisory Note (JSAN) reviews Sierra Leone’s Second Poverty Reduction Strategy Paper (PRSP-H) covering the period 2009-2012, The PRSP-I1 examines achievements and lessons learned under the first PRSP, analyzes challenges and constraints in the economy, and lays out the strategic priorities for accelerating growth and reducing Poverty.

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International Monetary Fund

Jersey IMF Financial System Stability Assessment

The main findings of the FSAP update are:

* Financial sector regulation and supervision are of a high standard, and processes and resourcing have been significantly enhanced since a 2003 assessment under the Offshore Financial Center (OFC) program. The Jersey Financial Services Commission (JFSC) operates with considerable independence as well as accountability, and has broadly adequate resources.
* The financial crisis has highlighted the vulnerability of Jersey’s banks to events in major financial centers. While Jersey supervisors cannot feasibly analyze in depth the soundness of the financial groups to which their Jersey operations provide extensive funding, it should be able to detect and react to intensified risks stemming from parent institutions.
* Jersey has experienced some effects from the global crisis, but financial soundness indicators (FSIs) for institutions licensed on the island have been satisfactory, and stress tests confirm that the system is resilient to a range of shocks. However, there is high concentration risk and spill-over risk from parent banks.
* The authorities are making contingency plans, a key element of which will be cooperation with home supervisors. Experience elsewhere suggests the usefulness of a dedicated bank insolvency regime.
* Possible introduction of a bank depositor compensation scheme would require careful study. In any case, all depositors must receive clear information on who is responsible for safeguarding their claims and the scheme’s coverage, if any.

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Honduras, International Monetary Fund

Honduras IMF Staff Report for the 2009 Article IV Consultation

A large external current account deficit, combined with a sharp decline in net capital inflows (due to global and domestic factors) could result in a balance of payments deficit of close to US$300 million in 2009 (11 percent of gross reserves at end-2008). On current policies, reserves could reach critically low levels by 2010–11. The growth slowdown also poses a threat to the financial system.

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International Monetary Fund, Lithuania

IMF-World Bank Lithuania Financial Sector Assessment

This Financial Sector Assessment (FSA) summarizes the key findings and recommendations of the 2007 FSAP update report for the Republic of Lithuania.1 The FSA, which focuses on developmental issues, should be read together with the Financial System Stability Assessment (FSSA) in order to get a full overview of the findings and recommendations of the 2007 Republic of Lithuania FSAP update. The FSAP update team noted progress since the 2002 banking sector vulnerability assessment2, and evaluated regulatory and supervisory challenges for the banking and non-banking sectors; cross-border arrangements, safety nets, crisis management preparedness; the pension reform, and capital market development.

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International Monetary Fund, South Africa

IMF South Africa Staff Report for the 2009 Article IV Consultation

The global financial crisis has sharply altered the outlook for an already slowing economy. Large capital outflows lowered stock prices and depreciated the rand in late 2008. A sharp decline in external demand and a slump in commodity prices have pushed the economy into a recession. Inflows have returned and the rand has appreciated recently, but inflation risks have increased and the current account deficit is projected to widen again. The risks to the outlook are mainly on the downside. The banking system has remained liquid and well-capitalized, but impaired loans are rising as the economy weakens. Policies have been countercyclical, with a large investment-centered fiscal stimulus in FY 2008/9 followed by further easing in FY2009/10, and substantial monetary easing in the first half of 2009. Medium-term budget plans envisage a moderation in spending growth over the medium term.

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International Monetary Fund, Lebanon

IMF Lebanon Staff Visit September 10-18, 2009

An International Monetary Fund mission visited Lebanon September 10-18, 2009 to discuss developments through end-June 2009 under the authorities’ program supported by Emergency Post-Conflict Assistance (EPCA) and the outlook for 2009. The mission met with the Minister of Finance, the Governor of the Banque du Liban (BdL), and other high-ranking officials. The mission is grateful for the open and constructive dialogue, the warm hospitality, and the excellent cooperation.

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International Monetary Fund, Lebanon

IMF Report on Lebanon Emergency Post-Conflict Assistance

Despite its large vulnerabilities, Lebanon has so far weathered the global financial crisis and succeeded in maintaining financial stability, raising international reserves, and reducing public debt in 2008. The economy achieved record growth, and Eurobond spreads are now lower than the emerging market average. Fund engagement in Lebanon through the EPCA (which was broadly on track at end-December) has contributed to this performance. Lower global liquidity and the world economic downturn, particularly in the Gulf, will likely affect Lebanon in 2009, with lower growth and deposit inflows.

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International Monetary Fund, World Bank

Rwanda Country Assistance Strategy Completion Report

This review covers both the FYO3-05 CAS (extended to FY06) and the FYO6-08 Interim Strategy Note (ISN), as does the CASCR, and refers to the two documents together as the FY03 CAS, unless otherwise specified. The FY03 CAS sought to assist land-locked Rwanda to overcome the legacy of civil war, genocide, and cross-border war which left it with a per capita income of only US$210 in 2002, compared to US$370 in 1990. Its objectives were: (a) revitalization of the rural economy; (b) private sector development and employment creation; and (c) human and social development.

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International Monetary Fund, Switzerland

IMF Report on Switzerland Fiscal Transparency

This report provides an assessment of the fiscal transparency practices of Switzerland against the requirements of the IMF Code of Good Practices on Fiscal Transparency (2007). The first part is a description of practices, prepared by IMF staff on the basis of discussions with the authorities and their responses to the fiscal transparency questionnaire, and drawing on other available information. The second part is an IMF staff commentary on fiscal transparency in Switzerland. The two appendices summarize the staff’s assessments, comment on the observance of good practices, and document the public availability of information.

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International Monetary Fund

International Monetary Fund Trade Finance Survey

There is general agreement that the ongoing global financial crisis has produced a serious decline in the availability of trade credit along with increases in pricing. In order to better understand the current trade environment and develop actions to alleviate some of the problems associate with it, the International Monetary Fund (IMF) and the Bankers Association for Trade and Finance (BAFT) have commissioned Flometrix to conduct a survey among banks worldwide.

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