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A New Multilateralism for the 21st Century
This chapter presents the content of the Richard Dimbleby lecture, which has been delivered by an influential business or a political figure every year since 1972. Christine Lagarde, Managing Director of the IMF, delivered the 2014 lecture at Guildhall in London on February 3. The 44 nations gathering at Bretton Woods have been determined to set a new course based on the principle that peace and prosperity flow from the font of cooperation. Fundamentally, the new multilateralism needs to instil a broader sense of social responsibility on the part of all players in the modern global economy. A renewed commitment to openness and to the mutual benefits of trade and foreign investment is requested. It also requires collective responsibility for managing an international monetary system that has travelled light-years since the old Bretton Woods system. The collective responsibility would translate into all monetary institutions cooperating closely mindful of the potential impact of their policies on others.
Women and Leadership
A powerful call-to-action for gender equity that offers 10 key lessons for women aspiring to a leadership role—be it in politics, business, law, or their local community. Featuring words of wisdom from female leaders like Hillary Clinton and Theresa May, this empowering study reads like a You Are a Badass volume on world leadership. Women make up fewer than 10% of national leaders worldwide. Behind this eye-opening statistic lies a pattern of unequal access to power. Through conversations with some of the world’s most powerful and interesting women—including Jacinda Ardern, Hillary Rodham Clinton, Christine Lagarde, Michelle Bachelet, and Theresa May—Women and Leadership explores gen...
The European Central Bank and Its Role in a Sustainable Finance System
This book analyses the new strategic decisions of the European Central Bank. Contributors from different fields examine especially the sustainability strategy of the ECB: What role can the European Central Bank play in fighting climate change? ECB President Christine Lagarde has repeatedly confirmed that the central bank wants to play a role in coping with climate change. What will this role be? What instruments does the ECB have to make a difference in challenges such as the defossilization of the economy and transport, biodiversity, the energy transition, resource consumption and other sustainability areas? Is it entitled or obliged to go beyond the classic mandate of maintaining price stability? The volume includes contributions from academics and practitioners from the financial sector, civil society and institutions involved at European level.
Rwanda
This 2017 Article IV Consultation highlights that Rwanda has demonstrated strong macroeconomic policy management and implemented an ambitious development strategy that has resulted in high and inclusive growth, lower poverty and more gender equality, and improved living standards. Growth in 2016 was 5.9 percent, down from 2015, but comparing favorably to growth in the subcontinent. A recovery of growth is expected in 2017–18, owing to good rains and expanding domestic production. A spike in consumer price inflation in early 2017 was driven by food prices. Main risks to economic growth continue to be weather shocks affecting agriculture, regional security issues, and unexpected shifts in external development assistance.
Iraq
This 2017 Article IV Consultation highlights a double shock facing Iraq as a result of the conflict with the Islamic State and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with the Islamic State. Falling oil prices have driven the decline in Iraq’s international reserves from $54 billion at the end of 2015 to $45 billion at the end of 2016. Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform.
Albania
This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction in external imbalances. Reduction in NPLs would safeguard financial stability and help release credit supply constraints by lowering bank risk aversion. The authorities have requested a three-year arrangement with proposed access equivalent to SDR 295.42 million.
Jamaica
This 2018 Article IV Consultation highlights that Jamaica’s GDP growth is estimated to have been a disappointing 0.5 percent in 2017. Weakness in agriculture, slow recovery in mining, and a deceleration in manufacturing offset growth in tourism and construction. The growth forecast is being revised down to 0.9 percent in FY17/18 and about 2.25 percent in the medium term. Inflation remains well-anchored. Higher food prices resulting from flooding have begun to unwind. The current account deficit remains relatively low (at 2.8 percent of GDP in FY17/18) and it is expected to shrink over the medium-term, as oil prices remain contained and tourism earnings improve.
Kenya
Following the approval of a new constitution in 2010, the authorities have embarked on important reforms including fiscal devolution, VAT reform, and the overhaul of the expenditure management framework. Supported by a three-year ECF, which expired in December 2013 with all six reviews completed, Kenya has consolidated macroeconomic stability. Growth has been robust, inflation contained, debt remained sustainable and reserve buffers increased (Tables 1a and 1b and Figures 1 and 2). This progress in a market-friendly environment has continued to attract the interest of foreign investors. As a result, Kenya is recognized as a frontier market increasingly integrated in global financial markets. A Eurobond debut issue of US$2 billion (the largest in SSA so far) took place successfully in June followed by a $750 million re-tap in December.
Pakistan
A 36 month, SDR 4,393 million (425 percent of quota) Extended Arrangement under the EFF was approved by the Executive Board on September 4, 2013 and the third review was completed on June 27, 2014, with a total of SDR 1,440 million disbursed. Fifth and sixth tranches totaling of SDR 720 million will be available upon the completion of this review.
