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Recent developments. Growth has been resilient despite global headwinds and inflation is on a strong downward trend. The easing of external pressures has allowed the authorities to rebuild reserves, while the ongoing fiscal consolidation has strengthened debt sustainability and contributed to upgraded sovereign ratings.
The report discusses the important role of the Flexible Credit Line (FCL) in helping Mexico to survive in the fragile global economic environment. The FCL’s contribution in maintaining an orderly financial market in Mexico is noteworthy. IMF staff reaffirms their commitment toward Mexico in taking the necessary actions to manage unforeseen risks. According to the IMF staff report, Mexico meets the qualification criteria for access to FCL resources, and staff recommends approval of a fund of SDR 47.292 billion for a period of 24 months.
As Ecuador and the world at large grapple with the emerging challenge of the COVID-19 pandemic, it is important not to forget the fundamentals of the Ecuadorian economy and the success stories of 2019 and the start of 2020. We believe contained within these pages is an accurate, balanced account of the state of the Ecuadorian economy as of publication, told through the words of the dozens of top public- and private-sector figures. The Business Year's country-specific publications, sometimes featuring over 150 face-to-face interviews, are among the most comprehensive annual economic publications available internationally. This 212-page publication covers green economy, finance, hydrocarbons, mining, agriculture, construction, industry, transport, education, health, ICT, and tourism.
Globalization is characterised by persistent poverty and growing inequality. Conventional wisdom has it that this global poverty is residual - as globalization deepens, the poor will be lifted out of destitution. The policies of the World Bank, the IMF and the WTO echo this belief and push developing countries ever deeper into the global economy. Globalization, Poverty and Inequality provides an alternative viewpoint. It argues that for many - particularly for those living in Latin America, Asia and Central Europe - poverty and globalization are relational. It is the very workings of the global system which condemn many to poverty. In particular the mobility of investment, and the large pool...
This paper estimates cyclically adjusted balances for Uruguay, and discusses methodological and practical implementation issues. In line with standard practice, this paper assumes aggregate fiscal revenue elasticity equal to one. The study also focuses on the cyclically adjusted primary balance, so interest payments are excluded from the analysis. It also estimates Cyclically Adjusted Balances (CABs) for both the consolidated public sector and the general government. The economic development and the credibility of the inflation target are discussed. This study identifies the drivers of the low profitability of Uruguayan banks.
At the request of the Ministry of Finance, a mission from the International Monetary Fund visited San Jose. The purpose of the mission was to assess the proposal to a universal basic pension and to estimate its fiscal and welfare impact on the budget, on pension schemes, and on old age income poverty. Costa Rica is entering a demographic transition which will see the old age dependency ratios significantly worsen in the coming 20 years. The long-term financial sustainability of the general social security pension scheme (IVM) is a concern, despite various reforms introduced over the past three decades and the scheme’s reserves are expected to be exhausted by the mid-2030s. The governmentâ€...