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IMF Reaches Staff Level Agreement on the Fourth Review of the Extended Fund Facility with Egypt
December 24, 2024
Paraguay: Public Investment Management Assessment – PIMA and Climate PIMA
December 24, 2024
An IMF team conducted a Public Investment Management Assessment including the module on Climate Change in Paraguay. The team identified strengths related to the recent reforms in the National Public Investment System (SNIP) and several weaknesses along the investment cycle that affect its efficiency. It identified ten high-priority recommendations that could improve PIM processes.
Productivity Shocks to the Pharmaceutical Sector and the Danish Economy: Denmark
December 24, 2024
The pharmaceutical industry in Denmark has grown rapidly in recent years. This paper discusses the macroeconomic impact of the pharmaceutical sector. The analysis focuses on Novo Nordisk, the leading pharmaceutical company in Denmark, and its productivity impact on the rest of the economy. Empirical evidence suggests only weak correlations between productivity shocks at Novo Nordisk and overall economic growth, as well as between Novo Nordisk’s productivity and that of other firms. However, we find evidence of a significant within-industry spillover effect in the pharmaceutical sector.
Vulnerabilities and Risks in Denmark’s Nonbank Financial Institutions: Denmark
December 24, 2024
Denmark’s nonbank financial institutions (NBFI) sector has substantially increased in size since the Global Financial Crisis (GFC), becoming an important part of the financial system. Systemic risk associated with NBFIs have been contained but warrants close monitoring, especially regarding leverage, liquidity buffers, and interconnectedness. There are important mitigating factors that reduce systemic risk stemming from NBFIs in Denmark. Strengthening of systemic risk assessment and policy framework for NBFIs is warranted and could include developing a systemic risk assessment framework covering both banks and NBFIs and an ensuing system-wide stress testing framework.
IMF Executive Board Concludes the 2024 Comprehensive Review of General Resources Account Access Limits
December 23, 2024
Paraguay: IMF Executive Board Concludes Reviews of Policy Consultation Instrument and the Arrangement under the Resilience and Sustainability Facility
December 23, 2024
Comprehensive Review of GRA Access Limits
December 23, 2024
On December 17, 2024, the IMF’s Executive Board concluded the Comprehensive Review of General Resources Account (GRA) Access Limits. The review maintained the overall annual and cumulative GRA access limits at 200 and 600 percent of current quotas, respectively, keeping them unchanged from the existing temporary limits that were set to expire at the end of 2024. These limits constitute a 38 percent increase relative to the limits set in the previous comprehensive review in 2016.
The Board also approved adjustments to the access limits when the general conditions of the quota increase under the 16th General Review of Quotas are met and agreed that the next Review is expected to take place on the standard five-year review cycle, with flexibility to conduct it earlier if circumstances warrant. Access limits are a key element of the Fund’s risk management framework. Overall GRA access limits are not ceilings but thresholds for enhanced scrutiny and safeguards through the exceptional access framework. Two staff papers informed the Executive Board’s informal engagement (November) and the formal meeting (December) on this review.
Central Bank Stress Testing—Guidance Note
December 23, 2024
The expansion of central bank balance sheets has become a critical topic in the wake of the Global Financial Crisis and the COVID-19 pandemic. Central banks have taken unprecedented measures to ensure price stability and financial stability, particularly when traditional policy tools were insufficient. However, this expansion has led to significant balance sheet risks, resulting in notable losses as central banks have adjusted their policies in response to rising inflation. This guidance note explores these risks and introduces a modeling framework to assess them.
While essential for achieving stability, the expansion of central bank balance sheets introduces significant risks that require careful management. The proposed modeling framework is a valuable tool for assessing these risks and guiding capital policy. Exploring the relationship between balance sheet size and economic outcomes could yield beneficial insights for future central bank strategies.