El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador
El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-01-28

Total Pages: 114

ISBN-13:

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The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.

Panama: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama
Panama: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-30

Total Pages: 82

ISBN-13: 1513588141

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After over two decades of unprecedented economic expansion, Panama’s economy contracted sharply in 2020 amidst challenges from the COVID-19 pandemic. As conditions rapidly deteriorated, Panama requested financial support under the Rapid Financing Instrument (RFI) for 100 percent of quota equivalent to US$0.5 billion (SDR 0.4 billion) to address immediate balance of payments needs, which the IMF Executive Board approved on April 15, 2020. Subsequently, uncertainties magnified, and Panama requested a two-year arrangement under the Precautionary and Liquidity Line (PLL) for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.9 billion), as insurance against extreme external shocks, which was approved by the IMF Executive Board on January 19, 2021.

OECD Development Pathways Multi-dimensional Review of El Salvador Strategic Priorities for Robust, Inclusive and Sustainable Development
OECD Development Pathways Multi-dimensional Review of El Salvador Strategic Priorities for Robust, Inclusive and Sustainable Development

Author: OECD

Publisher: OECD Publishing

Published: 2023-04-18

Total Pages: 502

ISBN-13: 9264644660

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El Salvador has made significant development progress in the past 30 years. The end of the civil war in 1992 marked the establishment of a liberal democracy and an open export-led development model, which led to a reduction in poverty and inequality. However, with economic growth averaging a modest 2.4% in the years before the COVID-19 pandemic, and productivity growth of 0.1% over the past decade, the post-war model has not generated the economic momentum or the jobs that the country needs.

Assessing Macrofinancial Risks from Crypto Assets
Assessing Macrofinancial Risks from Crypto Assets

Author: Ms. Burcu Hacibedel

Publisher: International Monetary Fund

Published: 2023-09-29

Total Pages: 35

ISBN-13:

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Failures in the crypto space—including the fall of Terra USD and the FTX debacle—have sparked calls for strengthening countries’ policy frameworks for crypto assets, including by enhanced regulation and supervision. How have these heightened concerns about crypto assets been picked up in systemic risk assessment, and what can be done going forward? In this paper, we introduce a conceptual macrofinancial framework to understand and track systemic risks stemming from crypto assets. Specifically, we propose a country-level Crypto-Risk Assessment Matrix (C-RAM) to summarize the main vulnerabilities, useful indicators, potential triggers and potential policy responses related to the crypto sector. We also discuss how experts and officials can weave in specific vulnerabilities stemming from crypto asset activity into their assessment of systemic risk, and how they can provide policy advice and take action to help contain systemic risks when needed.

Côte D’Ivoire: 2021 Article IV Consultation-Press Release; Staff Report; Informational Annex; Debt Sustainability Analysis; Selected Issues; and Statement by the Executive Director for Côte D’Ivoire
Côte D’Ivoire: 2021 Article IV Consultation-Press Release; Staff Report; Informational Annex; Debt Sustainability Analysis; Selected Issues; and Statement by the Executive Director for Côte D’Ivoire

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-08-13

Total Pages: 93

ISBN-13: 1513590030

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Côte d’Ivoire has shown strong resilience to the pandemic, owing to the authorities’ swift policy reaction and to a decade of sound macroeconomic policies, as well as the support of the international community including the IMF.

Fintech Payments in Public Financial Management: Benefits and Risks
Fintech Payments in Public Financial Management: Benefits and Risks

Author: Gerardo Uña

Publisher: International Monetary Fund

Published: 2023-02-03

Total Pages: 36

ISBN-13:

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Fintech payments leverage large digital platforms to fill gaps in the traditional payment system. They have made great strides in increasing access to payment services in several countries around the globe. At the same time, like any innovation, the new payment models are exposed to risks in their operating environment. We review the main fintech payment models (mobile money, internet-based fintech payment, and digital money) and discuss operational and financial risks as well as challenges they face. We then explore how public financial management (PFM), especially treasury payments and non-tax revenue collections, could benefit from fintech payments by providing examples of early fintech applications in different countries and discuss the challenges of integrating them into the public sector. The use of fintech in public finance could bring various benefits—including strengthening fiscal transparency, improving budget planning and execution, and upgrading cash management—if public sector institutional and technological capacities are strengthened and risks are adequately mitigated.

Care Homes in a Turbulent Era
Care Homes in a Turbulent Era

Author: Komla Dzigbede

Publisher: Edward Elgar Publishing

Published: 2023-08-14

Total Pages: 459

ISBN-13: 1800379714

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This scholarly Research Handbook captures key observations and analyses within the field of public financial management. It offers much-needed insights into possible future research ventures while presenting contemporary summaries of past studies in this ever-evolving field.

El Salvador
El Salvador

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2019-05-23

Total Pages: 68

ISBN-13: 1498316972

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This 2019 Article IV Consultation discusses that structural reforms, strengthened policy frameworks and the ongoing smooth political transition have laid the foundations for sustained growth in El Salvador. The discussions focused on policies that build on these achievements and address fiscal vulnerabilities, boost long-term growth, and strengthen the governance, anticorruption and Anti-Money Laundering and Combating the Financing of Terrorism frameworks. Continued US dollar appreciation led to a significant decline in inflation and widening of the current account deficit. The authorities agreed that debt would continue to drift upward in the absence of measures, and that weaker-than-expected global growth could have a negative impact on the domestic economy. The authorities emphasized their commitment to guarantee a smooth political transition by sharing information with the new administration and by inviting the Audit Office to oversee the handover process. It is recommended to improve the governance and anticorruption frameworks by increasing the fiscal transparency of the 2020 budget laws, strengthening audit and spending controls, and promptly implementing electronic invoicing.

Improving livelihoods and reducing outmigration from the Northern Triangle in Central America: The potential role of cash transfers in expanded social safety nets
Improving livelihoods and reducing outmigration from the Northern Triangle in Central America: The potential role of cash transfers in expanded social safety nets

Author: Diaz-Bonilla, Eugenio

Publisher: Intl Food Policy Res Inst

Published: 2022-05-18

Total Pages: 72

ISBN-13:

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In 2019 almost 45 million immigrants lived in the United States, or about 13.7% of the total population, approaching the record high of 14.8% in 1890. Of that total, about 77% are lawful residents (either nat-uralized, permanent residents, or temporary residents), and the difference (about 23% or 11 million per-sons) are illegal immigrants. Both in the case of legal and illegal immigrants, the largest percentage is from Mexico (24% of the legal immigrants and somewhat less than 50% of the illegal ones, but those percentages have been declining since the mid-2000s). About 20% of the illegal immigration living in the US in 2017 came from Central America, principally El Salvador, Honduras and Guatemala (Ameri-can Immigration Council, 2021 and Passel and D’Vera Cohn, 2019). Overall, these three countries are the origin of about 3.3 million immigrants (legal and illegal) in the US in 2019 (Babich and Batalova, 2021).

Guatemala
Guatemala

Author: International Monetary

Publisher: International Monetary Fund

Published: 2023-05-24

Total Pages: 102

ISBN-13:

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Guatemala has weathered many crises well. Its 's economy has proved resilient, building on a solid track-record of prudent policies--low fiscal deficits and debt-to-GDP ratio, and high international reserves--and strong remittance inflows. After a strong rebound in 2021, Guatemala's economy has been slowing down--with GDP growth halving to a solid 4.1 percent in 2022. Inflation increased in 2022 but peaked in February 2023 (9.9 percent, year-on-year) to drop to 8.71 percent in March 2023. At the same time, public investment tends to be under-executed, poverty remains high, and tax revenue is weak, while substantial institutional, investment, and social gaps and governance weaknesses hinder progress. Addressing these requires higher broad-based and inclusive growth and further progress in the reform agenda. The authorities' goal to attain investment grade and attract foreign investment could unlock opportunities. General elections are due June 25, 2023 (the second round on August 20, if needed).