International Monetary Fund (IMF)
Future of Greek austerity divides IMF board
Some directors dissent from call to reduce mid-term primary surplus target
Angola disregards IMF advice on exchange rate overhaul
Angolan authorities disagree with IMF over suggested exchange rate framework changes but agree to a banking sector clean-up
GDP calculation needs double deflation, says IMF paper
Single deflation techniques introduce errors which can be significant, authors argue, concluding all nations should use double deflation
African regulators want regional regulatory structure – Basant Roi
“Political will” to support financial regulatory reform in Africa is “missing”, says Mauritius governor; IMF chief says resolution frameworks are “insufficient”
Global financial safety net hits snag in regional finance
Jeromin Zettelmeyer warns moral hazard problems are now more serious with the rise of regional funds; central bank swap lines could be a partial solution
Fiscal rules fail to tackle EU policy biases – IMF research
Many biases relate to political economy factors, and should be tackled by future adjustments to the governance framework, IMF economists say
IMF faces funding challenges, Irish paper says
Current funding set up is “fragile” with “significant uncertainty”, paper argues
Book notes: The International Monetary Fund: Distinguishing Reality from Rhetoric, by Graham Bird and Dane Rowlands
The book brings valuable rigour to bear in assessing the work of the IMF, but suffers from a reliance on ageing data in many places, says Jacek Klich
LatAm should pursue regional financial integration – IMF paper
Timing is “ripe” for region to pursue financial integration as means of counterbalancing effects of departing global banks, authors say
Money targeting key to Egypt reform programme
Central bank to maintain flexible exchange rates and keep a close rein on the money supply as IMF pledges $12 billion support
IMF raises projections for US and eurozone growth for 2017
US policy mix still uncertain, but IMF staff do not yet believe changes will trigger an international trade shock; growth projections for emerging economies revised downwards
Pablo Sánchez appointed to lead Central Bank of Bolivia
Academic to take over from Zabalaga after six years as president; latest IMF consultation highlights the disagreement with Bolivian authorities over independence and monetary policy
Belarus cuts rates amid systemic risk fears
Central bank says measures will be taken to guard against foreign loan risk; recent IMF assessment says economy has high level of risk
J Dewey Daane, 1918–2016
Former Fed governor and adviser to the International Monetary Fund played key role in founding of the Central Bank of Paraguay
Sri Lankan government to restructure central bank
Central bank is to be restructured with amendments to the Banking Act, but disagreements remain between the finance minister and governor; inflation-targeting framework appears to be on track
Ukraine acts to cover ‘major shortfall’ in nationalised bank
NBU also tightens bond auction anonymity and announces restriction on use of cash to settle payments
Hans Tietmeyer and his ‘mission’ for euro stability
Otmar Issing on how the former Bundesbank president helped to drive Germany’s social market economy and was instrumental in the stable introduction of the euro
IMF board backs Lagarde after negligence verdict
Executive board affirms “full confidence” in managing director after French court hands down negligence verdict, but chooses not to impose punishment
Ukraine nationalises country’s largest bank
Gontareva says PrivatBank failed repeatedly to take necessary action, and so will be transferred into public ownership; central bank creates emergency liquidity facility
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
IMF paper shows US monetary conditions impact EM leverage
Impact is more pronounced for firms that are dependent on external financing, authors find; sample shows financial conditions have the ability to influence borrowing constraints
IMF delay forces National Bank of Ukraine to keep forex controls
Central bank to leave foreign exchange controls in place until political instability subsides and reforms are under way; IMF acknowledges progress, but says more is needed before the third review
Greek negotiations turn acrimonious amid debt relief freeze
ESM freezes debt relief measures for Greece, accusing government of breaking spending promises; European Commission’s Moscovici hits back at IMF criticism
IMF paper links Chinese growth to ‘drastic increase’ in inequality
Rapid growth in recent decades linked to rising economic inequality, with consumption and income inequality co-moving closely