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Use of SDRs in the Acquisition of Hybrid Capital Instruments of the Prescribed Holders
May 15, 2024
On May 10, 2024, the IMF’s Executive Board approved the use of Special Drawing Rights (SDRs) for the acquisition of hybrid capital instruments issued by prescribed holders. This new use of SDRs, which adds to seven already authorized prescribed SDR operations, is subject to a cumulative limit of SDR 15 billion to minimize liquidity risks. The Executive Board also established a strong expectation that contributors channeling SDRs to prescribed holders under such capital contributions have Voluntary Trading Arrangements (VTAs) in place to ensure sufficient liquidity and equitable distribution of potential SDR exchanges into currencies. A review of the proposed use is expected to be conducted when cumulative hybrid capital contributions surpass SDR 10 billion or two years after the authorization, whichever comes first.
An AI-Powered Boost to Anguilla's Revenues
May 15, 2024
A Caribbean island is receiving a fiscal boost from internet domain registrations and offers lessons for others.
Cross-Border Payments with Retail Central Bank Digital Currencies
May 15, 2024
Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
Belize: Selected Issues
May 15, 2024
Selected Issues
Belize: 2024 Article IV Consultation-Press Release; and Staff Report
May 15, 2024
Outlook and Risks. Real GDP growth and inflation moderated in 2023 and are projected
to decline further over the medium term as the output gap closes and global commodity
prices fall. The fiscal position remains robust, but debt dynamics have become more
challenging due to the increase in the interest rate – growth differential, with public debt
projected to remain above 50 percent of GDP over the next decade. Risks to the outlook
include further increases in commodity prices and climate-related disasters.
Policymaking in Times of Conflict and Instability
May 14, 2024
Europe: Turning the Recovery into Enduring Growth
May 14, 2024
Republic of Slovenia: Selected Issues
May 14, 2024
Selected Issues
Republic of Slovenia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
May 14, 2024
Slovenia has weathered the pandemic and the energy price shocks well, but long-term challenges remain. Ageing of Slovenia’s population is a challenge, and private investment has softened over the past decade. The 2023 floods caused significant damage.