Investment Rating - The report does not explicitly provide an investment rating for the financial sector in Papua New Guinea Core Insights - The financial sector in Papua New Guinea (PNG) is relatively small and bank-dominated, with total financial sector assets around PGK 80 billion, representing 70% of GDP [23] - The Bank of Papua New Guinea (BPNG) has made efforts to strengthen the financial sector stability framework through reforms guided by the Financial Sector Development Strategy 2018-30 [13][33] - Despite progress, significant weaknesses and challenges remain, particularly in systemic risk analysis, regulatory frameworks, and crisis management [14][15] Summary by Sections Executive Summary - The BPNG has initiated several reforms to enhance the financial sector stability framework, including macroprudential policy development and modernization of payment systems [13] - Key areas requiring improvement include systemic risk analysis, regulatory frameworks for financial institutions, and crisis preparedness [14][15] Background - The financial sector is dominated by four commercial banks, which account for 67% of total financial system assets, and financial inclusion remains limited, with 75% of the population excluded from formal financial services [23][31] - The BPNG is the main regulatory authority, overseeing banks, nonbank deposit-taking institutions, superannuation funds, and life insurance companies [32] Systemic Risk Analysis - The BPNG has established a Macro-Prudential Supervision Unit responsible for macroprudential risk surveillance and policy advice [37] - Current systemic risk analysis relies heavily on Financial Soundness Indicators (FSIs), but broader macro-financial indicators are often overlooked [45] Recommendations - The report outlines key recommendations for improving the financial sector, including operationalizing a Financial Stability Committee, enhancing regulatory frameworks, and developing a comprehensive prudential regulation for e-money providers [15][18] - Specific recommendations include improving systemic risk reporting, amending the Banks and Financial Institutions Act, and strengthening oversight functions of payment systems [18][19]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The fragmented public debt management legal framework and functions have led to incoherent management of public debt in Sri Lanka, necessitating the establishment of a consolidated Debt Management Office (DMO) and improved debt transparency as a government priority [18][20][24] - The mission recommends a new Public Debt Management (PDM) law to define the DMO's mandate, governance, and accountability framework, which should include annual reporting to Parliament on debt management strategy progress [20][21][66] - The DMO should be located within the Ministry of Finance (MoF) to align with practices in emerging markets, with a focus on developing a Medium-Term Debt Management Strategy (MTDS) and an Annual Borrowing Plan (ABP) [21][22][25] - Recommendations include strengthening the legal framework for loan guarantees and on-lending arrangements to mitigate fiscal risks, and establishing a coordinating committee for better oversight [27][28] Summary by Sections I. Introduction - The objective of the Debt Management Reform Plan is to assist Sri Lankan authorities in improving debt management and transparency, with commitments under the IMF-supported program and World Bank's Development Policy Operation [32][33] II. Macroeconomic Background - Sri Lanka's public debt reached 128% of GDP at the end of 2022, driven by a large fiscal deficit and economic contraction, with gross borrowing needs at 34.6% of GDP [43][44] - The economic outlook remains challenging, with projected contraction in 2023 and gradual recovery expected by 2026 [43] III. Legal Framework - The current legal framework for public debt management is fragmented, lacking a unified law that clearly defines public debt and the roles of various stakeholders [77][80] - The report emphasizes the need for a coherent legal framework to establish guiding principles for public debt management and clarify governance and accountability [59][62] IV. Institutional Framework - The establishment of the DMO within the MoF is recommended, consolidating various debt management functions while ensuring operational independence through an approved MTDS [21][22][25] - The report suggests structuring the DMO along functional lines to enhance efficiency and accountability [27] V. Debt Transparency - The report highlights the need for improved debt data management and unified reporting to enhance transparency and accountability in public debt management [24][66] - Recommendations include developing a new debt recording system and ensuring all debt-related data is included [28] VI. Management Framework for Government Guarantees and On-Lending - The report calls for a legal and operational framework for managing government guarantees and on-lending to mitigate fiscal risks [28][29] - It emphasizes the importance of establishing quantitative risk limits and introducing guarantee fees as risk mitigation instruments [29]

NOTES STAFF CLIMATE Fintech Applications for Boosting Climate Finance Elena Loukoianova, Fabio Natalucci, David Wang, and Shiho Kanada IMF STAFF CLIMATE NOTES 2024/008 ©2024 International Monetary Fund Fintech Applications for Boosting Climate Finance IMF Staff Climate Notes 2024/008 Elena Loukoianova, Fabio Natalucci, David Wang, and Shiho Kanada* DISCLAIMER: The IMF Staff Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the broader policy c ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The UAE's economic growth remains strong, driven by robust domestic activity, with overall GDP growth of 3.6 percent in 2023 and projected growth of 3.7 percent in 2024 [7][9][57] - Non-hydrocarbon growth has been particularly strong, benefiting from healthy tourism flows and increased activity in construction, manufacturing, and financial services [7][9] - Inflation moderated sharply to 1.6 percent in 2023, with expectations of a rise to 2.2 percent in 2024 [7][61] - The banking sector remains resilient, with strengthened balance sheets and continued credit growth despite policy interest rate hikes [8][12][51] Summary by Sections Recent Macroeconomic Developments - Non-hydrocarbon GDP growth reached 6.2 percent in 2023, while hydrocarbon GDP contracted by 3.1 percent due to OPEC+ production cuts [36] - The general government surplus decreased to 5 percent of GDP in 2023, down from 10 percent in 2022, primarily due to lower public company transfers [41] - Capital inflows have strengthened, supporting an increase in central bank foreign reserves by 9.3 percent of GDP in 2023 [42] Outlook and Risks - GDP is projected to grow by 3.7 percent in 2024, with non-hydrocarbon growth expected at 4.9 percent [57] - Hydrocarbon GDP is expected to grow by 0.2 percent in 2024, with significant growth anticipated in 2025 due to increased OPEC+ quotas [58] - The current account surplus is projected to average 7.6 percent of GDP over the medium term, supported by high oil prices and economic diversification efforts [62] Policy Discussions - Policies should focus on sustainable growth and safeguarding financial stability, including enhancing macro-prudential tools and fiscal frameworks [73] - Continued emphasis on structural reforms to harness digitalization and attract investment is crucial for higher productivity and economic growth [25][73] - The development of harmonized medium-term fiscal and sovereign asset-liability management frameworks is essential for fiscal policy efficiency [17]

INTERNATIONAL MONETARY FUND Riding Unicorns: Startups and Venture Capital in Japan Salih Fendoglu and TengTeng Xu WP/24/246 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2024 DEC 9A9 © 2024 International Monetary Fund WP/24/246 IMF Working Paper Asia and Pacific Dep ...

IMF Country Report No. 24/329 KUWAIT SELECTED ISSUES December 2024 This paper on Kuwait was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on November 19, 2024. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 62 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights that global employment gender gaps are primarily driven by labor force participation (LFP) rates, with most countries showing higher employment for men than women, exacerbated by the COVID-19 pandemic [11][12][22] - It emphasizes the need for policies to enhance female LFP by addressing both supply and demand issues in the labor market [11][12] Summary by Sections Introduction - The labor market exhibits significant inequalities between genders despite a near-equal demographic distribution, with men being over 50% more likely to be employed than women [12][13] What Drives Employment Gender Gaps? - Gender gaps in LFP rates are the main contributors to employment gender gaps globally, with advanced economies showing a decreasing trend while emerging markets exhibit an increasing trend [22][24] - The report uses a structured framework to analyze the factors contributing to employment gender gaps, focusing on LFP rates, employment rates, and population shares [20][21] A Distributional View - Approximately 94% of countries had positive employment gender gaps in 2022, indicating that men are more likely to be employed than women across various income groups and geographical areas [24][58] - The LFP rate is identified as the most important factor explaining employment gender gaps globally [62][67] Revisiting the COVID-19 She-Cession - The pandemic significantly widened the global employment gender gap, primarily due to changes in LFP rates, with varying impacts across advanced economies, emerging markets, and low-income countries [25][69][91] - The report details the dynamics of employment gender gaps during the pandemic, highlighting the need for tailored policy responses to address these disparities [91][101] Conclusion - The report calls for a deeper understanding of the root causes of lower female LFP rates and emphasizes the importance of targeted strategies to enhance female participation in the labor force [102]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The paper examines the relationship between export activity and a firm's energy intensity, highlighting the role of firm upgrading in reducing energy intensity. It introduces a firm-level complexity index that considers both the complexity of traded goods and market destinations. Increased external demand encourages firms to upgrade, leading to lower energy intensity, although financial constraints can limit these gains, particularly for small firms. Larger firms benefit from higher markups post-upgrading, while small firms face tougher competition and lower markups after upgrading [4][7][13][16]. Summary by Sections Introduction - The introduction emphasizes the importance of energy intensity in the context of the green transition and its interplay with international trade. It discusses the complexities arising from globalization trends and regulatory changes, which impact energy efficiency and trade competitiveness [7][8]. Data and Measurements - The study utilizes three primary datasets: an annual firm-level survey from Statistics Lithuania, product-level customs data, and global trade data from CEPII's BACI database. The analysis focuses on the period from 2000 to 2015, capturing Lithuania's economic transitions, including its EU accession [23][25][30]. Empirical Strategy - The empirical strategy involves constructing firm-level external demand shocks and employing a shift-share design to identify the causal effects of external demand on firm upgrading and energy intensity. The analysis accounts for firm-specific characteristics and industry trends [62][74][78]. Results - The findings indicate that increased external demand leads to greater firm-level complexity, with small firms experiencing significant reductions in energy intensity as complexity grows. In contrast, large firms do not show significant improvements in energy efficiency. The results suggest that Lithuania's EU accession facilitated energy efficiency improvements through regulatory standards and competitive pressures [13][16][47][49]. Conclusion - The conclusion highlights the necessity of targeted support for small firms to enhance their energy efficiency and the importance of maintaining open trade policies in a fragmented global landscape. The study underscores the heterogeneous impacts of firm upgrading on energy intensity across different firm sizes [4][16][19].

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - Transparency and communications are critical to the effectiveness of the IMF, as they build trust and understanding of the Fund's work and policy advice [14][25] - The IMF has made significant progress in enhancing its communication strategy since the last review in 2014, adapting to changes in the global economy and communications technology [7][26] - The evolving global economic landscape and media transformations necessitate a more strategic and selective approach to communications [8][33] Summary by Sections Objectives, Audiences, and Scope of Fund Communications - The Fund communicates to support transparency, raise awareness, and build understanding of its work, which contributes to economic and financial stability [37][42] - Policymakers are the primary audience, but the Fund also engages with media, think tanks, civil society organizations, and the general public through various channels [44][46] Fund Communications Over the Past Decade - The global economy has faced significant changes, including the pandemic and geopolitical conflicts, which have influenced the Fund's communication strategies [54][56] - The Fund has adapted its communications to leverage digital platforms and engage broader audiences effectively [58][60] Evolving Fund Communications Going Forward - The report proposes transitioning from "doing more" to being more evidence-based and selective in communications, focusing on high-value topics [17][33] - Strengthening communication channels and integrating traditional media with social media are key strategies for future engagement [8][17] Impact Assessment for Strategic and Evidence-Based Communications - The Fund has made strides in measuring the impact of its communications, but further efforts are needed to enhance evaluation frameworks and stakeholder feedback mechanisms [11][11] AI and Fund Communications - The report highlights the need for the Fund to prepare for the impact of AI on communications, emphasizing the importance of adapting to technological advancements [11][33] Engagement with Stakeholders - The Fund has expanded its engagement with various stakeholders, including civil society and local media, to enhance understanding and support for its policies [10][79] - The Fund's efforts to broaden its reach have resulted in increased awareness and understanding of its policy recommendations [79][80]

Investment Rating - The report does not explicitly provide an investment rating for the residential property market in Vietnam Core Insights - The Government Statistics Office (GSO) is working on developing a Residential Property Price Index (RPPI) to assess developments and risks in the Vietnam property market, with the latest technical assistance mission conducted in April 2024 [8][19] - The GSO has faced challenges in data collection for the RPPI, including the discontinuation of surveys and web scraping due to data quality issues and legislative constraints [9][20] - Recent taxation developments, including electronic reporting of property transactions, may enhance the potential for using administrative data in RPPI compilation [10][27] Summary by Sections Summary of Mission Outcomes and Priority Recommendations - A technical assistance mission was conducted to assist the GSO in developing the RPPI, marking the fourth such mission [8] - The GSO is encouraged to collaborate with the General Department of Taxation (GDT) to secure timely access to property transaction data [11][29] - Priority recommendations include securing access to electronic records by December 2024 and assessing data quality by June 2025 [16] Detailed Technical Assessment and Recommendations - The report emphasizes the importance of administrative data for compiling a reliable RPPI, which has been challenging due to under-reporting and data collection methods [22][23] - The GSO is advised to assess the completeness of data and consider valuation banding to improve data quality [30] - The report outlines the need for a Construction Output Price Index (COPI) to complement the existing Construction Input Price Index (CIPI) [13][38] Residential Property Price Index - The GSO has previously attempted to collect data through surveys and web scraping, but these efforts faced significant challenges [24][26] - The report highlights the potential for improved data collection through recent legislative changes and electronic reporting of property transactions [27][28] - The GSO is encouraged to compare online asking prices against reported transaction prices to enhance the RPPI [32][34] Construction Price Index - The GSO aims to compile a COPI by the end of 2025, which will serve as an important indicator of inflationary pressures in the construction sector [37] - Discussions with key stakeholders, including the Ministry of Construction, are necessary to establish a broad methodological approach for the COPI [39][40] - The report recommends identifying weights for various construction activities to ensure a representative index [41]