Europe in a Fragmented World

Good afternoon. It is a pleasure to join you today. Let me begin by thanking Moritz and Sebnem for the very kind introduction. Sebnem is a phenomenal researcher and dear friend from whom I have learned a lot. I am extremely thankful for her generous words. I would also like to thank the Kiel Institute for the Bernhard Harms Prize. I am honored to receive a prize that champions scholarship in international economics and global relations.

IMF Executive Board Completes the Third Review of the Nepal Extended Credit Facility

On November 29, the Executive Board of the International Monetary Fund (IMF) completed the third review under the four year Extended Credit Facility (ECF) for Nepal, allowing the authorities to withdraw the equivalent of SDR 39.20 million (about US$ 52.25 million). This brings total disbursements under the ECF for budget support thus far to SDR 166.90 million (about US$ 222.5 million).

Costa Rica Engages with Multilateral Partners to Launch a Sustainable Project Preparation Facility and Crowd in Climate Investments

The Government of Costa Rica announced today the creation of a Public-Private Partnership (PPP) Project Preparation Facility (PPF) to leverage public and private sector resources to develop sustainable and efficient infrastructure projects.

Czech Republic: Staff Concluding Statement of the 2023 Article IV Mission

The Czech Republic's economic growth slowed considerably following Russia’s war in Ukraine, reflecting disruptions in global value chains, significant increases in energy and other commodity prices, an erosion in real wages, and a necessary tightening in monetary policy. Growth is expected to pick up in 2024—led by consumption and fixed investment, as inflation fades and real income starts rising again, supported by net exports. Nevertheless, GDP is unlikely to reach the levels that would have been given by its pre-pandemic trend by 2028. Inflation, having peaked in 2022, is projected to meet its target by early 2025. Risks are tilted to the downside for activity and to the upside for inflation.

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