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Cover -- CONTENTS -- THE PENSION SYSTEM IN LUXEMBOURG -- A. Introduction -- B. Cross-Country Comparison -- C. Overview of Luxembourg's Pension System and the 2012 Reform -- D. Baseline Projections Under a No-Policy Change Scenario -- E. Reform Options and Macroeconomic Trade-Offs -- F. Conclusions -- FIGURES -- 1. Cross-Country Comparison of Pension Systems -- 2. Uncertainty Around Baseline Estimations -- References.

Cover -- Contents -- Glossary -- Preface -- Executive Summary -- I. Introduction, Scope, and Summary of Work Done -- A. Introduction -- B. Scope -- C. Summary of Work Done -- II. The Srep Process and Manual -- A. Principles -- B. Process and Proportionality -- C. Business Model Analysis -- D. Governance -- E. Risk to Capital -- F. Internal Capital Adequacy Assessment Process and Internal Liquidity Adequacy Assessment Process and Interaction with SREP -- G. Stress Testing -- III. Efficient and Proportionate Decision Process -- A. Intervention of the Governing Council in the SREP Decision -- B. Proportionate Decision Taking and Focused Planning -- IV. Communication to Banks -- A. Individual Decisions -- B. Global Communication on Process, Outcome, and Methodology -- Table -- 1. Key Recommendations.

Cover -- CONTENTS -- ACRONYMS -- PREFACE -- EXECUTIVE SUMMARY -- I. INTRODUCTION -- II. PUBLIC INVESTMENT IN THE PHILIPPINES: CONTEXT -- A. Trends in Public Investment and Capital Stock -- B. Composition of Public Investment -- III. IMPACT AND EFFICIENCY OF PUBLIC INVESTMENT -- A. Public Investment Impact -- B. Public Investment Efficiency -- IV. PUBLIC INVESTMENT MANAGEMENT ASSESSMENT -- A. Public Investment Management Assessment Framework -- B. Planning Sustainable Levels of Public Investment -- C. Allocating Investments to the Right Sectors and Projects -- D. Delivering Productive and Durable Public Assets -- V. RECOMMENDATIONS -- BOXES -- 4.A. Ex-Ante Fiscal Assessment Processes for Investment Projects -- 4.B. Approaches to Broadening Infrastructure Governance -- 4.C. Axle Load Control -- 4.D. Chile: Ex-Post Reviews of Projects -- 4.E. Project Cost Breakdown -- 5.A. Malaysia Project Monitoring System -- FIGURES -- 0.A. Institutional Strength of Public Investment Management -- 0.B. Effectiveness of Public Investment Management -- 2.A. General Government Investment -- 2.B. General Government Capital Stock -- 2.C. 2015 Public Capital Stock per Capita -- 2.D. Central Government Balance and Gross Debt -- 2.E. Public Investment and Private Investment -- 2.F. Public Investment and GDP Growth -- 2.G. Public Investment by Function -- 2.H. EME: Public Investment by Functions -- 2.I. Capital Spending by Level of Government -- 2.J. Public-Private Partnerships' Capital Stock -- 2.K. Public-Private Partnerships' Capital Stock Relative to Regional Economies -- 3.A. Perceived Infrastructure Quality -- 3.B. Volume of Infrastructure per Capita -- 3.C. Public Investment Efficiency -- 3.D. Execution of Capital Expenditure -- 3.E. Investment Volatility -- 4.A. The PIMA Framework -- TABLES -- 0.A. Summary Assessment -- 0.B. Action Plan.

Cover -- CONTENTS -- PERSONAL INCOME TAX REFORM: PAST AND PRESENT -- A. Introduction -- B. The Income Tax -- C. The Universal Social Charge -- D. Replacing the USC with a Re-calibrated Income Tax -- E. A More Substantial Reform Could Yield Additional Benefits -- F. Conclusions -- References -- FIGURES -- 1.Personal Income Taxes -- 2. Income Taxes -- 3. Personal Income Taxes -- 4. Income Tax Thresholds -- 5. Income Tax Credits -- 6. USC Effective Rates -- 7. The Role of USC -- 8. Effective Rates Comparison -- 9. Re-calibrated Income Tax -- 10. Marginal Effective Tax Rates -- 11. Effective Tax Rates -- ANNEX -- 1. Personal Income Tax Changes -- NON-BANK FINANCIAL SECTOR IN IRELAND: LINKAGES AND RISKS -- A. Introduction -- B. Description of the Funds and Vehicles Sector -- C. Linkages with the Domestic Economy -- D. Global Linkages -- E. Assessing the Resilience of the Funds and Vehicles Sector -- F. Conclusion -- References -- FIGURES -- 1. Ireland's Financial Sector Assets -- 2. Composition of the Irish Non-bank Financial Sector -- 3. Financial Linkages with Irish Households -- 4. Value Added of the Financial Sector in Ireland -- 5. Financial Sector and BOP -- 6. Global Linkages -- 7. Probability of Distress -- 8. Liquidity and Maturity Mismatch in Irish Funds -- 9. Leverage in Irish Funds -- TABLE -- 1. Network Matrix (Gross Bilateral Positions).

Cover -- Contents -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- IMPLEMENTATION OF RECOMMENDATIONS AND DEVELOPMENTS WITH RESPECT TO EXTERNAL SECTOR STATISTICS -- A. Implementation of Recommendations -- B. Developments With Respect to ESS -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Improvement of Source Data -- B. Data Consistency and Plausibility -- C. Financial Account and Calculation of NEO -- D. Direct Investment and Participation in the Coordinated Direct Investment Survey (CDIS) -- E. External Debt Statistics and Participation in the Quarterly External Debt Statistics (QEDS) -- F. Dissemination of External Accounts -- FIGURES -- 1. Comparison of the DSBP's Financial Account With the Recalculated Version -- 2. Comparison of the DSBP's NEO With the Recalculated Version -- TABLE -- 1. Guinea Priority Recommendations -- ANNEXES -- I. Comparison With BIS Stocks of Claims and Liabilities With the IIP -- II. Consistency Between the TOFE and the Balance of Payments -- III. DSBP Balance of Payments and Balance of Payments Including Recalculated Financial Account -- IV. Consistency Between BCRG Financial Liabilities and IMF Data in 2015 and 2016 -- V. Direct Investment Form -- VI. Guinea's Balance of Payments Published on the BCRG Website -- VII. DGD Valuation of Bauxite.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS AND OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal Policy: Supporting Demand and Advancing Productive Investments -- B. Monetary Policy: Continued Accommodation and Eventual Normalization -- C. Lifting Potential Growth Through Business Climate Reforms -- D. Enhancing Financial Modernization and Inclusion -- STAFF APPRAISAL -- BOXES -- 1. Narrowing the Tax Gap in Guatemala -- 2. Enhancing the Inflation Targeting Framework -- 3. A Broad-Based Agenda for a Thriving Business Environment -- 4. Fintech's Potential to Promote Financial Inclusion -- FIGURES -- 1. Recent Economic Developments -- 2. Fiscal Developments -- 3. External Developments -- 4. Financial Developments -- TABLES -- 1. Selected Economic and Social Indicators -- 2. Statement of the Central Government Operations and Financial Balance, GFSM 2001 Classification -- 3. Summary Balance of Payments -- 4. Monetary Sector Survey -- 5. Financial Soundness Indicators -- 6. Financial Soundness Indicators Heatmap -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Public Debt Sustainability Analysis (DSA) - Baseline Scenario -- IV. Financing Strategy: Tax Reform Options -- V. External Debt Sustainability -- VI. External Adjustment to Terms-of-Trade Shocks -- VII. Past Fund Staff Recommendations and Implementation -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- PERSEVERING DESPITE HEADWINDS… -- …WHICH WEIGH ON THE OUTLOOK -- THE PROGRAM IS OFF TO A PROMISING START -- POLICIES TO KEEP THE PROGRAM ON TRACK -- A. Protecting Fiscal Sustainability -- B. Promoting Debt Sustainability -- C. Consolidating the Monetary Policy Framework and Flexible Exchange Rate Regime -- D. Advancing Structural Reforms and Improving Governance -- E. Safeguarding Financial Sector Stability -- PROGRAM ISSUES AND RISKS -- STAFF APPRAISAL -- FIGURES -- 1. Selected High-Frequency Indicators, 2009-19 -- 2. Fiscal Developments, 2009-19 -- 3. Monetary Developments, 2009-19 -- 4. External Sector Developments, 2009-19 -- 5. Oil Dependence and Economic Diversification, 1996-19 -- TABLES -- 1. Main Economic Indicators, 2018-22 -- 2a. Statement of Central Government Operations, 2018-22 (Billions of local currency) -- 2b. Statement of Central Government Operations, 2018-22 (Percent of GDP) -- 2c. Statement of Central Government Operations, 2018-22 (Percent of non-oil GDP) -- 3. Monetary Accounts, 2018-22 -- 4. Balance of Payments, 2018-22 -- 5. Public Debt, 2018-24 -- 6. Financial Soundness Indicators, December 2017-March 2019 -- 7. Fiscal Financing Needs and Sources, 2018Q4-21 -- 8. External Financing Requirements and Sources, 2018-24 -- 9. Indicators of IMF Credit, 2018-28 -- 10. Access and Phasing Under the Arrangement, 2018-21 -- ANNEXES -- I. Risk Assessment Matrix -- II. Technical Assistance Under the Arrangement, 2019-21 -- III. Impact of the Oil Price Volatility -- IV. Identifying Opportunities for Stronger Non-Oil Revenue Performance -- V. Infrastructure Investment and Debt Sustainability -- VI. Debt Sustainability Analysis -- APPENDIX -- I. Letter of Intent -- Attachments -- I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- CONSUMER PRICE INDEX (CPI) -- A. Rebasing CPI -- B. Dissemination of CPI -- C. Owner Occupied Housing -- PRODUCER PRICE INDEX (PPI) -- D. Mining and Quarrying -- E. Coverage of PPI -- STAFF RESOURCES -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Detailed Workplan for CPI -- B. Detailed Work Plan for PPI -- C. Officials Met During the Mission -- TABLE -- 1. Priority Recommendations.

Cover -- CONTENTS -- CONTEXT: A BROAD-BASED EXPANSION -- OUTLOOK AND RISKS -- FISCAL: ENSURING RESILIENCE -- FINANCIAL SECTOR: STAYING SAFE AND SOUND -- ADDRESSING KEY BOTTLENECKS TO GROWTH -- STAFF APPRAISAL -- BOXES -- 1. CIT Revenue at Risk -- 2. Expanding the Supply of Housing -- FIGURES -- 1. Recent Developments -- 2. Cyclical Position -- 3. Fiscal Developments -- 4. Credit Developments -- 5. House Prices and Rents -- 6. External Sector Developments -- 7. Fiscal Impulse -- 8. Medium-Term Fiscal Consolidation Relies on CIT Revenues at Risk -- 9. Income Taxes -- 10. Public Healthcare Expenditures -- 11. Public Debt and a Shock to CIT Revenues at Risk -- 12. VAT Revenues -- 13. Universal Social Charge -- 14. Financial Sector Assets -- 15. Banking Developments -- 16. Macroprudential Measures Effect -- 17. Ireland's Financial Assets -- 18. Probability of Distress -- 19. Liquidity and Maturity Mismatch in Irish Funds -- 20. Productivity and Skills -- 21. Gender Gap -- TABLES -- 1. Selected Economic Indicators, 2016-24 -- 2. Statement of Operations of the General Government, 2016-24 -- 3. Summary of Balance of Payments, 2016-24 -- 4. Monetary Survey, 2013-2019 -- 5. Main Domestic Banks' Aggregated Summary Financial Statements, 2017Q3-2018Q4 -- ANNEXES -- I. Public Debt Sustainability Analysis (DSA) -- II. External Stability Assessment -- III. How Would a No-Deal Brexit Affect Ireland's Economy? -- IV. Risk Assessment Matrix -- V. Progress Against IMF Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- ANNUAL NATIONAL ACCOUNTS REBASE -- SUPPLY AND USE TABLES -- STRATEGIC ISSUES -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Simple Method for Estimating FISIM -- B. Officials Met During the Mission -- TABLES -- 1. Priority Recommendations -- 2. Results Based Framework.

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- INSTITUTIONAL AND LEGAL FRAMEWORK -- CRISIS PREPAREDNESS -- A. Early Supervisory Intervention -- B. Recovery and Resolution Planning -- C. Liquidity Support -- RESOLUTION REGIME -- A. Resolution Tools -- B. Resolution Safeguards -- C. Resolution of Foreign ADIs (Foreign Branches) -- SYSTEMIC CRISIS MANAGEMENT AND RESOLUTION FUNDING -- DEPOSIT INSURANCE (FINANCIAL CLAIMS SCHEME) -- CROSS-BORDER COORDINATION -- TABLE -- 1. Recommendations on Bank Resolution and Crisis Management -- ANNEX -- I. Status of Recommendations from the 2012 FSAP.

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- A. Scope and Approach -- B. 2012 FSAP Recommendations and Implementation -- C. Market Structure, Insurance Products, and Industry Performance -- INSTITUTIONAL SETTING -- A. Supervisory Responsibilities, Objectives, and Powers -- MAIN FINDINGS -- A. Independence and Resources -- B. Solvency Requirements -- C. Macroprudential Regulation and Surveillance -- D. Market Conduct -- BOXES -- 1. Enhancement of ASIC Capability -- 2. Interlinkage Between Insurers and Other Financial Sectors -- 3. APRA Stress Tests -- 4. Horizontal Reviews and Ad-hoc Industry-wide Survey -- 5. ASIC Initiatives on Fintech -- FIGURES -- 1. Size of Insurance Sector -- 2. Profitability and Solvency of Life Insurers -- 3. Trend of Asset Allocation of Life Insurers -- TABLE -- 1. Recommendations on Insurance Regulation and Supervision.