Country Reports
2024
May 31, 2024
Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
Description: Following the completion of a 27-month Extended Fund Facility (EFF) arrangement in December 2022, political uncertainty, a security crisis, and exogenous shocks to oil revenue and interest rates led to a sharp macroeconomic and fiscal deterioration. The authorities implemented swift and bold measures in early 2024 to address the fiscal and liquidity challenges and requested a 48-month EFF arrangement of SDR 3 billion (about US$4 billion, 430 percent of quota) to support their policy plans and advance an ambitious structural reform agenda.
May 30, 2024
People’s Republic of China—Macao Special Administrative Region: 2024 Article IV Consultation Discussions-Press Release; and Staff Report
Description: Macao SAR’s growth is expected to remain strong in the near term despite the recent slowdown. Continued recovery of the gaming sector will shape Macao SAR’s near-term outlook. A stronger slump in the Mainland’s property sector and higher-for-longer interest rates in the major economies are the main short-term risks to the outlook. The secular growth slowdown in Mainland China could weigh on Macao SAR’s medium-term growth. Moreover, medium-term growth could be adversely affected by extreme climate events. The authorities have stepped up their efforts to diversify Macao SAR’s economy, which, if successful, could mitigate some of the risks to the medium-term growth.
May 30, 2024
People’s Republic of China—Macao Special Administrative Region: Selected Issues
Description: Selected Issues
May 28, 2024
Mauritius: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mauritius
Description: Strong Recovery and Challenges. Mauritius has rebounded strongly from the pandemic on the back of buoyant tourism, social housing construction, and financial services. Supportive policies facilitated the strong recovery, but challenges remain for securing a sustainable and resilient economy: (i) fiscal and external buffers were eroded during the pandemic, and (ii) vulnerabilities to climate change and an ageing population loom over the medium- to long-term economic prospects.
May 28, 2024
Rwanda: Third Reviews under the Policy Coordination Instrument and the Arrangement under the Resilience and Sustainability Facility, and the First Review under the Standby Credit Facility Arrangement-Press Release; and Staff Report
Description: The Rwandan economy continues its robust growth, notwithstanding the challenging external environment, repeated shocks, and ongoing fiscal consolidation. Headline inflation decelerated sharply in recent months owing to appropriately tight monetary policy stance and favorable developments in food prices. However, contractionary effects of the ongoing fiscal consolidation are still expected to materialize, and risks remain tilted to the downside. Policies supported by the PCI/SCF provide a valuable anchor for efforts to safeguard macroeconomic and external stability, address the short-run balance of payments needs arising from climate-related shocks, advance developmental objectives, and improve resilience. The ownership on the climate agenda under the RSF remains strong, with efforts to accelerate development of a credible pipeline of green projects bringing first results.
May 28, 2024
Cyprus: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
Description: Growth moderated in 2023 with slowing consumption growth, lower services exports to Russia, and fading post-pandemic base effects. But growth has remained above the euro area (EA) average, supported by a continued recovery in tourism, expanding financial services and ICT activity, and strong investments. The labor markets are tight, with unemployment at a near two-decade low. Headline inflation dipped below 2 percent, but core inflation has been more persistent. Growth is expected to stabilize in 2024 and rise to 3 percent in the medium term.
May 24, 2024
Georgia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Georgia
Description: Georgia’s economic performance remains robust. Growth has moderated from double digits but remains high, inflation is low, and fiscal and financial buffers are healthy. EU candidate status has boosted sentiment, but the global environment remains highly uncertain due to ongoing conflicts and shifting geo-economic patterns. Georgia should continue to strengthen its resilience to adverse shocks by maintaining prudent macroeconomic policies and boost its growth potential by addressing long-standing structural challenges, capitalizing on new economic opportunities, and making decisive progress towards EU accession.