Country Reports
2018
June 4, 2018
Samoa: 2018 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa
Description: This 2018 Article IV Consultation highlights that Samoa’s economy has shown resilience and continues to perform well. Growth remained robust at 2.5 percent in 2016/17, driven by commerce, services and agriculture. Inflation picked up to 1.3 percent in 2016/17, compared with close to zero in the previous year, but remains well below the authorities’ target of 3 percent. The current account deficit narrowed to 2.3 percent, driven by temporary factors. The Samoan Tala appreciated against the United States dollar during 2016/17, although there was little change in the nominal and real effective exchange rates. Growth is projected to moderate to 1.8 percent in 2017/18 and then rebound in 2018/19, as two new businesses scale up operations at the old Yazaki plant and several infrastructure projects are completed.
June 4, 2018
Thailand: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
Description: This 2018 Article IV Consultation highlights that a cyclical recovery is under way in Thailand but has yet to become broad based. GDP growth is estimated at 3.9 percent in 2017, boosted by strong tourism services and manufacturing exports. Domestic demand remained sluggish amid structural challenges, and export gains failed to trickle down to household incomes and investments in other sectors. Headline inflation averaged 0.7 percent, below the target band for the third year in a row, reflecting low food prices and weak core inflation. The current account surplus remained large, at about 10.6 percent of GDP. Financial system stability continued to strengthen. The growth momentum is expected to continue in 2018 and 2019, supported by sustained export dynamism.
June 4, 2018
Republic of Equatorial Guinea: Staff-Monitored Program
Description: On May 10, 2018, the IMF approved a Staff-Monitored Program (SMP) for Equatorial Guinea, covering the period January–July 2018. The SMP will help in building an adequate track record of performance for a potential IMF-supported program. The SMP aims to reduce further the fiscal deficit, increase non-oil revenue, and address critical public financial management weaknesses, while protecting social spending. The SMP also envisages measures to improve the business climate and foster economic diversification. The program will aim to lay the basis for improving governance and transparency in public administration and the hydrocarbon sector. The program will also provide a framework to strengthen public sector capacity through technical assistance provided by the IMF.
June 1, 2018
Georgia: Technical Assistance Report-Enhancing the Fiscal Rules
Description: This Technical Assistance Report discusses the recommendations made by the IMF mission to assist Georgian authorities in enhancing country’s fiscal rules framework. It is recommended that the fiscal rules should consider both the overall objectives and the economic context in which they are applied. In Georgia, this would include: the stated primary objective of fiscal sustainability as well as the need for flexibility to respond to economic shocks; the transitional nature of the Georgian economy; and the intension to gradually move toward the European Union fiscal governance framework. It is also recommended that the fiscal policy targets should factor in potential economic shocks and fiscal risks.
June 1, 2018
Islamic Republic of Mauritania: Economic Development Documents
Description: This Economic Development Document summarizes Mauritania’s Strategy for Accelerated Growth and Shared Prosperity (SCAPP) for 2016–30. The first five-year phase of the SCAPP will complete projects under way and lay the foundations for a new, politically more peaceful Mauritania, with infrastructure put in place to support growth and encourage development of the country's natural resources. Steps will be taken to complete the reforms needed to improve the business climate and promote the private sector. In the second five-year period, the economy will be more diversified and competitive, with the real rate of growth averaging at about 10 percent a year. The third five-year phase will consolidate Mauritania's “new look” and the economic growth will exceed 12 percent a year.
May 31, 2018
Lao People’s Democratic Republic: Technical Assistance Report-The Development of Risk-Based Supervision
Description: This Technical Assistance Report discusses the main findings and recommendations made by the IMF Mission regarding the development of risk-based supervision (RBS) in the Lao People’s Democratic Republic. Over the past few months, the Bank of Lao has made great strides in preparing for implementation of risk-based supervision of banks. A new supervisory manual reflecting key principles of risk-based approach to supervision has been drafted. The new draft template of the Report of Onsite Examination is broadly in line with the past technical assistance recommendations. Some improvements could support the analysis of trends over longer periods of time, and emphasize exceptions to prudential and/or regulatory norms. Planning an onsite examination using new RBS methods is a logical next step.
May 31, 2018
Mali: 2018 Article IV Consultation and Eighth and Ninth Reviews Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Mali
Description: This 2018 Article IV Consultation highlights that Mali’s economic recovery continued in 2017 amid persistent security challenges. GDP growth remained robust, at an estimated 5.3 percent supported by good harvests and robust domestic demand. Inflation was subdued, remaining well below the regional ceiling. The 2017 fiscal outturn and the 2018 budget are in line with the program targets and the goal of converging to the West African Economic and Monetary Union’s regional fiscal deficit norm of 3 percent of GDP by 2019. The macroeconomic outlook is, however, subject to downside risks stemming mainly from Mali’s fragile security situation.
May 31, 2018
Mali: Selected Issues
Description: This Selected Issues paper analyzes the impact of security crisis in Mali. The 2012 crisis has significant economic, social, and humanitarian impact, especially in the northern regions. The increase in security spending weighs on the budget and reduces space for priority spending. Persistent insecurity hinders investment and growth. The crisis resulted in the interruption and/ or disruption of learning activities in the northern part of the country, dangerously compromising the efforts of the Government of Mali and its partners to achieve Education For All. The security crisis has also slowed progress toward reducing poverty and achieving the Millennium Development Goals.
May 30, 2018
Qatar: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Qatar
Description: This 2018 Article IV Consultation highlights that Qatar’s growth performance remains resilient. The direct economic and financial impact of the diplomatic rift between Qatar and some countries in the region has been manageable. Nonhydrocarbon real GDP growth is estimated to have moderated to about 4 percent in 2017 owing to on-going fiscal consolidation and the effect of the diplomatic rift. Headline inflation remains subdued, primarily owing to lower rental prices. The near-term growth outlook is broadly positive. Overall, GDP growth of 2.6 percent is projected for 2018. Inflation is expected to peak at 3.9 percent in 2018 before easing to 2.2 percent in the medium term. The underlying fiscal position continues to improve.