Country Reports
2024
March 28, 2024
Colombia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia
Description: With the sharp growth slowdown in 2023 from an overheated post-pandemic recovery, the Colombian economy has reached more sustainable levels of economic activity and domestic demand, with a marked reduction in domestic and external imbalances owing to appropriately tight macroeconomic policies. Market confidence has improved, but risk premia remain high compared to peers. Meanwhile, progress on the social reforms in Congress has been limited.
March 27, 2024
Angola: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola
Description: Angola’s economic recovery in 2021/22 was nearly halted in 2023 by a double shock, as both oil production and prices weakened, and the debt moratorium ended. In response, the authorities took significant fiscal consolidation measures, including by cutting fuel subsidies, and tightened monetary policy. Angola continues to face significant challenges, including debt vulnerabilities and the need to diversify the economy as oil production declines over the long term. The authorities’ reform agenda, including the new 2023–27 National Development Plan, is focused on these challenges.
March 22, 2024
Ukraine: Third Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
Description: Two years of Russia’s war in Ukraine have taken an enormous humanitarian and economic toll. Skillful policymaking supported by external financing has helped maintain macroeconomic stability, and the authorities have advanced important structural reforms. Households and business have continued adjusting to wartime conditions, leading to growth and inflation outturns in 2023 that were better than expected at the Second Review. The decision to open EU accession negotiations and approval of the €50 billion Ukraine Facility are positive developments. However, headwinds include discussions on a new round of mobilization and delayed approval of committed external support, which are both weighing down sentiment.
March 22, 2024
Togo: Request for a 42-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Togo
Description: Growth has been resilient to the shocks of recent years, but Togo is facing elevated food insecurity and terrorist attacks while development needs remain acute. Fiscal deficits and debt have increased, reversing the debt reduction achieved during the 2017–20 ECF-arrangement, eroding fiscal space and buffers to absorb shocks, and contributing to regional vulnerabilities in the West African Economic and Monetary Union (WAEMU). Two undercapitalized banks, one state-owned and the other recently privatized, pose risks to financial sector stability and associated fiscal risks. The authorities are requesting financial support of 200 percent of quota (SDR 293.60 million) under a 42-month ECF-arrangement.
March 18, 2024
Uganda: Fifth Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
Description: Economic recovery continues to gain strength following a rapid decline in inflation, favorable agriculture and robust industrial and services activity. Fiscal financing and foreign portfolio flows are facing headwinds amid tight global financial conditions and the passage of the Anti-Homosexuality Act (AHA) in May 2023. The authorities are implementing fiscal consolidation to contain vulnerabilities, maintaining a moderately tight monetary stance in the face of upside risks to inflation and undertaking reforms to improve governance and reduce corruption.
March 13, 2024
Slovak Republic: 2023 Article IV Consultation-Press Release and Staff Report
Description: The Slovak economy continued to grow in 2023, with a large fiscal expansion and the easing of pandemic-era supply chain disruptions offsetting headwinds from soaring food and energy prices. Inflation has declined from comparatively elevated levels in 2022 and early 2023 but remains among the highest in the euro area. Adverse demographic trends pose medium-term challenges for growth and fiscal sustainability.