Country Reports
2024
January 5, 2024
Benin: Third Review under the Extended Fund Facility and the Extended Credit Facility Arrangements and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director
Description: The IMF Executive Board approved in July 2022, 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements (391 percent of quota; about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving the Sustainable Development Goals (SDGs). Program implementation remains strong, with additional (concessional) budget support from donors and new SDG financing complementing front-loaded Fund support beyond expectations. After strong momentum over the last several quarters, the Beninese economy faces headwinds from Niger border closure amidst regional sanctions following a coup in that country and post-electoral policy shifts in Nigeria, compounding preexisting challenges, including climate-related vulnerabilities and regional security risks. The authorities remain committed to reform notwithstanding those challenges. They have requested Fund support under the Resilience and Sustainability Facility (RSF) to support their ambitious climate agenda, thereby complementing the EFF/ECF in improving socioeconomic resilience.
January 4, 2024
Paraguay: Second Review Under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
Description: Paraguay's economy is set to grow at around 4.5 percent in 2023, led by robust agricultural production and exports combined with high electricity generation. Inflation has receded rapidly allowing for a reduction of the monetary policy rate to the current 7.25 percent. The fiscal position of the central government is weaker than projected during the 1st PCI review, with a deficit of 4.1 percent of GDP in 2023, not least due to settlement of outstanding claims. The external current account reversed into a surplus. President Santiago Peña took office in August.
2023
December 22, 2023
Republic of Uzbekistan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in improving source data for compiling annual and quarterly GDP. It did so by reviewing and discussing data collection forms and statistical questionnaires. The mission provided recommendations on simplifying some survey design and methods to achieve better data quality. The mission also reviewed the compilation of GDP components and provided recommendations for improving the estimation of trade margins at constant prices. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
December 22, 2023
Costa Rica: 2023 Article IV Consultation, Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Second Review Under the Resilience and Sustainability Facility, and Request for Modification of Reform Measure
Description: Costa Rica is reaping the benefits from the home-grown reform program that has been implemented since 2021 and enabled the country to restore confidence in its policy frameworks, withstand multiple external shocks, and push forward key reforms. Despite strong growth, inflation has fallen sharply. International reserves are on an upward path and public debt is falling.
December 22, 2023
Republic of Uzbekistan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in developing the annual supply and use tables and improving the non-observed economy estimates. The mission recommended improving data sources by implementing sector-specific surveys to better estimate the level of non-observed economy. The mission also assisted the SA with compilation of financial intermediation services indirectly measured (FISIM) in accordance with the 2008 System of National Accounts (2008 SNA). the SA published new estimates of FISIM on the website. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
December 22, 2023
Islamic Republic of Mauritania: First Reviews Under the Arrangements under the Extended Credit Facility and the Extended Fund Facility, Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania
Description: Economic performance in 2022 has been positive, with robust real GDP growth, decreasing inflation, and a narrowing current account deficit. Still, challenges related to infrastructure, governance, vulnerability to economic shocks, and limited economic diversification constrain Mauritania’s economic development. While the political situation appears stable, security risks persist, especially in the Sahel region. Additionally, more frequent, and severe climate-related disasters create large adaptation needs, though opportunities for clean energy exist. The authorities are seeking support under the Resilience and Sustainability Facility (RSF) to enhance resilience to climate shocks, bolster disaster risk management, and accelerate the transition to cleaner energy sources, while continuing the ECF/EFF arrangements.
December 21, 2023
Republic of Serbia: Second Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria-Press Release; and Staff Report for Republic of Serbia
Description: Despite a challenging global environment, growth is recovering, and the labor market is resilient. The current account deficit has narrowed significantly, foreign direct investment (FDI) remains robust, and foreign exchange reserves are at record highs. Risks have fallen since the start of the program. The authorities intend to treat the SBA as precautionary starting from this review, one review earlier than planned.
December 21, 2023
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
Description: This Joint Staff Advisory Note (JSAN) reviews the mid-term review report(MTR) of Somalia’s Ninth National Development Plan (NDP9).1 NDP9 is a nationallyowned and comprehensive strategy for poverty reduction and inclusive growth. It covers2020–2024 and is organized around the four pillars: Inclusive Politics, Security and theRule of Law, Economic Development, and Social Development. NDP9 was submitted tothe IMF and World Bank on October 15, 2019, to fulfill the Enhanced Heavily IndebtedPoor Countries (HIPC) Initiative’s poverty reduction strategy requirement. The firstAnnual Progress Report (APR) was received by the World Bank and the IMF in June 2022,and a JSAN was prepared and submitted to the Boards in July 2023. The MTR tracksprogress of the first 30 months of NDP9 implementation and serves as APR for 2021 and2022. The MTR also identifies the gaps, challenges, and lessons learned, and makespractical recommendations for improvement in the implementation of NDP9’s finalphase from 2023 to 2024.
December 21, 2023
Republic of Palau: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Palau
Description: Palau has emerged from the pandemic with significant output loss, elevated public debt and historically high inflation. Adverse demographic trends, high dependence on tourism and external support, and vulnerability to climate change risks raise vulnerabilities. The authorities successfully enacted a fiscal responsibility framework and modernized the tax system. A new Compact Review Agreement (CRA-23), with better financial terms, is awaiting approval by US Congress.