Country Reports
2023
November 3, 2023
Slovak Republic: Technical Assistance Report-Fiscal Transparency Evaluation
Description: There are relatively strong institutions in place to support fiscal transparency in Slovakia. The evaluation in this report shows that most aspects of Slovakia’s fiscal reporting, budgeting and risk management are in line with the good or advanced practices of the IMF’s Fiscal Transparency Code. The evaluation also highlights several areas where Slovakia’s fiscal transparency practices could be further improved, and the report provides a series of recommendations to address the above-mentioned gaps.
November 3, 2023
Tonga: 2023 Article IV Consultation-Press Release; and Staff Report
Description: The Tongan economy is performing strongly, underpinned by resilient remittance inflows and major reconstruction activities following the Hunga Tonga–Hunga Haʻapai (HTHH) volcanic eruption in January 2022. However, supply-side constraints resulting from severe labor shortages and damaged tourism facilities are impeding the recovery and have intensified inflation pressures. In this context, the authorities are confronting a challenging tradeoff between supporting reconstruction and managing inflation in the short term. In the long term, Tonga's high vulnerability to natural disasters complicates its efforts to create the fiscal space necessary to finance development spending.
November 1, 2023
Mexico: 2023 Article IV Consultation-Press Release and Staff Report
Description: A broad-based expansion is underway, with robust domestic demand. Inflation has started to recede, and prudent fiscal policy has kept public debt in check. The changes underway in the global economy—including a shift to a lower carbon economy and the reshaping of supply chains—provide an important opportunity for Mexico. However, a broad set of reforms will be needed to translate this opportunity into improved employment prospects and better living standards.
October 31, 2023
Ghana: Technical Assistance Report-Diagnostic Mission on Macro-relevant Climate Change Statistics
Description: This diagnostic mission, financed under a SECO Transformative Statistics Agenda two-year project (FY23-25), assessed country priorities in view of Ghana’s climate challenges and identified key indicators for development under the Environment and Climate Change Statistics Capacity Development Program. Discussions were conducted during plenary and bilateral sessions with key national stakeholders representing data compilers and users to take stock of work already undertaken on climate change related statistics for Ghana, ongoing capacity development initiatives with other agencies, policy needs and data gaps, and data sources. These discussions were facilitated by provision of introductory training on climate change indicators. Participating agencies included the Ghana Statistical Service (GSS), the Ministry of Finance, Ministry of Environment, Science, Technology, and Innovation (MESTI), Environment Protection Agency (EPA), Energy Commission, National Development Planning Commission (NDPC), and the Bank of Ghana.
October 27, 2023
Morocco: Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Supplement; Staff Statement; and Statement by the Executive Director for Morocco
Description: Climate change is both a major threat and a source of opportunities for Morocco’s development. On one hand, Morocco is one of the world’s most water-stressed countries, and water scarcity is a serious constraint to the country’s ambition to transition to a new model of development. The authorities are planning to boost investment in water infrastructure, but this should be complemented by demand management reforms that bring the price of water closer to its actual cost and induce a shift in consumption behavior. On the other hand, Morocco can take advantage of its abundant competitive renewable energy resources to reduce its still high dependence on fossil fuels. Decarbonizing the energy matrix would require significant investments in renewable energy, which should be largely shouldered by the private sector. It would also require deep regulatory reforms, including further efforts to liberalize the electricity sector. Fully exploiting this renewable energy potential could reduce Morocco´s reliance on imported fuels, help Moroccan firms’ competitiveness in neighboring markets that are embracing a green energy transition (most notably the European Union), and help create jobs. The strong earthquake that hit Morocco on September 8, exerting a heavy toll in terms of human lives and physical damages, highlights the importance of strengthening the country’s preparedness and resilience to natural disasters, including from climate change.
October 25, 2023
Suriname: Technical Assistance Report—Financial Stability Report
Description: The mission focused on enhancing the financial stability report (FSR) of the Central Bank of Suriname (CBS) whose publication has recently resumed. It reviewed the latest available FSR together with all background documents on financial stability work shared by the CBS. Based on those materials, a one-week mission at the CBS, consisting of a targeted workshop and meetings, was undertaken.
October 19, 2023
Zimbabwe: Technical Assistance Report—FSSR Follow up Technical Assistance—Implementation of the Basel II/III Capital Framework
Description: As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ on updating regulations to the Basel III capital framework. The mission reviewed Zimbabwe’s capital framework (laws, guidelines, and templates of prudential returns), identified areas to update capital requirements, discussed these areas with the management of the RBZ, and provided recommendations for drafting amendments in line with the Basel II/III framework approaches assessed as the most suitable to the Zimbabwean financial market characteristics.
October 19, 2023
Zimbabwe: Technical Assistance Report—Financial Soundness Indicators Statistics Mission
Description: The mission assisted the staff of the Reserve Bank of Zimbabwe (RBZ) to compile financial soundness indicators (FSIs) in line with the IMF’s 2019 FSIs Compilation Guide, and introduced a framework for incorporating new FSIs for insurance corporations.
October 16, 2023
Suriname: Third Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Suriname
Description: The authorities continue to prioritize fiscal discipline and macroeconomic stability in their policy actions. Restructuring agreements have been reached for both official and privately-held public debt, aside from the official debt to China, where negotiations continue. The financial advisors are currently preparing to launch the formal debt exchange with private external bondholders.