What's New Archive

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IMF Executive Board Concludes 2021 Article IV Consultation with Cyprus

June 16, 2021

Cyprus: Selected Issues

June 16, 2021
Country Report No. 2021/126  

IMF Executive Board Concludes 2021 Article IV Consultation with Bolivia

June 16, 2021

IMF Executive Board Concludes 2021 Article IV Consultation with Panama

June 16, 2021
Panama’s economy contracted sharply in 2020 against the backdrop of reduced mobility and measures to address the COVID-19 pandemic, along with the global recession. Real GDP growth contracted by an unprecedented 17.9 percent in 2020, and the unemployment rate rose sharply to 18½ percent in September 2020. A sharp loss of revenues due to the lockdown and associated demand effects also precipitated a marked deterioration in the fiscal position, while COVID-related spending in health and social programs was broadly offset by a reorientation of other expenditure. The nonfinancial public sector fiscal deficit swelled to about 10 percent of GDP, but remained in line with the amended fiscal rule. The external current account improved to a surplus of 2? percent of GDP in 2020, on the back of a sharp contraction in imports, lower oil prices, as well as increased copper exports and resilient canal revenues. The financial sector remained stable, well capitalized, and liquid despite the large pandemic shock and moratorium on servicing bank loans. Panama remains on the Financial Action Task Force (FATF) grey list. While the FATF acknowledged the actions taken by the authorities in improving the AML/CFT regime in the recent February 2021 Plenary, progress was not sufficient to remove Panama from the list of countries with strategic deficiencies. The FATF noted that the timelines for implementing all items of the FATF action plan had expired and encouraged Panama to address remaining deficiencies as soon as possible.  

Remarks by IMF Chief Economist Gita Gopinath at the 3rd APEC Structural Reform Ministerial Meeting

June 16, 2021
Remarks by IMF Chief Economist Gita Gopinath at the 3rd APEC Structural Reform Ministerial Meeting, June 2021  

IMF Executive Board Concludes 2021 Article IV Consultation with Ireland

June 16, 2021
The Irish economy was on a favorable path of high growth and declining vulnerabilities in the runup to the pandemic. COVID-19 outbreak had a large impact on Ireland. The high infection rates led to one of the most stringent containment regimes. The economic impact has been highly asymmetric. The domestic sectors contracted by about 10 percent while the export-oriented IT and pharmaceutical sectors, which are dominated by multinationals, grew by 18 percent in 2020, resulting in the overall GDP growth of 3.4 percent in 2020. The “COVID-adjusted” unemployment rate (including short-term pandemic-related unemployment) registered 20 percent for the year. The strong growth in CIT intake and resilient PIT revenues, helped contain the fiscal deficit at 5 percent of GDP despite the large expenditure measures. The annual average rate of inflation for the year was -0.5 percent. Future CIT revenue could be impacted by a possible adoption of an international minimum tax that is higher than Ireland’s 12.5 percent although it would be mitigated by Ireland’s non-tax comparative advantages that are likely to continue to attract FDI.  

Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report

June 15, 2021
Country Report No. 2021/125  

Ireland: 2021 Article IV Consultation-Press Release; and Staff Report

June 15, 2021
Country Report No. 2021/123  

Ireland: Selected Issues

June 15, 2021
Country Report No. 2021/124  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Banking Sector: Supervision and Regulation

June 15, 2021
Country Report No. 2021/118  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Financial Safety Net and Crisis Management Arrangements

June 15, 2021
Country Report No. 2021/119  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Secondary Markets

June 15, 2021
Country Report No. 2021/115  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Implications of Fintech for the Regulation and Supervision of the Financial Sector

June 15, 2021
Country Report No. 2021/116  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Detailed Assessment of Observance-HKFE Clearing Corporation Limited (HKCC) Principles for Financial Market Infrastructures

June 15, 2021
Country Report No. 2021/122  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision

June 15, 2021
Country Report No. 2021/121  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Investment Funds Sector Liquidity Stress Testing

June 15, 2021
Country Report No. 2021/120  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policies

June 15, 2021
Country Report No. 2021/117  

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis

June 15, 2021
Country Report No. 2021/114  

IMF Staff Completes Virtual 2021 Article IV Mission to the Philippines

June 15, 2021
An International Monetary Fund (IMF) team led by Mr. Thomas Helbling conducted virtual discussions on the Philippine economy for the 2021 Article IV Consultation from May 21 to June 11, 2021. At the end of the virtual mission, Mr. Helbling issued the following statement: “The authorities have deployed a comprehensive policy support package to address the sharp economic downturn following the strict containment measures imposed to slow the spread of the coronavirus and to reduce the pressure on the healthcare system. The policy support mitigated the hardship suffered by affected families and businesses and helped safeguard macro-financial stability.  

Austria: Staff Concluding Statement of the 2021 Article IV Mission

June 15, 2021

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