What's New Archive
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June 17, 2021
June 16, 2021
June 16, 2021
Country Report No. 2021/113
June 16, 2021
June 16, 2021
June 16, 2021
Following the statement issued on June 16 by the Creditor Committee for Chad under the Common Framework for Debt Treatments beyond the DSSI, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement: “I very much welcome the statement issued on June 16 by the Creditor Committee for Chad. This is a key milestone on the path to the debt relief that Chad urgently needs, together with envisaged financial support from IMF, the World Bank, and other development partners. [1] The statement also demonstrates concrete progress in implementing the G20’s Common Framework, which sends a positive signal to other countries that may need debt treatments to support a strong and lasting recovery from this unprecedented crisis.
June 16, 2021
There will be no durable end to the economic crisis until enough people around the world are vaccinated against Covid-19 and its variants to put the health crisis behind us.
June 16, 2021
Our latest economic assessment of Cyprus highlights three key policies to strengthen the recovery from the effects of the pandemic shock. Cyprus entered the COVID-19 crisis in a strong position, but the economy’s dependence on tourism and its high public and private debt levels made it especially vulnerable to the pandemic shock. Nevertheless, the country has avoided widespread defaults and high unemployment, thanks in part to prompt policy support and a strong capital cushion accumulated before the pandemic.
June 16, 2021
June 16, 2021
Country Report No. 2021/126
June 16, 2021
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.
June 16, 2021
Remarks by IMF Chief Economist Gita Gopinath at the 3rd APEC Structural Reform Ministerial Meeting, June 2021
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.
June 15, 2021
Country Report No. 2021/125
June 15, 2021
Country Report No. 2021/123
June 15, 2021
Country Report No. 2021/124
June 15, 2021
Country Report No. 2021/118
June 15, 2021
Country Report No. 2021/119
June 15, 2021
Country Report No. 2021/115
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