## ppea2021045 ## Source details **Canonical URL:** [ppea2021045](https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021045.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2021/english/ppea2021045.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2021/english/ppea2021045.pdf.json) --- ### Overview - Report prepared by Strategy, Policy, and Review Department in consultation with the Communications, Legal, Secretary’s, Monetary and Capital Markets, and Area Departments. - The staff report was completed on June 18, 2021, and the status and classification of countries are as of June 15, 2021. - In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments have been delayed by more than 18 months, as of June 15, 2021. The latest version of this list will be published on or after June 25, 2021. - As of June 15, 2021, no IMF member has its mandatory financial stability assessment delayed by more than 18 months. - Relative to the list published in July 2020, there have been two additions: Pakistan and Ukraine. ### IMF Member Countries with Delays in Completion of Article IV Consultations over 18 Months - Venezuela - Completion Date of Last Consultation: 9/13/2004 - Stipulated Date for Completion of Next Consultation: 9/13/2005 - Main Reason for Delay: Political/security situation - Delay in Completion of Consultation (in months): 174 - Syrian Arab Republic - Completion Date of Last Consultation: 2/26/2010 - Stipulated Date for Completion of Next Consultation: 2/26/2011 - Main Reason for Delay: Political/security situation - Delay in Completion of Consultation (in months): 108 - Libya - Completion Date of Last Consultation: 5/17/2013 - Stipulated Date for Completion of Next Consultation: 5/17/2014 - Main Reason for Delay: Political/security situation - Delay in Completion of Consultation (in months): 69 - Yemen - Completion Date of Last Consultation: 9/2/2014 - Stipulated Date for Completion of Next Consultation: 12/2/2015 - Main Reason for Delay: Political/security situation - Delay in Completion of Consultation (in months): 54 - Burundi - Completion Date of Last Consultation: 8/25/2014 - Stipulated Date for Completion of Next Consultation: 1/15/2016 - Main Reason for Delay: Program-related issues - Delay in Completion of Consultation (in months): 53 - Guinea - Completion Date of Last Consultation: 7/22/2016 - Stipulated Date for Completion of Next Consultation: 10/22/2017 - Main Reason for Delay: Program-related issues - Delay in Completion of Consultation (in months): 31 - Note: The 2021 Article IV mission took place over the period April 14 – 28, 2021. A Board meeting is tentatively scheduled for June 21, 2021. - Equatorial Guinea - Completion Date of Last Consultation: 8/29/2016 - Stipulated Date for Completion of Next Consultation: 8/29/2017 - Main Reason for Delay: Program-related issues - Delay in Completion of Consultation (in months): 30 - Ukraine - Completion Date of Last Consultation: 4/3/2017 - Stipulated Date for Completion of Next Consultation: 7/3/2018 - Main Reason for Delay: Program-related issues - Delay in Completion of Consultation (in months): 23 - Note: The 2019 Article IV discussions were held with the Ukrainian authorities in September 2019, in conjunction with the program request negotiations. However, the consultation was not brought for Board consideration, as staff work on Article IV consultations was suspended in the wake of the COVID-19 pandemic. - Pakistan - Completion Date of Last Consultation: 6/14/2017 - Stipulated Date for Completion of Next Consultation: 9/14/2018 - Main Reason for Delay: Program-related issues - Delay in Completion of Consultation (in months): 21 - Note: Staff initiated the 2020 Article IV consultations with the Pakistani authorities in February 2020 in conjunction with negotiations for the second review under the Extended Fund Facility. However, the review (and the completion of the consultation) were delayed to take into account the impact of the COVID-19 pandemic. ### Calculation and Timing Notes - The delay is counted as the time elapsed from the stipulated date for the consultation plus any applicable grace period. - Excluding three-month grace period, where applicable, for member countries without a Fund arrangement, PCI, or PSI. - The delay measures the lag from the stipulated date of completion of the next Article IV consultation plus the three-month grace period, where applicable. - Calculation of these delays take into account the 12-month extension of consultation cycles (April 22, 2020 – April 22, 2021) due to the COVID-19 pandemic. ### Taxonomy of the Reasons for Delays of Article IV Consultations - Program-related issues: Delayed (i) in order to combine the consultation with a request for use of Fund resources (UFR), Policy Support Instrument (PSI), Policy Coordination Instrument (PCI), or program review; or (ii) due to ongoing discussions on UFR, PSI, or PCI, or continued work on program review. - Further discussions: Delayed due to further discussions with the authorities on economic developments and policies. - Political/security situation: Delayed due to the unsettled political and/or security situation. - Government change: Delayed due to forthcoming or recent elections, change of government, or changes within government. - Staffing constraints. - Authorities’ request: Delayed at the request of the authorities due to, for example, their inability to host the mission as a result of their work schedule. - No agreement on mission dates/modalities: There was no agreement on the modalities for the mission/the authorities have not communicated dates for the Article IV consultation mission. - Miscellaneous: Includes reasons not accommodated above. *Source: IMF staff.* --- _Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021045.pdf_