Country Reports

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2024

October 2, 2024

Portugal: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal

Description: Portugal achieved a remarkable recovery from the successive shocks that hit the global economy since the pandemic. Growth exceeded the euro area (EA) average. Inflation decelerated fast. The fiscal position improved substantially, achieving a large surplus in 2023 and an impressive public debt reduction by 36 percentage points of GDP since 2020 to 99 percent of GDP. The external position strengthened, buoyed by vigorous exports including tourism, EU funds, and, more recently, better terms of trade. Financial stability indicators improved, reflecting a reduction in systemic risks. At this juncture, a soft landing is within reach. However, subdued productivity growth, population aging, and low investment remain key constraints to higher medium-term growth and better living standards.

September 30, 2024

Kingdom of Eswatini: Selected Issues

Description: Selected Issues

September 30, 2024

Kingdom of Eswatini: 2024 Article IV Consultation-Press Release; and Staff Report

Description: Growth reached 4.9 percent in 2023, driven by services, manufacturing, and high transfers from the Southern African Customs Union (SACU). The latter helped move the external current account to a surplus of 2.2 percent of GDP. Inflation averaged 4.9 percent in 2023 and moderated to 4.2 percent in July 2024. The fiscal deficit is estimated to have narrowed to 1.5 percent of GDP in FY23/24; however, domestic payment arrears persisted. Public debt is moderate, at 38.5 percent of GDP. Widening of the policy rate differential between the Central Bank of Eswatini and the South African Reserve Bank to 75 bps in July 2023 has encouraged capital outflows, and official reserves at end-2023 covered only about 2.2 months of imports.

September 27, 2024

Vietnam: Selected Issues

Description: Selected Issues

September 27, 2024

Vietnam: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam

Description: Adverse external and domestic shocks led to a sharp slowdown in early 2023, but economic growth is gaining momentum thanks to a strong rebound in exports and expansionary fiscal and monetary policies. However, risks remain elevated, including because of a weak real estate sector and leveraged corporates. Headline inflation accelerated mostly owing to food prices. Despite a large current account surplus, the currency has been depreciating amidst record low domestic interest rates.

September 26, 2024

Zimbabwe: Change in Representative Rate

Description: Zimbabwe introduced the Zimbabwe Gold in April 2024, replacing the Zimbabwe dollar. In accordance with IMF Article IV, Section 2(a), regarding the obligations of members to notify the Fund of their exchange arrangements, Zimbabwe informed the Fund on April 29, 2024 of the introduction of a new currency called the Zimbabwe Gold. The Zimbabwe Gold is a structured currency which is anchored by a composite basket of foreign currency and precious metals held as reserves for this purpose by the Reserve Bank of Zimbabwe. Prior to the introduction of the Zimbabwe Gold, the Zimbabwe dollar was the currency used for operations and transactions between Zimbabwe and the Fund.

September 24, 2024

Brunei Darussalam: Selected Issues

Description: Selected Issues

September 24, 2024

Brunei Darussalam: 2024 Article IV Consultation-Press Release; and Staff Report

Description: Brunei faces complex diversification challenges while it continues to contend with a protracted recovery since the pandemic. Real GDP has rebounded moderately, driven mainly by the non-oil and gas (O&G) sector and earlier than expected supply from a new O&G field in Q4 2023. Challenges persisted in downstream and upstream O&G production until H1 and Q3 2023, respectively, weakening fiscal and external positions in 2023.

September 23, 2024

Togo: Selected Issues

Description: Selected Issues

September 23, 2024

Togo: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Togo

Description: Following a series of shocks in recent years, Togo continues to face persistent challenges to food security and terrorist attacks, while broader development needs remain acute. Fiscal expansion implemented in response to the shocks has helped preserve robust economic growth but has also pushed up public debt, reversing the debt reduction achieved during the 2017–20 ECF-arrangement, eroding fiscal space and buffers to absorb shocks, and contributing to regional vulnerabilities in the West African Economic and Monetary Union (WAEMU). In response to these challenges, the Fund approved the authorities’ request for a new ECF-arrangement in March 2024.

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