Country Reports

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2022

September 29, 2022

Republic of Moldova: First Reviews Under the Extended Credit Facility, and Requests for Modification of Performance Criteria and Inflation Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova

Description: Moldova’s economy is projected to stagnate in 2022 amid spillovers from Russia’s invasion of Ukraine. The war in Ukraine continues to weigh heavily on Moldova, although some initial pressures have subsided. Bank deposit net withdrawals came to an end and are now steadily being replenished. The leu depreciated by about 8 percent so far while pressures on foreign reserves have eased. About 550,000 refugees fleeing the war (representing more than 20 percent of the Moldovan population) have transited through Moldova, with about a fifth remaining in the country. Driven by rising food and energy prices, inflation accelerated further above the target band.

September 28, 2022

Seychelles: Central Bank Transparency Code Review

Description: The Central Bank of Seychelles (CBS) sets a high benchmark for transparency, given the economic, and financial development and literacy circumstances of Seychelles, which is recognized by the stakeholders, thus maintaining a high level of trust and accountability. Despite constrained human capital resources, the CBS has taken commendable actions to facilitate an open and dynamic dialogue with key stakeholders. The CBS took the lead in communications on extraordinary support programs during the COVID-19 pandemic, regularly engaging with the public using plain language and various communication tools. It is also making great efforts to promote financial inclusion in Seychelles by developing and implementing a broad agenda on financial education and enhancing consumer protection in the financial sector.

September 28, 2022

Canada: Central Bank Transparency Code Review

Description: The Bank of Canada (BOC) sets a high benchmark for transparency, which is recognized by its stakeholders, thus maintaining a high level of trust and accountability. The BOC’s transparency practices are broadly aligned with expanded and comprehensive practices as defined by the IMF Central Bank Transparency Code (see Table 1). This is acknowledged by the BOC’s external stakeholders, who view the central bank as an open, dynamic, and transparent public institution.

September 27, 2022

Guyana: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana

Description: Following the pandemic-induced recession in 2020, economic growth recovered in 2021, with non-oil GDP growth reaching 4.6 percent, despite being negatively impacted by floods. Inflation increased markedly since 2021 owing to the floods and supply-side disruptions, as well as continually rising fuel and food prices. Oil production increased and will ramp up substantially over the medium term.

September 26, 2022

Romania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania

Description: After a solid recovery from the pandemic, Romania is now, like other EU countries, facing strong headwinds related to the war in Ukraine. Output reached pre-crisis levels in H1 2021 and growth in Q1 2022 was strong. But inflation has risen rapidly, and the external and fiscal positions are weak. The authorities are implementing a support package of energy price caps and subsidies for vulnerable groups.

September 26, 2022

Romania: Selected Issues

Description: Selected Issues

September 23, 2022

West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework

Description: Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.

September 23, 2022

Vietnam: Technical Assistance Report-National Accounts Statistics Mission

Description: At the request of the General Statistics Office (GSO) of Vietnam, a technical assistance mission helped with the measurement of the non-observed economy in national accounts. This was part of a series of missions to support the compilation of a new national accounts benchmark for 2020 and publish rebased estimates in March 2023. This mission was funded by the IMF’s Data for Decisions project with the overall goal of putting more and better data in the hands of decision-makers.

September 23, 2022

Republic of Madagascar: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Description: Madagascar has not yet recovered from the pandemic and is struggling with the aftermath of a severe cyclone season and the fallout of Russia’s war in Ukraine. After a sharp contraction of GDP in 2020 (-7.1 percent) and a modest recovery in 2021 (4.3 percent), growth is projected to stall in 2022. Lower demand from trading partners, higher fuel and food prices, and recent weather events are weighing on economic activity and leading to widening fiscal and external deficits in the short term.

September 23, 2022

Vietnam: Technical Assistance Report-National Accounts Statistics Mission

Description: At the request of the General Statistics Office (GSO) of Vietnam, a technical assistance mission helped with the preparation of the next rebase of national accounts. The current base year 2010 needs to be updated to incorporate recent structural changes. A work plan was established to compile a new national accounts benchmark for 2020 and publish rebased estimates in March 2023. The mission focused on a better incorporation of non-observed activities as well as the development of supply and use tables and input-output tables for the new benchmark. This mission was funded by the IMF’s Data for Decisions project with the overall goal of putting more and better data in the hands of decision-makers.

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