Country Reports
2024
January 8, 2024
Suriname: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Extension of the Arrangement, Augmentation of Access, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
Description: Despite a very challenging socio-political environment, the authorities continue to prioritize fiscal discipline and macroeconomic stability in their policy actions. An agreement-in-principle at the technical level has been reached on the debt treatment with China that is in line with other creditors and consistent with debt sustainability objectives. The formal debt exchange with private external bondholders has been finalized in November with high participation rate.
January 8, 2024
Union of the Comoros: 2023 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Modifications of Performance Criteria-Press Release; Staff Report; Debt Sustainability Analysis; and Statement by the Executive Director for the Union of the Comoros
Description: Economic recovery is underway, supported by the resumption of social activities, tourism, and ongoing public investment projects. Inflation has decelerated, in line with normalizations in international oil and food prices thus far in 2023. However, risks to the outlook are elevated due to the fragile context and global uncertainty; dependence on imports, remittances, and foreign aid means the economy remains highly vulnerable to external shocks. In this context, the economic reform program supported by the Extended Credit Facility (ECF) seeks to reduce fragility and increase economic resilience by building fiscal buffers, reducing debt vulnerabilities, strengthening the financial sector, and mitigating corruption risks.
January 5, 2024
Benin: Third Review under the Extended Fund Facility and the Extended Credit Facility Arrangements and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director
Description: The IMF Executive Board approved in July 2022, 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements (391 percent of quota; about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving the Sustainable Development Goals (SDGs). Program implementation remains strong, with additional (concessional) budget support from donors and new SDG financing complementing front-loaded Fund support beyond expectations. After strong momentum over the last several quarters, the Beninese economy faces headwinds from Niger border closure amidst regional sanctions following a coup in that country and post-electoral policy shifts in Nigeria, compounding preexisting challenges, including climate-related vulnerabilities and regional security risks. The authorities remain committed to reform notwithstanding those challenges. They have requested Fund support under the Resilience and Sustainability Facility (RSF) to support their ambitious climate agenda, thereby complementing the EFF/ECF in improving socioeconomic resilience.
January 4, 2024
Paraguay: Second Review Under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
Description: Paraguay's economy is set to grow at around 4.5 percent in 2023, led by robust agricultural production and exports combined with high electricity generation. Inflation has receded rapidly allowing for a reduction of the monetary policy rate to the current 7.25 percent. The fiscal position of the central government is weaker than projected during the 1st PCI review, with a deficit of 4.1 percent of GDP in 2023, not least due to settlement of outstanding claims. The external current account reversed into a surplus. President Santiago Peña took office in August.
2023
December 22, 2023
Costa Rica: 2023 Article IV Consultation, Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Second Review Under the Resilience and Sustainability Facility, and Request for Modification of Reform Measure
Description: Costa Rica is reaping the benefits from the home-grown reform program that has been implemented since 2021 and enabled the country to restore confidence in its policy frameworks, withstand multiple external shocks, and push forward key reforms. Despite strong growth, inflation has fallen sharply. International reserves are on an upward path and public debt is falling.
December 22, 2023
Republic of Uzbekistan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in improving source data for compiling annual and quarterly GDP. It did so by reviewing and discussing data collection forms and statistical questionnaires. The mission provided recommendations on simplifying some survey design and methods to achieve better data quality. The mission also reviewed the compilation of GDP components and provided recommendations for improving the estimation of trade margins at constant prices. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
December 22, 2023
Republic of Uzbekistan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in developing the annual supply and use tables and improving the non-observed economy estimates. The mission recommended improving data sources by implementing sector-specific surveys to better estimate the level of non-observed economy. The mission also assisted the SA with compilation of financial intermediation services indirectly measured (FISIM) in accordance with the 2008 System of National Accounts (2008 SNA). the SA published new estimates of FISIM on the website. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
December 22, 2023
Islamic Republic of Mauritania: First Reviews Under the Arrangements under the Extended Credit Facility and the Extended Fund Facility, Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania
Description: Economic performance in 2022 has been positive, with robust real GDP growth, decreasing inflation, and a narrowing current account deficit. Still, challenges related to infrastructure, governance, vulnerability to economic shocks, and limited economic diversification constrain Mauritania’s economic development. While the political situation appears stable, security risks persist, especially in the Sahel region. Additionally, more frequent, and severe climate-related disasters create large adaptation needs, though opportunities for clean energy exist. The authorities are seeking support under the Resilience and Sustainability Facility (RSF) to enhance resilience to climate shocks, bolster disaster risk management, and accelerate the transition to cleaner energy sources, while continuing the ECF/EFF arrangements.