Country Reports
2023
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.
December 21, 2023
Republic of Palau: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Palau
Description: Palau has emerged from the pandemic with significant output loss, elevated public debt and historically high inflation. Adverse demographic trends, high dependence on tourism and external support, and vulnerability to climate change risks raise vulnerabilities. The authorities successfully enacted a fiscal responsibility framework and modernized the tax system. A new Compact Review Agreement (CRA-23), with better financial terms, is awaiting approval by US Congress.
December 21, 2023
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
Description: This Joint Staff Advisory Note (JSAN) reviews the mid-term review report(MTR) of Somalia’s Ninth National Development Plan (NDP9).1 NDP9 is a nationallyowned and comprehensive strategy for poverty reduction and inclusive growth. It covers2020–2024 and is organized around the four pillars: Inclusive Politics, Security and theRule of Law, Economic Development, and Social Development. NDP9 was submitted tothe IMF and World Bank on October 15, 2019, to fulfill the Enhanced Heavily IndebtedPoor Countries (HIPC) Initiative’s poverty reduction strategy requirement. The firstAnnual Progress Report (APR) was received by the World Bank and the IMF in June 2022,and a JSAN was prepared and submitted to the Boards in July 2023. The MTR tracksprogress of the first 30 months of NDP9 implementation and serves as APR for 2021 and2022. The MTR also identifies the gaps, challenges, and lessons learned, and makespractical recommendations for improvement in the implementation of NDP9’s finalphase from 2023 to 2024.
December 21, 2023
Republic of Serbia: Second Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria-Press Release; and Staff Report for Republic of Serbia
Description: Despite a challenging global environment, growth is recovering, and the labor market is resilient. The current account deficit has narrowed significantly, foreign direct investment (FDI) remains robust, and foreign exchange reserves are at record highs. Risks have fallen since the start of the program. The authorities intend to treat the SBA as precautionary starting from this review, one review earlier than planned.
December 21, 2023
Central African Economic and Monetary Community: Common Policies of Member Countries, and Common Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director
Description: The CEMAC’s recovery gained momentum in 2022, supported by higher hydrocarbon prices. The external position strengthened, with a rapid foreign reserve build-up, though still below adequate levels. The recent weakening in external buffers will require more forceful action to tighten liquidity conditions, greater compliance of member countries with foreign exchange regulations and stronger fiscal discipline. Underlying non-oil fiscal positions, however, also deteriorated, stressing the need for accelerating structural reforms, addressing recent fiscal slippages, and bringing polices back in line with Fund-supported program objectives and staff advice. This will be critical to strengthen the region’s resilience to hydrocarbon prices volatility, financial instability, entrenched inflation, tighter financial conditions, food insecurity, domestic conflicts and insecurity, and climate-related events.
December 20, 2023
Zambia: Second Review Under the Arrangement Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
Description: Despite considerable challenges, the Zambian economy is showing resilience driven by non-mining and non-agricultural growth. The government continues to work with its external creditors to restructure its debt in line with program parameters. External and domestic conditions have put pressure on the external balance and the exchange rate, raising inflation. Fiscal consolidation will remain a pivotal focus to restore debt sustainability. Concurrently, economic policies will be directed toward increasing and safeguarding essential social spending, preserving financial stability, and intensifying structural and governance reforms to unlock Zambia's growth potential.