Country Reports
2023
December 20, 2023
Rwanda: Technical Assistance Report-Expanding the Nowcasting Toolbox at the National Bank of Rwanda
Description: In response to a request from the National Bank of Rwanda and in accordance with the AFE workplan, a virtual technical assistance (TA) mission on Forecasting and Policy Analysis System (FPAS) took place during December 12–21, 2022. The objectives of the mission were twofold: (i) to further strengthen the nowcasting framework for GDP and CPI inflation, and (ii) to initiate the work on developing a simple, efficient, and robust process for forecasting the external variables for the Quarterly Projection Model (QPM). The new CPI nowcasting system now includes the monthly forecasts of ten subgroups of the core CPI inflation, as well as two subgroups of food inflation, enabling the assessment of the key drivers of inflation and the nature of inflation shocks. Similarly, the new GDP nowcasting system covers production in different sectors and significantly improves the forecasting results.
December 20, 2023
Barbados: 2023 Article IV Consultation and Second Reviews Under the Arrangement Under the Extended Fund Facility and Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados
Description: The authorities are implementing their updated Economic Recovery and Transformation Plan (BERT 2022) and their ambitious climate policy agenda. Barbados has weathered the COVID-19 pandemic and other recent shocks well, amid continued macroeconomic stability. The economy has recovered strongly, driven by a rebound in tourism. The authorities are placing renewed focus on structural reforms with the aim of achieving inclusive and sustainable growth and increasing resilience to climate change while maintaining debt sustainability and social cohesion. Ample international reserves support the exchange rate peg.
December 20, 2023
Somalia: Staff Report for the Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
Description: Economic activity is recovering as rains resumed in 2023, and the authorities continue to advance their efforts to rebuild the economy and institutions. However, despite significant progress achieved, Somalia remains fragile, facing challenges from climate shocks, an unsettled security situation as the government advances against Al-Shabab amid the withdrawal of the African Union Transition Mission, and lack of political consensus among all Federal Member States that affects advancement of the federalism agenda.
December 20, 2023
Democratic Republic of the Congo: Fifth Review Under the Extended Credit Facility Arrangement, Requests for Modification of Quantitative Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
Description: Despite the continuing impact of the armed conflict in the East on the security and humanitarian situation, and approaching elections scheduled on December 20, 2023, the authorities remain committed to preserve program’s objectives, including by limiting macroeconomic slippages and continuing implementation of the economic reform program.
December 19, 2023
Republic of Moldova: Staff Report for 2023 Article IV Consultation, Fourth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for Extension and Rephasing of the Arrangements, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova
Description: The ECF/EFF-supported program has helped Moldova navigate headwinds, including from spillovers from Russia’s war in Ukraine—energy crisis and record-high inflation—and a drought, while catalyzing additional external financing. Moldova was granted EU candidate status in June 2022. Strong reform momentum and growthenhancing and climate-resilient investments are needed to foster long-term, sustainable development and convergence toward EU income levels.
December 19, 2023
Botswana: Technical Assistance Report-National Accounts Mission
Description: A technical assistance (TA) mission was conducted by IMF’s Regional Technical Assistance Center for Southern Africa (AFS) during November 2023 to assist Statistics Botswana (SB) in reviewing and finalizing the questionnaires to be used in the Census of Economic Establishments (CEE), sample design and IT processing system in preparation for the rebasing of the national accounts. The draft CEE questionnaires finalized during the previous mission in March 2023, have been tested. The IT system specifications were reviewed, and several improvements were incorporated. The mission and team commenced development of the data collection and data processing manuals. SB are planning to use the tax list to identify the sample frame for this rebase. The deflator issues raised by the IMF country team were discussed.
December 19, 2023
Senegal: First Reviews Under the Extended Fund Facility, the Extended Credit Facility, and the Resilience and Sustainability Facility Arrangements, Requests for Modification of the Quantitative Performance Criteria and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Senegal
Description: The Senegalese economy continues to face headwinds. Despite the difficult socioeconomic environment, the authorities remain committed to the program objectives. Some of the downside risks identified at the time of the program request have materialized, leading to a downward revision of near-term growth. Inflation is projected to decline more gradually than anticipated. While near-term risks remain titled to the downside, with appropriate policies and the start of hydrocarbon production, medium-term prospects are favorable.
December 18, 2023
Islamic Republic of Mauritania: Technical Assistance Report-Governance Diagnostic Report
Description: [This report is only available in French] At the request of the authorities of the Islamic Republic of Mauritania, on, an interdepartmental (LEG/FAD/MCM, FIN) Governance Diagnostic Assessment was conducted in June 2022. In line with the IMF’s 2018 Framework on Enhanced Fund Engagement on Governance, the diagnostic assessment focused on corruption vulnerabilities and governance weaknesses linked to corruption in macroeconomically critical priority areas of: (i) the anti-corruption, anti-money laundering and combating the financing of terrorism; (ii) fiscal governance (e.g., public financial management, tax policy and revenue administration, state enterprise management, and public procurement); (iii) central bank governance; (iv) financial sector oversight; and (v) enforcement of contract and protection of property rights. The report contains recommendations for improving governance, integrity, and economic outcomes.
December 18, 2023
United Republic of Tanzania: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
Description: The unfavorable global economic environment and domestic factors continue to weigh on Tanzania’s economic recovery. Growth rebounded during the first half of 2023 but is expected to slowdown in the second half amid headwinds from a weak global outlook and forex liquidity shortages. Inflation has moderated and is now well within the Bank of Tanzania’s target. The fiscal deficit was wider than expected in FY2022/23, largely reflecting shortfalls in revenue collections. A wide current account deficit for FY2022/23 and tighter external financial conditions resulted in pressures in the foreign exchange market.