Country Reports
2023
December 14, 2023
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries; IMF Country Report No. 23/413; December 5, 2023
Description: The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.
December 14, 2023
Republic of Armenia: 2023 Article IV Consultation and Second Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director
Description: Armenia’s growth accelerated in 2022 and remained strong in 2023, boosted by an inflow of foreign exchange, migrants, and businesses, mainly from Russia. Inflation, which peaked in the wake of the war in Ukraine, has quickly subsided. However, the regional security situation worsened significantly in September 2023, after Azerbaijan’s government took full control of Nagorno-Karabakh, which triggered the exodus of about 100,000 ethnic Armenians into Armenia. The government has responded with prompt policy measures to support their immediate needs.
December 14, 2023
Maldives: Financial System Stability Assessment; and Press Release
Description: Maldives is a tourist dependent economy with a small financial sector dominated by state-owned banks. Protracted fiscal and external deficits have raised concerns about debt sustainability and the level of international reserves. Large government funding needs have resulted in a strong sovereign-bank nexus, and rationing of foreign exchange by the Maldives Monetary Authority (MMA) has fueled a parallel foreign exchange market.
December 14, 2023
Bangladesh: 2023 Article IV Consultation, First Reviews Under the Extended Credit Facility Arrangement, Arrangement Under the Extended Fund Facility, and the Resilience and Sustainability Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
Description: Bangladesh is navigating multi-faceted economic challenges. Russia’s war in Ukraine disrupted the strong economic recovery from the COVID-19 pandemic and threatened macroeconomic stability. Continued global financial tightening, coupled with existing vulnerabilities, has challenged near-term macroeconomic management. On the back of import compression, the current account deficit narrowed considerably. Nevertheless, amid an unprecedented reversal of the financial account, the overall balance of payments has deteriorated, leading to a continuous decline in foreign exchange reserves. Recent developments have underscored the need to expedite long-standing structural reforms to put the economy on an inclusive and green growth path.
December 12, 2023
Cote d'Ivoire: Poverty Reduction and Growth Strategy
Description: The implementation of the 2012-2015 and 2016-2020 National Plans of Development Plan (NDP) allowed the country to make significant progress and consolidate economic growth, despite a global context marked by trade tensions, a drop in commodity prices and the COVID-19 pandemic.
December 12, 2023
Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire
Description: Following consecutive global shocks and widening imbalances, the EFF/ECF-supported program aims to safeguard macroeconomic stability and support Côte d’Ivoire’s transformation towards upper middle-income status over the medium-term. The economic setting remains broadly unchanged relative to projections at program approval in May 2023, with growth remaining resilient and inflationary pressures receding, although external headwinds and pressures on regional reserves continue to weigh on the outlook. Program implementation so far has been strong with all performance criteria and structural benchmarks met.