Country Reports
2023
December 18, 2023
Rwanda: 2023 Article IV Consultation, Second Reviews Under the Policy Coordination Instrument and the Arrangement Under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access Under the Resilience and Sustainability Facility, and Request for an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
Description: The Rwandan economy is undergoing challenging times. Development needs remain large and compounded shocks in recent years resulted in emerging internal and external imbalances. Devastating floods from May 2023 amplified the underlying imbalances, and the reconstruction costs are projected to be substantial. Against this backdrop, the authorities requested a new Fund financing arrangement to safeguard macroeconomic and external stability in the near term. A 3-year Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF) arrangements were approved in December 2022.
December 15, 2023
Cameroon: Technical Assistance Report-Governance and Corruption Diagnostic Report
Description: [This report is only available in French] At the request of the authorities of the Republic of Cameroon, an interdepartmental (LEG/FAD/MCM, FIN) Governance and Corruption Diagnostic Assessment was conducted in March 2023. 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) financial sector oversight; and (iv) enforcement of contract and protection of property rights. The report contains recommendations for improving governance, integrity, and economic outcomes.
December 15, 2023
Republic of Kazakhstan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Bureau of National Statistics (BNS) under the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan in developing discrete quarterly estimates of Gross Domestic Product by expenditure (GDPE). The mission assisted BNS staff in developing chain-linked time series of GDPE components by applying the benchmarking and annual overlap techniques. The results were compared to the cumulative estimates currently published on the BNS website. The new estimates of quarterly GDPE better reflect the precise quarterly structure of the economy. These improvements to data and methods will improve the understanding of the Kazakhstan economy, both for domestic policymaking and international surveillance.
December 15, 2023
Philippines: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines
Description: After a strong recovery from the pandemic in 2022, growth moderated in the first half of 2023 due to external headwinds, fiscal underspending, and normalization of pent-up demand. Inflation decelerated from the peak in early 2023 supported by domestic policy tightening despite a recent uptick related to resurgent commodity prices. Growth is projected to rebound in the second half of 2023 and 2024 while inflation is expected to gradually approach the target. Risks to the growth outlook are tilted to the downside, mainly stemming from persistently high inflation, globally and locally, and a highly uncertain global economic and geopolitical environment. Upside risks to the inflation outlook include higher commodity prices and potential second-round effects.
December 15, 2023
Ireland: 2023 Article IV Consultation-Press Release; and Staff Report
Description: Ireland’s economy has shown remarkable resilience in the face of consecutive shocks. Following two years of impressive performance, growth, as measured by real GNI*, is projected to moderate to a still solid pace at 2½ percent in 2023–24. Inflation is expected to further ease, reaching 2 percent toward late 2025. The fiscal position has strengthened considerably on the back of strong tax revenues, but the headline numbers mask some underlying vulnerabilities. The large and complex financial system has remained resilient so far and will continue to be tested by tighter financial conditions. The positive economic outlook is clouded by considerable external risks.
December 15, 2023
Papua New Guinea: Technical Assistance Report-Report on Financial Soundness Indicators Mission (November 14-18, 2022)
Description: At the request of the Bank of Papua New Guinea (BPNG), and with the support of the International Monetary Fund’s (IMF’s) Asia and Pacific Department (APD), the Statistics Department (STA) conducted an in-person technical assistance (TA) mission on the compilation of financial soundness indicators (FSIs) during November 14-18, 2022, in Port Moresby. Prior to the mission, the BPNG was compiling and reporting a set of FSIs to STA which are disseminated in the IMF’s FSI data portal. The mission, in collaboration with the BPNG staff, updated the methodologies for compiling FSIs for deposit takers and developed new FSIs for life insurance corporations and pension funds in line with the 2019 FSIs Guide, for reporting to STA. This mission is financed by the Financial Sector Stability Fund (FSSF) FSIs Sub-Module.
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.