Country Reports
2024
February 9, 2024
Nigeria: Post-Financing Assessment Discussions-Press Release; and Staff Report
Description: The new administration under President Tinubu has started its term with bold reforms in challenging circumstances. The authorities quickly implemented two major reforms: removing fuel subsidies and unifying the various official foreign exchange windows. Growth is lackluster, inflation high and accelerating, and pressures on the naira persist. With widespread poverty and rising food insecurity, social demands for government support are growing. The external environment—access to financing, food prices—remains difficult, high oil and gas prices notwithstanding.
February 7, 2024
Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea
Description: Equatorial Guinea’s macroeconomic situation has deteriorated over the last decade due to a secular decline in oil production. In 2022, economic indicators improved somewhat. However, this recovery was short-lived, with the economy projected to fall back into recession in 2023. In the years ahead, the economy would contract further. Without strong policy responses, all the gains in per capita income achieved over the last two decades are expected to fully unravel by 2028. The three-year Extended Fund Facility (EFF) approved in 2019 to support the authorities’ diversification agenda expired at end-2022 without a single completed review. The authorities have nonetheless continued to implement reforms delayed under the program as well as the 2022 Article IV Consultation recommendations.
February 7, 2024
Qatar: 2023 Article IV Consultation-Press Release; and Staff Report
Description: After very strong economic performance in 2022, boosted by the successful hosting of the 2022 FIFA World Cup, output growth has been normalizing. High hydrocarbon prices further strengthened fiscal and external positions. Banks are strong, although non-performing loans continued to edge up. Reforms have gained momentum and are expected to intensify under the upcoming Third National Development Strategy.
February 7, 2024
Republic of Azerbaijan: 2023 Article IV Consultation-Press Release; and Staff Report
Description: Growth is moderating following a strong post-pandemic rebound, and inflation is easing. The near-term challenge is to resume fiscal consolidation following a temporary easing, and to ensure that inflation—which has recently returned to the target band—does not reignite amid external risks and domestic pressures. In the medium to long term, Azerbaijan’s biggest challenge is to reduce dependence on the hydrocarbon sector and advance private sector-led economic diversification.
February 7, 2024
Republic of Kazakhstan: Financial System Stability Assessment
Description: Following Kazakhstan’s recovery from the 2014-15 decline in oil prices, the country was hit by a series of shocks, starting with the COVID-19 pandemic, then the January 2022 social unrest, and most recently the fallout from Russia’s invasion of Ukraine. So far, that has had limited impact on output, also thanks to various measures taken by the authorities to stabilize the economy. However, there are risks to the outlook. The financial system, which is small and bank-dominated, underwent significant changes during this period. Banks’ largest exposures are to households while large corporates rely on non-residents for funding.
February 7, 2024
Republic of Kazakhstan: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kazakhstan
Description: Growth is estimated to have reached 4.8 percent in 2023 and is projected to slow to 3.1 percent in 2024. Inflation declined to 9.8 percent in 2023, still well above the National Bank of Kazakhstan (NBK)’s target of 5 percent. Risks to the outlook are tilted to the downside. The state’s footprint in the economy remains large and structural reform implementation has been slow in recent years. Despite strong buffers, the economy needs to be better prepared for future shocks in both the short term (e.g., from war spillovers, inflation, and global economic and financial conditions) and the medium term (e.g., from geo-economic fragmentation, climate events, and global decarbonization).
February 6, 2024
Chile: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
Description: Macroeconomic imbalances built during the pandemic have been largely resolved, supported by strong policy responses. Inequality has declined somewhat but remains high. Weak investment and potential growth are constraining income convergence to advanced economies. Policy priorities have shifted toward making the economy more dynamic, inclusive, and greener, but the government is struggling to pass reforms in a fragmented parliament. The December referendum which rejected the draft constitution has reduced lingering uncertainty by bringing the process to a close for the coming years.