Country Reports
2025
July 1, 2025
Jordan: Third Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Jordan
Description: Jordan continues to maintain macroeconomic stability despite external headwinds from regional conflicts and heightened global economic uncertainty, owing to the authorities’ steadfast pursuit of sound policies and strong international support. Growth in 2024 ended up somewhat stronger than anticipated and is projected to pick up pace in 2025 and following years. Inflation remains low, and reserve buffers are strong. Nonetheless, uncertainty is high and structural challenges remain.
June 30, 2025
Ukraine: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine
Description: This paper presents Ukraine’s Eighth Review under the Extended Arrangement under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and the authorities met all end-March and continuous quantitative performance criteria, the prior action, and two structural benchmarks for the review. Despite the challenges, progressing with domestic revenue mobilization, strengthening the investment climate, improving governance, and completing the debt restructuring strategy are necessary to restore fiscal and debt sustainability and support growth. The full and timely disbursement of external support during the program period remains indispensable for macroeconomic stability. Sustained progress in anticorruption and governance reforms remains crucial. Maintaining a tight monetary stance to tackle still-elevated inflation and ensuring inflation expectations remain anchored while fostering greater flexibility in the exchange rate to enable it to play a shock-absorbing role, help prevent external imbalances, and safeguard reserves.
June 27, 2025
Barbados: Fifth Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Alternate Executive Director
Description: This paper presents Barbados’ Fifth Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF. Implementation of the home-grown Barbados Economic Recovery and Transformation plan has remained strong and the broad objectives of the EFF and RSF arrangements have been achieved. Macroeconomic stability has been reinforced, and reforms have been implemented to boost fiscal sustainability, enhance growth, and build resilience. Barbados’ economy has continued to perform well. Growth has been robust, inflation has moderated, the fiscal and external positions have improved, and the public debt-to-gross domestic product ratio has continued to decline. The outlook is stable but subject to downside risks, given heightened global uncertainty and vulnerabilities to external shocks and natural disasters. Reforms to improve the business environment and boost growth potential are key. Important measures include advancing the digitalization of government services and investing in skills and education.
June 27, 2025
Union of the Comoros: Fourth Review under the Extended Credit Facility Arrangement and Request for Modifications of Performance Criteria and Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Union of the Comoros
Description: This paper highlights Union of the Comoros’ Fourth Review under the Extended Credit Facility (ECF) Arrangement and Requests for Modifications of Performance Criteria and Waivers of Nonobservance of Performance Criteria. Program performance remains broadly on track despite setbacks in 2024 linked to a lengthy political transition and external shocks. The authorities have reaffirmed their commitment to the ECF-supported reform agenda and are determined to demonstrate stronger program ownership in the period ahead. Economic conditions remain broadly stable, supported by adequate external buffers and continued program engagement, despite persistent inflationary pressures. Implementation of the ECF-supported program is helping to safeguard macroeconomic stability, advance critical structural reforms, and mobilize concessional financing to address Comoros’s significant development and financing needs. Program implementation has regained momentum following a slowdown in late 2024. Continued engagement with the IMF and donor partners will be essential to safeguard macroeconomic stability, advance reforms, catalyze grants and concessional financing, and address capacity gaps.
June 27, 2025
Republic of Armenia: Fifth Review Under the Stand-By Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Modification of the Monetary Policy Consultation Clause-Press Release; and Staff Report
Description: This paper discusses Republic of Armenia’s Fifth Review under the Stand-by Arrangement (SBA) Request for a Waiver of Nonobservance of Performance Criterion, and Modification of the Monetary Policy Consultation Clause. Economic activity remains strong. Real gross domestic product growth is expected to reach 4.5 percent in 2025 as external growth drivers continue to taper off amid higher global uncertainty. The SBA aims to support the government’s policy and reform agenda to preserve economic and financial stability and support strong, inclusive, and sustainable growth. Fiscal policy should continue to balance the need to support national spending priorities while maintaining macro-fiscal stability, with further efforts to mobilize revenue and enhance spending efficiency. In order to sustain long-term growth, structural reforms should continue to advance reforms focused on improving labor market flexibility, diversifying exports, enhancing supervisory frameworks, and strengthening governance. Structural reforms should focus on improving labor market flexibility, diversifying exports, enhancing supervisory frameworks, and strengthening governance.
June 26, 2025
Bangladesh: Third and Fourth Reviews Under the Extended Credit Facility Arrangement and the Arrangement Under Extended Fund Facility, Requests for Extension of the Arrangements, Augmentation and Rephasing of Access, Modification of Performance Criteria, Waiver of Nonobservance of Performance Criterion, and Third and Fourth Reviews Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
Description: The summer 2024 uprising has significantly disrupted the IMF-supported program, necessitating a recalibration. Massive protests led to the ousting of the previous government, the formation of an interim cabinet, and the replacement of Bangladesh Bank’s Governor. While some stability has returned, political tensions, especially around the timing of the upcoming elections, persist. Amid rising trade barriers and heightened global uncertainties, the economic outlook has worsened, with an emerging financing gap and increasing stress in the banking sector. Against this backdrop, the authorities have requested augmentation of access and extension of the Fund-supported program.
June 26, 2025
The Gambia: Third Review Under the Extended Credit Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, Modifications of Performance Criteria, and Financing Assurances Review, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
Description: Economic momentum remains strong, and inflation is slowly coming down. Despite strong revenue collection efforts, fiscal performance in 2024 was weaker than anticipated due to unbudgeted spending pressures and faster execution of foreign financed capital projects. The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing, albeit slowly. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions and uncertainty. Exposure to climate risks is significant, primarily through The Gambia’s low elevation and reliance on rain-fed agriculture. The authorities have requested Fund support under the Resilience and Sustainability Facility (RSF) to support their ambitious climate agenda, thereby complementing the ECF in strengthening long-term macroeconomic stability and resilience.
June 25, 2025
Jamaica: 2025 Article IV Consultation-Press Release; and Staff Report
Description: Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.
June 25, 2025
Libya: 2025 Article IV Consultation-Press Release; and Staff Report
Description: The continued political division and widespread fragilities have hindered the authorities’ capacity to control public expenditure and enact necessary reforms. Unless spending is contained, the fiscal and external accounts would remain under pressure. Given the heavy dependence on oil exports and a large import bill, the country remains exposed to global downside risks.