Country Reports
2025
June 3, 2025
Costa Rica: Request for an Arrangement under the Flexible Credit Line-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica
Description: An impressive reform track record has simultaneously spurred GDP growth and reduced public debt, economic fundamentals are very strong, and the economic outlook remains favorable. The authorities are committed to maintaining their very strong policies and frameworks.
June 2, 2025
Bolivia: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia
Description: Bolivia’s chronic macroeconomic imbalances have reached acute levels, exacerbated by a structural decline in gas production, sociopolitical tensions, and climate shocks. Fiscal deficits are large and are predominantly being financed by the central bank. Usable foreign exchange (FX) reserves have been nearly exhausted for over a year and pressures in the FX market have intensified (symbolized by an over 80 percent gap between the official and parallel exchange rates). Despite the increasingly urgent economic situation, macroeconomic policies remain broadly unchanged, with limited measures implemented in response to emergency bottlenecks. Bolivia will hold general elections in August, with a possible second round in October.
June 2, 2025
Cyprus: 2025 Article IV Consultation-Press Release; and Staff Report
Description: Robust growth last year was driven by strong tourism, ICT sector expansion, and domestic consumption. And inflation decelerated despite some volatility. Activity is expected to moderate this year as consumption growth eases and exports are hit by rising trade tensions. Looking ahead, capital accumulation will become increasingly important for sustaining long-term growth, particularly as the contribution from labor begins to diminish.
May 26, 2025
New Zealand: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for New Zealand
Description: Tight monetary policy has helped bring inflation back to target after a prolonged period of elevated price pressures, but at the expense of growth. A nascent recovery is underway as monetary policy is easing again. House prices have stabilized, and financial sector risks are contained. The current juncture presents an opportunity for a bold reform agenda to address medium- and long-term challenges stemming from an aging population and weak productivity growth.
May 22, 2025
Haiti: First Review Under the Staff-Monitored Program-Press Release; and Staff Report
Description: Haiti is facing exceptional humanitarian, economic, social, and political challenges while the security situation remains dire, and has further deteriorated. The Kenya-led Multinational Security Support Mission (MSS) has struggled to contain gang violence because of understaffing and lack of financing. This has led to the recent accelerated deployment of additional personnel from the Caribbean and Central America. The United States has also reconfirmed its support for the MSS. The Temporary Protected Status for Haitian migrants in the United States is set to expire on August 3, 2025, unless extended.
May 21, 2025
Republic of Kosovo: Fourth Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
Description: This is the final review under the Stand-by Arrangement (SBA) and the Resilience and Sustainability Facility (RSF). The SBA has supported macroeconomic stability, provided insurance against shocks, and guided fiscal and financial reforms. The RSF has helped advance the authorities’ strategic objectives to increase renewable energy generation, boost energy efficiency, and enhance regional cooperation. Growth accelerated in 2024, driven by private consumption, while inflation has declined sharply. The fiscal deficit was low in 2024, and public debt further declined. However, the current account deficit widened with higher imports and lower remittances growth. Following the February 9 parliamentary elections, a new coalition government has yet to be formed. The outlook is favorable, but risks include escalation of trade tensions, higher commodity prices, weaker activity in advanced Europe, and tensions in northern Kosovo.
May 19, 2025
West African Economic and Monetary Union: Selected Issues
Description: 2025 Selected Issues
May 19, 2025
West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union
Description: Economic growth continues to be strong in the WAEMU, while inflation has fallen back to its target range. An appropriately tight monetary policy, along with progress in reducing external imbalances, is supporting a strong recovery in reserves back above the lower end of the adequacy range. However, there is significant divergence among WAEMU member states in macroeconomic performance, policies, and resilience. In addition, public debt ratios have been significantly increasing in recent years and are particularly high in some member states. The region remains vulnerable to potential shocks, notably delays in oil production, falls in commodity prices (notably cocoa and gold), and constraints on external financing.
May 17, 2025
Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria and Request for an Arrangement Under the Resilience and Sustainable Facility -Press Release; Staff Report; and Statement by the Executive Director for Pakistan
Description: The authorities’ policy efforts have continued to bear fruit. Financial and external conditions have continued to improve, with a current account surplus in the first eight months of FY25 and reserves exceeding program projections. Inflation has recently declined to historical lows, although core inflation remains elevated at around 9 percent. The economic recovery is continuing, although growth in FY25H1 was somewhat lower than anticipated.