Country Reports

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2024

December 19, 2024

Philippines: 2024 Article IV Consultation-Press Release; and Staff Report

Description: The Philippines has successfully navigated multiple external headwinds in recent years and is pursuing an extensive plan to achieve high and inclusive growth. After moderating in 2023, growth is expected to pick up in 2024-25, supported by gradual monetary policy easing. Inflation has declined to within the target band, though supply shocks pose upside risks. Risks to the growth outlook are tilted to the downside, including from recurrent commodity price volatility, escalation of geopolitical tensions and lower-than-expected payoffs from recent reforms. With macroeconomic policies well calibrated to achieve a soft landing in the near-term, expanding the economy's growth potential will be pivotal for the medium-term outlook.

December 19, 2024

Republic of Moldova: Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for modifications of performance criteria, and Second review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Alternative Executive Director for the Republic of Moldova

Description: This paper presents the Republic of Moldova’s Sixth Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for Modification of Performance Criteria, and Second Review under the Resilience and Sustainability Facility Arrangement. Recovery from the multiple shocks is taking hold, and inflation has remained within the National Bank of Moldova’s target band since October 2023. However, downside risks remain large, mainly related to the geopolitical situation and renewed energy shocks. Prudent policies and maintaining buffers and robust contingency plans, including in the energy sector are needed to address looming risks. Fostering growth-friendly investment and reforms, supported by the EU accession process will help advance toward Moldova’s development objectives.

December 18, 2024

United Republic of Tanzania: Forth Review Under the Extended Credit Facility Arrangement and First Review Under the Resilience and Sustainability Facility Arrangement -Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania

Description: Growth continues to recover from the impacts of the unfavorable global economic environment and domestic factors. Growth is expected to continue strengthening, supported by the implementation of the authorities’ reform agenda, and subsiding global commodity prices. Inflation is projected to remain within the central bank’s target range. Growth-friendly fiscal consolidation is expected to continue, anchored by the ECF arrangement. The current account deficit has narrowed significantly and is projected to improve further over the medium term. The authorities have begun implementing their ambitious climate reform agenda, supported by the RSF arrangement.

December 17, 2024

Democratic Republic of Timor-Leste: 2024 Article IV Consultation-Press Release; Staff Report

Description: Timor-Leste has made impressive progress since independence but remains a fragile post-conflict nation with an under-diversified private sector. The economy remains highly dependent on the public sector, which has been financed primarily by proceeds from the Petroleum Fund, in which the state has invested its substantial savings from past oil and gas production. But production is dwindling and large withdrawals from the PF, should they continue, would lead to its full depletion by the end of the 2030s. Over the past decade, a high share of public spending relative to the economy has delivered only modest growth and development.

December 17, 2024

Somalia: Selected Issues

Description: 2024 Selected Issues

December 17, 2024

Papua New Guinea: Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

Description: On March 22, 2023, the IMF Executive Board approved 38-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements with Papua New Guinea to help address a protracted balance of payments need, manifested in foreign exchange shortages, and to support the authorities’ reforms to address longstanding structural impediments to inclusive growth. Despite socio-political challenges, the authorities have made progress in implementing reforms, demonstrating continued commitment to the program’s objectives.

December 17, 2024

Jordan: 2024 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan

Description: Jordan continues to show resilience and maintain macro-economic stability, thanks to the authorities’ sound macro-economic policies and reforms. However, as the conflict in the region continues and widens, it is having a larger impact on Jordan’s economy than anticipated at the outset of the program.

December 17, 2024

Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia

Description: Economic activity has picked up in recent months, supported by a rebound in agriculture and remittances, and growth projections for 2024 and 2025 have been upgraded to 4 percent. However, the domestic security situation remains challenging and geopolitical tensions in the Horn of Africa remain elevated.

December 17, 2024

Democratic Republic of Timor-Leste: Selected Issues

Description: 2024 Selected Issues

December 17, 2024

Zambia: Fourth Review Under the Arrangement Under the Extended Credit Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia

Description: Zambia faces a severe drought, sharply reducing agricultural and electricity output and leading to extensive load shedding. In response, the authorities expanded social cash transfers to support affected households. Multilateral financing has eased fiscal and balance of payments pressures. Despite these challenges, policy adjustment and reforms are supporting macro stability and fiscal and debt sustainability.

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