Country Reports
2024
December 17, 2024
Republic of Armenia: Fourth Review Under the Stand-By Arrangement and Request for Modifications of Performance Criterion and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director
Description: Economic activity remains strong but moderating as transitory trade, remittances, and capital flows peter out. The outlook is positive, with growth expected to reach 6.0 percent in 2024 and to converge gradually to its long-term rate. Inflation has picked up very slowly and is expected to remain below the CBA’s inflation target in the short term, weighed down by low food and energy inflation, dram appreciation, and the lagged effect of tight monetary policy. Geopolitical tensions, a slowdown in main trading partners, and a possible reversal of capital flows remain the main risks to the outlook.
December 16, 2024
Rwanda: Fourth Review Under the Policy Coordination Instrument, Second and Final Review Under the Stand-By Credit Facility Arrangement, Fourth and Final Review Under the Arrangement Under the Resilience and Sustainability Facility, and Request for the Modification of End-June 2025 Quantitative Target for the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
Description: Economic growth remains robust, with inflation stable at the midpoint of the target range. Supported by the Policy Coordination Instrument (PCI), Resilience and Sustainability Facility (RSF), and the Stand-by Credit Facility (SCF) Rwanda is advancing its structural reforms focused on macroeconomic stability, fiscal and monetary policy, and climate resilience. The recent Marburg virus disease outbreak highlighted Rwanda’s vulnerability to diseases, but also demonstrated the country’s strong capacity to respond to such events. The authorities remain committed to advancing their reform agenda.
December 16, 2024
Seychelles: Third Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility and Request for Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
Description: Economic growth in Seychelles appears to have slowed relative to earlier forecasts. Real GDP growth is projected at 3 percent in 2024 compared to an earlier projection of 3.7 percent. This reflects lower tourist arrivals in the wake of a temporary reduction in the number of direct flights and a decline in average spending per tourist. Some recovery is expected in the last quarter of 2024, but such a rebound is not expected to offset the shortfall recorded during the 2nd and 3rd quarters. Year-on-year inflation was about 0.6 percent as of September, reflecting stable utility rates and stable or declining prices for fuel and other commodities. Fiscal performance in the first half of 2024 was tighter than budgeted, driven by robust tax collection. Despite the slowdown in tourism, the external balance of payments is expected to strengthen in 2024 as the larger current account deficit is more than compensated for by larger financial inflows.
December 13, 2024
Benin: 2024 Article IV Consultation-Fourth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the First Review under the Resilience and Sustainability Facility, and Request for Modification of a Quantitative Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Benin
Description: Benin’s strong reform drive and sound macroeconomic management over the past several years have provided policy space to bolster resilience to repeated shocks. The authorities started rebuilding policy buffers last year and recently regained access to the international capital market after a two-year hiatus. Budget support has consistently exceeded expectations. While the country’s reform program—supported by the ECF (2017–20) and the ongoing EFF/ECF (2022–25)—has generated tangible macroeconomic dividends and improved aggregate social outcomes, large disparities have persisted across regions and income groups. A key challenge ahead is how to leverage the initial government’s impetus to pursue the transition to private sector-led growth that benefits all Beninese.
December 12, 2024
Republic of Serbia: Fourth Review Under the Stand-By Arrangement, Cancellation of the Stand-By Arrangement, and Request for a 36 Month Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia
Description: On December 9, 2024 the IMF’s Board approved the Republic of Serbia’s fourth, and final, review under the 2-year Stand By Arrangement (SBA) 2022-24, and a request for a successor 36-month Policy Coordination Instrument (PCI). Under the SBA, the authorities pursued ambitious reforms, helping deliver strong macroeconomic outcomes and Serbia’s first ever investment grade rating. With attention shifting to ambitious public investments under the umbrella of the Leap into the Future—Serbia Expo 2027 plan, the PCI will help the authorities to demonstrate continued commitment to sound policies, sustain reform momentum, and anchor fiscal discipline.
December 12, 2024
Chad: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chad
Description: Chad is a fragile state facing daunting development challenges. One of the least developed countries in the world, it has been affected by severe shocks, including floods, the continuous arrival of refugees from Sudan, security threats, and food insecurity. With the end of the political transition period, the authorities committed to tackle these challenges, including through broadening access to public services, strengthening governance, and improving the business environment. The preparation of their national development plan (PND) will be an opportunity to articulate the macroeconomic policies and reforms that they intend to implement over the medium term to reach these objectives.
December 10, 2024
Ghana: Third Review Under the Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ghana
Description: Policy adjustment and reforms are delivering on their objectives, with signs of stabilization crystallizing. Further headways have been made on the debt restructuring. With the December 2024 general elections approaching and considering past episodes of election-driven policy slippages, the authorities have reiterated their strong commitment to the policies and reforms under the program. They are seeking to address the implications of a dry spell in the North and a deepening of the energy sector challenges within the program targets.
December 10, 2024
Honduras: First and Second Reviews Under the Extended Fund Facility and the Extended Credit Facility Arrangements, and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Purchases-Press Release; Staff Report; and Statement by the Executive Director for Honduras
Description: The Executive Board approved 36-month, US$822 million arrangements under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) for Honduras in September 2023. The IMF-supported program aims to strengthen macroeconomic stability, create fiscal space for productive investment and social spending, and improve governance and transparency. The economy remains resilient, despite external and climate shocks and long-standing impediments to growth. Early estimates suggest that the macroeconomic impact of Tropical Storm Sara, which recently hit Honduras, is expected to be small. Achieving internal consensus on the needed recalibration of monetary and exchange rate policies to bolster external stability has been protracted, partly amid concerns over the potential social impact, and delayed the completion of reviews under the program. The authorities remain firm in their commitment to achieve program goals and have begun implementing decisive measures to bolster external stability and restore the financial health of the energy sector.