Country Reports
2025
May 13, 2025
St. Kitts and Nevis: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
Description: In the context of a moderation of growth following the post-pandemic rebound, the economy is facing significant challenges. The fiscal outlook has notably deteriorated against the background of structurally lower Citizenship-By-Investment (CBI) revenues, and the current account deficit has widened. Public banks are facing long-standing weaknesses, which may have important implications for financial stability and fiscal sustainability, while lending from private banks and credit unions is expanding rapidly.
May 13, 2025
Costa Rica: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica
Description: Costa Rica has achieved remarkable economic progress through private sector-led growth and the sustained implementation of institutional and supply side reforms. The economic outlook is expected to remain favorable in the near term. Further institutionalizing the progress made under the IMF-supported reform programs will help sustain long-run growth and raise living standards.
May 9, 2025
Mali: Request for Disbursement Under the Rapid Credit Facility and Request for a Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Mali
Description: Following an unprecedented heatwave in April 2024, Mali experienced extreme flooding of a one-in-fifty-year magnitude between July and November 2024. This caused significant damage to public infrastructure and loss of livelihoods, exacerbating already-elevated food insecurity and internal displacement of people against a backdrop of ongoing conflict, a continued electricity supply crisis and heightened policy uncertainty.
May 8, 2025
Eastern Caribbean Currency Union: 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report
Description: The currency union has been providing a strong anchor for macroeconomic stability in a shock-prone region, highlighted by the impact of Hurricane Beryl last year. Tourism-backed post-pandemic growth has been strong, and inflation has moderated in tune with global trends. Public debt has modestly declined but remains high. The financial system is stable, though continues to face challenges from balance sheet weaknesses, weak bank lending conditions, and non-banking sector vulnerabilities. Medium-term GDP growth is projected to moderate as most of the region nears full tourism capacity, with weak productivity growth, subdued investment, and rapid population ageing weighing on the outlook. Key downside risks stem from the unpredictable external environment, uncertain Citizenship-by-Investment (CBI) inflows, and natural disasters (NDs).
May 7, 2025
Guyana: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana
Description: Guyana’s economy has grown rapidly over the past two decades, progressing from low-middle-income to high-income status—the only Heavily Indebted Poor Countries (HIPC) Initiative participant to achieve this milestone. Oil production is fast ramping up and, together with strong non-oil growth and large-scale infrastructure investment, it is supporting the highest real GDP growth rate in the world at a recorded average of 47 percent in 2022–24. The government is making significant investments, funded by oil revenue, to promote inclusive and sustainable development while striving for resilient growth. Fundamentals remain strong, with no clear signs of overheating, amid substantial accumulation of the oil revenue windfall in the Natural Resource Fund (NRF).
May 6, 2025
Republic of North Macedonia: 2025 Article IV Consultation-Press Release; and Staff Report
Description: As the economy recovers from the energy crisis, growth is gaining momentum, but inflation is rising again. A weak European outlook is dampening exports and private investment. Meanwhile, buffers are being eroded as public debt continues to rise with increases in wages and pensions. Emigration poses a significant challenge to the medium-term economic outlook, while slow progress on structural reforms continues to hinder convergence with EU income levels.
April 30, 2025
People’s Republic of China: Financial Sector Assessment Program-Financial System Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for the People’s Republic of China
Description: The FSSA found that since the last FSAP in 2017, the authorities have made notable progress in strengthening financial supervision and regulation, continuously implementing international regulatory standards, and enhancing systemic risk monitoring. Due to regulatory reforms they also made important reductions, in risks arising from non-bank financial institutions. While bank capital and liquidity levels appear adequate overall, the FSAP concluded that financial stability risks are elevated. Rising vulnerabilities from the property sector downturn and widening strains in highly leveraged local government financial vehicles (LGFV) warrant attention as declining economic growth could affect credit portfolio quality and accommodative monetary policy is weakening banks’ organic profitability, with smaller banks—particularly those with riskier business models—being more vulnerable.
April 22, 2025
Republic of Azerbaijan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Azerbaijan
Description: The 2025 Article IV Consultation discusses that following a slowdown in 2023, growth accelerated, and inflation picked up in Azerbaijan. The decline in oil and gas prices reduced the 2024 external surplus, but fiscal consolidation resumed. Looking ahead, growth is projected to moderate and inflation to remain within the Central Bank of the Republic of Azerbaijan target. Risks to the outlook remain broadly balanced but external uncertainty is high. Reduced hydrocarbon prices as a result of higher supply or lower demand could adversely affect growth, external position, and fiscal revenues. The government has outlined export diversification plans that leverages Azerbaijan’s geographic advantages. Reforms to enhance the role of the private sector should continue, including improving the performance of major state-owned enterprises and increasing the participation of the private sector, implementing the anti-corruption strategy, and deepening capital markets.