Country Reports

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2024

December 10, 2024

Republic of San Marino: Selected Issues

Description: Selected Issues

December 9, 2024

Kuwait: Selected Issues

Description: Selected Issues

December 9, 2024

Kuwait: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait

Description: The economy remains in recession, but a recovery has begun in the non-oil sector, and inflation is moderating. Lower oil prices and production have weakened the external and fiscal balances, while financial stability has been maintained. The risks around the outlook are skewed to the downside, but substantial financial buffers are a source of resilience to external shocks.

December 5, 2024

Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan

Description: Spillovers from the war in Sudan have worsened South Sudan’s macroeconomic imbalances and exacerbated an already-dire humanitarian situation. A pipeline carrying 70 percent of South Sudan’s oil production through Sudan has been inoperable since February 2024 and repairs have taken longer than expected owing to restricted access to the concerned areas. This has caused a sharp drop in economic growth, exports, fiscal revenue, and FX inflows and led to difficult policy challenges including high inflation, rapid parallel market exchange rate (ER) depreciation, and budget financing constraints. To cope with the shock, the authorities incurred salary arrears and monetary financing, in the face of limited alternative financing, as well as delaying the official ER adjustment. Nearly two-thirds of South Sudan’s population was exposed to acute food insecurity prior to the Sudan conflict and the situation has worsened due to floodings and a growing number of refugees. The national unity government which has been in place since 2018, consistent with the peace treaty, recently announced that the elections initially planned for December 22, 2024 have been postponed by two years. Program review.

December 5, 2024

United Arab Emirates: 2024 Article IV Consultation-Press Release; and Staff Report

Description: Economic growth remains strong, driven by robust domestic activity. Inflation has moderated sharply with lower tradables prices. Relatively high oil prices support high fiscal and external balances and significant sovereign buffers. Banks have ample capital and liquidity buffers overall, and real estate activity remains buoyant. Substantial reform- and climate-related initiatives and investment spending continue.

December 2, 2024

South Africa: Central Bank Transparency Code Review

Description: The South African Reserve Bank (SARB) sets a high benchmark for transparency and is considered by the external stakeholders one of the most reputable and effective public institutions in South Africa, and globally. The SARB’s transparency practices are broadly aligned with expanded and comprehensive practices as defined by the IMF Central Bank Transparency Code (see Table 1). The SARB’s commitment to open and transparent communications, as embedded in its 2025 Strategic Plan, is highly valued by its external stakeholders.

November 25, 2024

Morocco: Second Review Under The Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Description: While agricultural output suffers from yet another drought, non-agricultural output has remained robust, and domestic demand is strengthening. Nonetheless, unemployment has increased. Inflationary pressures have abated, allowing BAM to cut the policy rate in June 2024. The fiscal deficit is on track to meet the 2024 budget target, with stronger-than-expected revenues offset by increased current spending. Strong revenues from tourism, exports of goods, and remittances have kept the current account deficit to low levels. Morocco continues to make progress in bolstering its resilience against climate change and seizing the opportunities from decarbonization, under the RSF arrangement. Significant investments in water infrastructure aim at addressing water scarcity and will need to be complemented by demand management reforms. Continued progress toward liberalizing the electricity markets, a key dimension of the RSF, is needed to boost private sector participation in renewable energies (RE). This will not only help Morocco achieve its NDC targets but would also reduce its reliance on imported fuels, improve firms’ competitiveness, and help create jobs.

November 25, 2024

Tonga: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Description: Tonga’s economic activity has strengthened, bolstered by consistent remittance flows, continued tourism recovery, and robust construction activities, despite a fall in agricultural output. The potential for a stronger recovery has, however, been hindered by supply-side constraints including labor shortages. Inflationary pressures have eased, and headline inflation is falling below the 5 percent reference rate of the National Reserve Bank of Tonga (NRBT), mainly driven by the moderation of global goods and commodity prices. The elevated frequency of natural disasters, limited economies of scale, and geographical remoteness collectively temper medium-term growth. Localized risks are emerging in the banking sector.

November 22, 2024

Sierra Leone: Poverty Reduction and Growth Strategy

Description: The Government of Sierra Leone (GoSL) has launched a new Medium-Term National Development Plan (MTNDP). Unlike the previous plans that were implemented for five years, the new plan will be executed for a period of seven years spanning 2024-2030, in order to be fully aligned with the remaining period of implementation of the United Nations 2030 Agenda for Sustainable Development, summarised in the 17 Sustainable Development Goals (SDGs). The current plan is highly strategic and prioritised, drawing from crucial lessons learned in the implementation of the previous plan, the MTNDP 2019-2023. The new plan is focused on the Government’s Big Five Game Changers that constitute the country’s overarching agenda for 2030 and give strategic direction to the plan.

November 22, 2024

Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Sierra Leone

Description: Political and social stability have been tested by a cost-of-living crisis, a coup attempt, and allegations of electoral fraud. To help maintain calm, the ruling coalition and the opposition released a joint statement promoting a constructive political dialogue. The Tripartite Committee facilitated by the UN published its recommendations to strengthen the electoral system. External shocks and suboptimal policies contributed to substantial macroeconomic imbalances following the Covid-19 pandemic. A new economic team has taken action to stabilize the economy and reduce debt-related risks, but additional efforts will be needed, including to protect the most vulnerable. The Extended Credit Facility (ECF) arrangement will serve as a critical policy anchor, and strong ownership will be key.

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