What's New Archive
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March 26, 2023
Remarks by Managing Director Kristalina Georgieva at the 2023 China Development Forum, March 26, 2023, Beijing, People's Republic of China
March 24, 2023
Policy Paper No. 2023/011
March 24, 2023
Working Paper No. 2023/072
March 24, 2023
The last few months have witnessed tensions in Europe's housing markets as the cost-of-living crisis has eroded real incomes and the surge in interest rates has made borrowers more vulnerable to financial distress.
March 24, 2023
Working Paper No. 2023/076
March 24, 2023
Working Paper No. 2023/075
March 24, 2023
Working Paper No. 2023/074
March 24, 2023
Working Paper No. 2023/073
March 24, 2023
In the decade-and-half preceding the Covid-19 pandemic, an unprecedented construction and investment boom precipitated a rapid economic expansion in Panama. The Panama Canal and Tocumen Airport were expanded, there was large scale building of new skyscrapers in Panama City, and one of the largest copper mines in the world was constructed. Economic growth was further supported by the expansion of the services and logistics sectors, which benefited from the widening of the Panama Canal. With a rapid expansion of the capital stock, real GDP grew by 6 percent annually, poverty declined sharply, and income levels rapidly converged with those in advanced countries.
March 24, 2023
Country Report No. 2023/122
March 24, 2023
A team from the International Monetary Fund (IMF), led by Mr. Ivohasina Fizara Razafimahefa, Mission Chief for The Gambia, held discussions with the Gambian authorities during March 14–24, 2023, on the sixth review of The Gambia’s economic program supported by the IMF’s Extended Credit Facility (ECF) arrangement.
March 24, 2023
Against the background of a strong economic performance over the last quarter of a century, Peru has been hit by multiple shocks in the last several years. Adequate policies and very strong macroeconomic policy frameworks have made the economy resilient. Following a steep decline in 2020 at the outset of the pandemic and a rapid recovery in 2021, growth slowed significantly in 2022 as the policy stimulus was withdrawn and external and financial conditions deteriorated, while road blockades and strikes at major mining sites adversely affected copper production and exports. Inflation has declined recently but remains well above the target range. The unemployment rate and poverty continue falling but are still above the pre-COVID-19 pandemic levels. While volatility in financial markets has recently increased in line with global trends, the Peruvian banking system remains well-capitalized, and its profitability continues to recover from the impact of the pandemic. Recent developments suggest that the government needs to work across the political spectrum to restore confidence, preserve stability, accelerate structural reforms to boost economic activity, and tackle inequality, poverty, and weaknesses in the education, health, and pension systems.
March 24, 2023
An International Monetary Fund (IMF) team, led by Ms. Wenjie Chen, conducted discussions virtually on the 2023 Article IV consultation with Mali from March 6 to March 17, 2023. The mission held constructive discussions with a broad range of counterparts including the government and private sector to exchange views on economic prospects and risks, progress on reform, challenges, and policies.
March 24, 2023
Tajikistan continued to experience strong growth in 2022, with minimal disruption from the war in Ukraine as strong financial inflows supported domestic demand and liquidity. Real GDP increased by 8 percent in 2022, while higher remittances kept the current account in surplus and helped increase FX reserves to around 8 months’ import coverage. Twelve-month inflation remained well-contained at 4.2 percent in December, below the mid-point of the NBT’s medium-term target range of 6 (±2) percent. The fiscal deficit is estimated at 1.4 percent of GDP in 2022, implying a modest expansion due to increased capital spending, but remained below the 2.5 percent of GDP deficit target, helping to anchor a projected decline in public debt to 35 percent of GDP. Financial soundness indicators continued to improve as the resolution of two large banks in 2021 has helped clean up legacy loans in the banking system.
March 24, 2023
Following an impressive recovery from the pandemic, the Polish economy has been struck by the effects of Russia’s war in Ukraine, which have contributed to high inflation and slowing growth. Poland is graciously hosting 1 million refugees from Ukraine, reflecting the commendable efforts of the authorities and the Polish people. The main policy challenge is to lower inflation back to the target without unduly weakening the economy.
March 23, 2023
Transcript of IMF Press Briefing
March 23, 2023
Country Report No. 2023/120
March 23, 2023
Country Report No. 2023/121
March 23, 2023
Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at 7.5 percent year-on-year in 2022; one of the fastest rates among emerging economies. Against this robust recovery, high commodity prices, and weather-related shocks, headline inflation reached 13.3 percent year-on-year in February 2023 and the current account deficit widened from 5.6 in 2021 to 6.2 percent of GDP in 2022.
March 23, 2023
Lebanon is at a particularly difficult juncture. For over three years, it has been facing an unprecedented crisis, with severe economic dislocation, a dramatic depreciation of the Lebanese lira and triple-digit inflation that have had a staggering impact on people’s lives and livelihoods. Unemployment and emigration have increased sharply, and poverty is at historically high levels. The provision of basic services like electricity, public health, and public education have been severely disrupted, and essential social support programs and public investment have collapsed. More broadly, capacity in public administration has been critically weakened. Banks are unable to extend credit to the economy and bank deposits are mostly inaccessible to customers. The presence of a large number of refugees exacerbates Lebanon’s challenges.
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