What's New Archive
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March 22, 2023
IMF Staff Completes 2023 Article IV Mission to Indonesia
March 22, 2023
Policy Paper No. 2023/010
March 22, 2023
Country Report No. 2023/119
March 22, 2023
The Executive Board of the International Monetary Fund (IMF) today approved 38-month arrangements under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea (PNG) in the amount of SDR684.3 million (equivalent to US$918 million). The program seeks to protect the vulnerable and foster inclusive growth. The reforms will focus on strengthening debt sustainability, alleviating foreign exchange (FX) shortages, and enhancing governance and operationalizing the anti-corruption framework.
March 22, 2023
Country Report No. 2023/115
March 22, 2023
The reopening of borders and strong public infrastructure investment are paving the way for a faster recovery. GDP growth is expected to rise to 3.5 percent in 2023. Agricultural production, remittance inflows, and strong recovery in trading partners will support the economic activity. High energy and global commodity prices are pushing up headline inflation and widening the current account deficit, but core inflation remains subdued for now. Fiscal policy is expected to remain expansionary in the near term as the implementation of externally financed infrastructure projects accelerates. Monetary policy remains appropriately on hold amid weak private credit growth and negative output gap. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue collection and governance. The financial and operational challenges of Air Vanuatu are worsening and affecting the economy in general, particularly the tourism sector. The banking sector weathered the pandemic well. However, elevated non-performing loans (NPLs), particularly for households, remain a concern.
March 22, 2023
An International Monetary Fund (IMF) team led by Papa N’Diaye visited South Africa on March 1-17 to hold meetings with the economic authorities and other counterparts from the public and private sectors for the 2023 Article IV annual consultation. Discussions focused on policies to ensure macro-financial stability and the far-reaching reforms needed to durably lift potential growth, create jobs, reduce poverty and inequality, and facilitate the transition to a greener economy.
March 21, 2023
An International Monetary Fund (IMF) team led by Mr. Marshall Mills held discussions with the Fijian authorities and other stakeholders in Suva during March 8 to 22, 2023. At the conclusion of the visit, Mr. Mills issued the following statement: “Fiji is experiencing a strong economic recovery from the pandemic. Real GDP growth rebounded by an estimated 16.0 percent in 2022 driven by the strong revival in tourist inflows. Supported by the strong economic recovery, fiscal deficits are falling from 12.2 percent of GDP in FY2022 to a projected 7.7 for FY2023. However, central government debt remains stubbornly high at around 85 percent of GDP. With the stabilization in global commodity prices, year-on-year inflation has eased recently, declining to 1.5 percent in February 2023. With high global commodity prices and the still partial recovery in tourism, the current account deficit remained elevated at an estimated 14.0 percent of GDP in 2022. However, FX reserves remained relatively comfortable at 6.2 months of prospective imports, cushioned by concessional financing from donors and remittances.
March 21, 2023
Transcript on IMF-supported EFF program Press Briefing for Sri Lanka
March 21, 2023
The Ukrainian authorities and IMF staff have reached a staff-level agreement on a set of macroeconomic and financial policies that would be supported by a new 48-month Extended Fund Facility (EFF) Arrangement. The EFF, with requested access of SDR 11.6 billion (about US$15.6 billion), or 577 percent of quota, aims to support the Ukrainian authorities anchor policies that sustain fiscal, external, price and financial stability, and support the ongoing gradual economic recovery, while promoting long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession. The staff-level agreement reflects the IMF’s continued commitment to support Ukraine and is expected to help mobilize large-scale concessional financing from Ukraine’s international donors and partners.
March 21, 2023
Country Report No. 2023/117
March 21, 2023
Country Report No. 2023/118
March 21, 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, and Ms. Jutta Urpilainen, European Commissioner for International Partnerships, today issued the following statement on the occasion of the Eleventh African Fiscal Forum ‘Building a Resilient Africa’, which is taking place virtually from March 21 to March 22:
March 21, 2023
Today, the IMF Executive Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms.
March 21, 2023
Selected Issues Paper No. 2023/024
March 20, 2023
An International Monetary Fund (IMF) team, led by Mr. Lamin Leigh, conducted discussions for the 2023 Article IV Consultation with Malaysian authorities and other stakeholders during March 8-20, 2023. At the conclusion of the discussions, Mr. Leigh issued the following statement: “The Malaysian economy registered a strong recovery in 2022. Growth reached 8.7 percent driven by pent-up domestic demand following the reopening of the economy in April 2022 and resilient export performance. Staff estimates the output gap to have closed in 2022. The recovery remains uneven with agriculture, mining, and particularly construction sectors remaining below pre-pandemic levels. With record spending on subsidies, headline inflation did not surge in tandem with global food and commodity prices but was still on the rise for most of 2022, reaching 3.3 percent for the year. Inflation expectations remained well anchored.
March 20, 2023
Country Report No. 2023/116
March 20, 2023
On March 8 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Samoa
March 20, 2023
Country Report No. 2023/114
March 20, 2023
Uruguay showed strong resilience during the Covid-19 pandemic, owing to its high institutional quality, strong governance, and the authorities’ policy responses. Thanks to its robust institutions and adequate social safety net, Uruguay was able to provide a highly effective response to the health emergency triggered by the Covid-19 pandemic. After two severe infection waves in 2021, containment measures were relaxed in 2022, supported by successful vaccination campaigns, including for boosters. Scarring effects in real activity and the labor market were mitigated by the authorities’ well-designed policies, which provided the necessary support to affected household and corporate sectors transparently through the Covid-19 Solidarity Fund. Labor market informality declined during the pandemic and has remained at a lower level.
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