What's New Archive
Republic of Poland: 2023 Article IV Consultation-Press Release; and Staff Report
June 1 , 2023
Country Report No. 2023/189
Republic of Poland: Selected Issues
June 1 , 2023
Country Report No. 2023/190
IMF Executive Board Concludes 2023 Article IV Consultation with the Republic of Poland
June 1 , 2023
The Polish economy has slowed significantly amid still-high inflation. Following a rapid recovery from the pandemic, the Polish economy grew 5.1 percent in 2022, though the economy slowed considerably later in the year. With high inflation eroding real wage growth and investment facing headwinds from energy prices and interest rates, economic growth is projected at 0.3 percent in 2023 before a projected rebound in 2024. Over the medium term, Poland’s potential growth is projected to remain around 3 percent, with strong investment, supported by Next Generation EU grants, temporarily offsetting the negative effects of population aging.
IMF Executive Board Approves FY2024–FY2026 Medium-Term Budget
May 31, 2023
The Board welcomed the Fund’s continued commitment to strict budget discipline through robust savings and reprioritization. Executive Directors endorsed the allocation of the second phase of resources as part of the three-year targeted budget augmentation framework approved in 2022. These new resources are linked to tackling the macro-critical challenges of climate change and the rise of digital money, while reinforcing the Fund’s work on macrofinancial surveillance, fragility, and inequality. The Board reiterated its expectation that the Fund would return to a flat real budget trajectory in FY26.
Suriname: Technical Assistance Report on Government Finance Statistics Mission-(October 10–21, 2022)
May 31, 2023
Country Report No. 2023/188
Liechtenstein Applies for IMF Membership
May 31, 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) today informed the Executive Board that the Government of the Principality of Liechtenstein has filed an application for membership in the IMF. The application for admission to IMF membership from the Principality of Liechtenstein will be considered in due course.
IMF Executive Board Approves US$56 Million Extended Fund Facility Arrangement and US$46 Million under the Resilience and Sustainability Facility for Seychelles
May 31, 2023
The new EFF for Seychelles will replace the EFF approved on July 29, 2021 (2021 EFF). Under the 2021 EFF arrangement, the authorities satisfactorily implemented policies to restore macroeconomic stability in the face of multiple shocks, including the COVID-19 pandemic disruptions. All quantitative targets through end-December 2022 were met and all but one structural benchmark were met or implemented with delay. The new EFF will build on progress made under the 2021 EFF to strengthen macroeconomic stability while emphasizing reforms to boost investments in human and physical capital to support inclusive growth. Efforts will also focus on strengthening fiscal and monetary policy frameworks.
Somalia: Fifth Review Under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria and Indicative Target, and Interim Assistance-Press Release; and Staff Report
May 31, 2023
Country Report No. 2023/187
Kingdom of the Netherlands – Curaçao: Staff Concluding Statement of the 2023 Article IV Mission
May 31, 2023
Curaçao’s economy is recovering on strong tourism growth and sizeable private investment. Realizing Curaçao’s significant economic potential requires a strong development strategy supported by buy-in from stakeholders. Policies should support inclusive growth while strengthening fiscal sustainability. The recent decision to adopt a long-term debt anchor and develop an investment strategy are welcome steps towards developing a medium-term fiscal framework. Implementing the structural agenda embodied in the package of structural reforms (landspakket) agreed with the Netherlands would be key for addressing many of long-standing structural challenges. Continued efforts with financial sector and supply-side reforms remain vital for strengthening the financial stability and the external position of Curaçao and Sint Maarten’s monetary union.
IMF Staff Concludes Staff Visit to Iraq
May 31, 2023
The authorities’ fiscal expansion plans could stoke inflation in the short run and pose significant medium-term macroeconomic stability risks.
People’s Republic of China—Hong Kong Special Administrative Region: 2023 Article IV Consultation Discussions-Press Release; and Staff Report
May 31, 2023
Country Report No. 2023/186
IMF Executive Board Concludes 2023 Article IV Consultation Discussions with the People’s Republic of China—Hong Kong Special Administrative Region
May 31, 2023
In concluding the 2023 Article IV consultation discussions with Hong Kong Special Administrative Region, Executive directors endorsed staff appraisal as follows: The Hong Kong SAR economy is recovering strongly with post-COVID normalization of economic activity. Near-term risks to the growth outlook are balanced, with systemic risk in the financial sector manageable, given significant buffers.
IMF Executive Board Concludes 2022 Article IV Consultation with Antigua and Barbuda
May 30, 2023
Antigua and Barbuda’s economy is on a gradual recovery path, following a sharp contraction in real output of 20 percent in 2020 due to the COVID-19 pandemic. Growth is estimated at 5¼ percent in 2021, driven by a rebound in tourism and construction activity. Despite the surge in international energy prices, inflation was subdued in 2021 due to price controls on utilities, fuels, and public transportation. The fiscal position improved in 2021 with a narrowing of the primary deficit as pandemic-related spending was wound down and better tax administration and higher external grants bolstered revenues.
Implementation Plan in Response to the Board-Endorsed Recommendation from the IEO Evaluation On IMF and Capacity Development
May 30, 2023
Policy Paper No. 2023/022
IMF and Ukrainian Authorities Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF) Arrangement
May 30, 2023
“Ukraine’s four-year EFF Arrangement, with access of about US$15.6 billion (SDR 11.6 billion) was approved on March 31, and forms part of a US$115 billion international support package for Ukraine. The EFF continues to provide a solid anchor for the authorities’ economic program, and the performance has been strong. All quantitative performance criteria for end-April and structural benchmarks through end-May were met.
IMF Staff Reach Staff-Level Agreement on Second Review of the Extended Credit Facility Arrangement with Guinea Bissau
May 30, 2023
IMF staff and the Guinea Bissau authorities have reached a staff-level agreement that could support the second review of the Extended Credit Facility supported program, subject to approval by the IMF Executive Board. Upon completion of the review, Guinea Bissau will have access to an additional SDR 2.37 million (about US$ 3.16 million).
Kingdom of the Netherlands – Sint Maarten: Staff Concluding Statement of the 2023 Article IV Consultations Mission
May 30, 2023
Sint Maarten is experiencing strong recovery growth led by tourism and investment, but the benefits of growth are slow to reach the rest of the economy. With narrowing fiscal and external deficits, the time is ripe to advance key fiscal and structural reforms, including medium-term investment planning and execution and streamlining business procedures. This small island economy has capacity limitations in key areas, especially in economic statistics and financial intelligence, which require adequate resourcing.