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March 10, 2023
Country Report No. 2023/109
March 10, 2023
“The movements in international commodity prices have also worsened the external position. Preliminary data suggest that the current account deficit doubled to 16.4 percent of GDP in 2022, due to pressures on international food and energy prices and the decline of iron ore prices. By end-2022, international reserves declined to $1.9 billion compared to $2.3 billion at end-2021. Growth is expected to have accelerated to 5.3 percent in 2022, mainly driven by the recovery in the extractive sector. After reaching a peak of 12.7 percent in October 2022, inflation decelerated to 10.3 percent in January 2023 in response to the central bank of Mauritania (BCM) monetary policy tightening.
March 10, 2023
Despite a challenging external environment in 2022, the Luxembourgish economy has proven resilient. However, the reverberations of the war in Ukraine will continue to be felt in 2023 and possibly beyond. An expansionary fiscal policy, including generous and costly support packages, has alleviated the impact of the cost-of-living shock on demand, with the implemented energy price controls and a VAT rate cut temporarily reducing pass-through to domestic prices. With persistently high core inflation and strong labor markets, fiscal policy for 2023-24, including the recent tripartite measures, risks overstimulating demand, limiting incentives for energy savings, and impeding an adjustment in housing prices to more affordable levels. Accordingly, staff recommends a broadly neutral fiscal stance for this and next year, and better targeted support measures to help people in need, while allowing price signals to work. Over the medium term, significant fiscal risks and increasing ageing-related costs call for more prudent recurrent spending than envisaged and fiscal reforms to preserve fiscal buffers. Financial sector risks have intensified since the last Article IV but the financial system appears in a good position to weather adverse shocks. Pockets of vulnerabilities (especially in real estate and investment funds) should continue to be closely monitored and action taken as needed. Luxembourg’s automatic wage indexation has not posed major challenges in a low inflation environment. However, the high inflation environment has reignited concerns about wage-price spirals and the ability of firms to adjust. Reforming the wage indexation, together with measures to contain the increase in the cost of living, in particular housing, could help continue attracting talent, while preserving competitiveness.
March 10, 2023
Opening Remarks by Deputy Managing Director Okamura: Panel Discussion on Financial Inclusion
March 10, 2023
Policy Paper No. 2023/005
March 10, 2023
“Eswatini’s economy was comparatively resilient through the pandemic. Following a strong rebound of 7.9 percent in 2021, real GDP growth stagnated in 2022, at 0.4 percent. This reflects the continued dampening effect from civil unrest, government payment arrears, slowing growth in South Africa, and heavier than normal rainfall and industrial action on the sugar sector. Headline inflation rose to 5.6 percent at end-2022 due to higher food and transport prices. The government fiscal deficit is projected to widen to 5.4 percent of GDP by end-FY22-23 in the wake of lower SACU revenues and higher government spending. In the balance of payments, the current account balance has shifted to an estimated deficit of about 1.1 percent of GDP as the trade balance was negatively affected by higher import prices. Foreign reserves declined to $449 million, equivalent to about 2.3 months of import cover.
March 9 , 2023
Country Report No. 2023/108
March 9 , 2023
Country Report No. 2023/106
March 9 , 2023
Country Report No. 2023/107
March 8 , 2023
The IMF Executive Board completed the Third Reviews of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements, enabling Cameroon to draw the equivalent of US$73 million in disbursements from the IMF. The economic recovery is underway amid increased challenges in an uncertain global environment, with growth estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production. Sustained reform implementation will be needed to create additional fiscal space for productive investment and social spending and to move toward inclusive and resilient growth.
March 8 , 2023
“My visit to Rabat and Casablanca has been very productive. It was my first visit as the IMF’s Deputy Managing Director to Morocco, which will host this year the IMF and World Bank Annual Meetings in Marrakesh. I am grateful for the warm hospitality of the people of Morocco and look forward to a remarkably successful Annual Meetings in October. The visit was an opportunity to learn first-hand from the authorities about their excellent preparedness to host the largest IMF/World Bank gathering on their soil.
March 7 , 2023
Country Report No. 2023/104
March 7 , 2023
Country Report No. 2023/105
March 7 , 2023
Country Report No. 2023/102
March 7 , 2023
Country Report No. 2023/103
March 7 , 2023
Further adoption of clean energy will accelerate the transition to net zero while saving lives, boosting fiscal revenues, and promoting energy security.
March 6 , 2023
Selected Issues Paper No. 2023/020
March 6 , 2023
Selected Issues Paper No. 2023/019
March 6 , 2023
Selected Issues Paper No. 2023/018
March 6 , 2023
IMF lending is subject to both an annual and a cumulative limit on a member’s access to the Fund’s general resources. Access to resources beyond these limits is subject to the requirements of the Fund’s exceptional access framework. The access limits for the GRA were last set in 2016, with an annual limit of 145 percent of quota and a cumulative limit of 435 percent of quota .
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