What's New Archive
Page: 5 of 2018
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May 25, 2023
The heads of the IMF, OECD, World Bank, and WTO today announced the launch of a Joint Subsidy Platform (JSP) at www.subsidydata.org to enhance transparency on the use of subsidies. The JSP is intended to facilitate access to information on the nature, size, and economic impact of subsidies, with a view to facilitating dialogue on their appropriate use and design.
May 24, 2023
Should policymakers be worried about the continued surge in underlying price increases?
May 24, 2023
Transcript of IMF Press Briefing on Ghana
May 24, 2023
Hit by triple shocks, namely the pandemic, the adverse spillovers of Russia’s war in Ukraine, and the global monetary tightening, Côte d’Ivoire faces growing macroeconomic imbalances. The authorities are committed to pursue their agenda to promote private sector led and inclusive growth, as well as to strengthen fiscal consolidation efforts mainly through domestic revenue mobilization supported by upfront measures and a comprehensive medium-term revenue strategy to ensure the means to its ambitious social and capital investment program. Key structural reforms aim to further improve business climate, including by strengthening governance, increasing financial inclusion, and investing in human capital, and to strengthen resilience to climate change.
May 24, 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement: “I welcome the very important pledge, announced by Qatar today, of 20% of its Special Drawing Rights (SDR) holdings toward the IMF’s Poverty Reduction and Growth Trust (PRGT) and Resilience and Sustainability Trust (RST). Two of the greatest challenges the world faces are how to generate the growth necessary to reduce poverty, and how to mitigate the impact of climate change. With this announcement today, Qatar is showing leadership on both issues, and I am deeply grateful for this generous pledge.
May 24, 2023
The Executive Board of the International Monetary Fund (IMF) completed today the first reviews of Rwanda’s Policy Coordination Instrument (PCI) and program under the Resilience and Sustainability Facility (RSF). The Board’s decision allows for an immediate disbursement of SDR 73.95 million (about US$ 98.6 million) under the Resilience and Sustainability Facility. The PCI and RSF arrangement were approved on December 12, 2022, the latter with a total amount of SDR 240.3 million (about US$ 319 million or 150 percent of quota).
May 24, 2023
Country Report No. 2023/172
May 24, 2023
Country Report No. 2023/173
May 24, 2023
Country Report No. 2023/176
May 24, 2023
Country Report No. 2023/177
May 24, 2023
Country Report No. 2023/175
May 23, 2023
Let me start by congratulating the citizens of the United Kingdom on the coronation of Their Majesties King Charles III and Queen Camilla—a historic moment. Turning to the economy, the UK authorities have taken decisive and responsible steps in recent months. This has helped promote macroeconomic and financial stability during a time of heightened market volatility. Their efforts, and the recent decline in energy prices, are beginning to have a favorable impact on the economy.
May 23, 2023
Guatemala's solid track record of prudent macroeconomic policies and large remittance inflows provided the country with large buffers to weather a challenging global environment and tightened global financial conditions. In 2022, Guatemala's real GDP growth was 4.1 percent (3.4 percent projected in 2023), with the fiscal deficit below 2 percent of GDP—driven by tax collection overperformance and high import prices—and the stock of public debt below 30 percent of GDP. Domestic private demand continued to be strong, and bank credit to the private sector grew at double-digit rates.
May 23, 2023
Luxembourg has shown resilience in the aftermath of the war in Ukraine and accelerated tightening of global financial conditions, partly helped by fiscal support. That said, despite robust labor market, GDP growth slowed. Soaring energy prices sent inflation to a multi-decade high, prompting the Government to support households and firms by introducing price controls and tax cuts. Although costly, the measures have helped temporarily keeping inflation below the levels in most euro area peers and limiting the number of wage indexations. Tighter financial conditions have started to impact the financial sector, with heterogeneity across segments. The financial sector, overall, remains resilient, though there are some pockets of vulnerabilities, especially in the real estate sector and non-bank financial institutions.
May 23, 2023
The IMF joined the United Nations Global Counter-Terrorism Coordination Compact at a High-Level event on “Enhancing global cooperation on countering the financing of terrorism.”
May 23, 2023
Country Report No. 2023/179
May 23, 2023
Country Report No. 2023/178
May 23, 2023
Country Report No. 2023/174
May 23, 2023
A staff team from the International Monetary Fund (IMF), led by Haimanot Teferra, visited Nairobi during May 9 – 22, 2023, for the fifth reviews of Kenya’s economic program supported by the IMF’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF). The arrangements were approved by the IMF Executive Board on April 2, 2021 (see Press Release No. 21/98). Including augmentation at the time of the fourth reviews, these arrangements provide access to a total amount of SDR1.818 billion (about US$2.43 billion at current exchange rate). The mission also considered Kenya’s request for access under the IMF’s Resilience and Sustainability Facility (RSF) and further augmentation under the EFF/ECF.
May 23, 2023
Russia’s invasion of Ukraine triggered a large rise in inflation, supply chain disruptions, and slower growth in key trading partners. These developments, combined with budget under-execution in 2022, led to stagflationary conditions. Lower energy and commodity prices, along with gradually stronger external demand, are expected to support the recovery. A very large fiscal impulse in 2023 is expected to boost growth in the near term but will also leave inflation well above the euro area average. In turn, high inflation is likely to exert pressure on wages which, combined with declining productivity growth, may further erode Estonia’s competitiveness over time.
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