What's New Archive
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February 21, 2023
Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Ukraine
February 21, 2023
The Executive Board of the International Monetary Fund (IMF) approved on February 8, 2023 the applications of the Caribbean Development Bank (CDB), the Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Inter-American Development Bank (IADB) to become prescribed holders of Special Drawings Rights (SDRs), an international reserve asset created by the Fund to help meet the long-term global need to supplement reserves. Approval of these institutions brings the number of prescribed holders to twenty (see attached list).
February 21, 2023
Policy Paper No. 2023/002
February 17, 2023
February 17, 2023
Working Paper No. 2023/036
February 17, 2023
Working Paper No. 2023/035
February 17, 2023
Working Paper No. 2023/033
February 17, 2023
Working Paper No. 2023/034
February 17, 2023
“Performance under the PMB has been strong. Due to the joint efforts of the Government of Ukraine and the National bank of Ukraine, all end-December quantitative and indicative targets have been met, as have all five end-January structural benchmarks. These included the Government submitting to Parliament a package of draft tax laws aimed to increase revenues, taking steps by the Ministry of Finance to address arrears, developing a concept note for a social safety net, establishing Naftogaz’s supervisory Board, and agreeing on the key elements of banking sector diagnostics.
February 17, 2023
Economic activity has rebounded strongly from the COVID-19 pandemic, while inflation has risen. The rebased national accounts show that, after contracting by 13.4 percent in 2020, real GDP rebounded by 15.2 percent in 2021 and 11.6 percent in the first three quarters of 2022, driven by retail and wholesale trade, tourism, and business process outsourcing. Visitor arrivals reached 74 percent of pre-pandemic levels in 2022 as COVID-19 restrictions eased amid vaccination efforts in Belize and source markets, while the unemployment rate fell from 10.2 percent in 2021 to 5.0 percent in the second half of 2022. Inflation increased to 3.2 percent in 2021 and 6.3 percent in 2022, driven by higher global food and fuel prices despite the fixing of domestic diesel and regular gasoline prices at the pump since April 2022.
February 17, 2023
The conflicts and collaborations in fiscal and monetary policy that have shaped the United States economy.
February 17, 2023
The Georgian economy grew strongly in 2022 at around 10 percent, reflecting limited adverse spillovers from Russia’s war in Ukraine, buoyant tourism, a surge in war-related migrant and financial inflows, and a rise in transit trade through Georgia. These factors boosted fiscal revenues, significantly narrowed the current account deficit, and supported foreign exchange reserve purchases and the lari.
February 16, 2023
Country Report No. 2023/086
February 16, 2023
Country Report No. 2023/092
February 16, 2023
Country Report No. 2023/091
February 16, 2023
The economy of the Kyrgyz Republic has shown resilience to the spillovers from the war in Ukraine and is estimated to have grown by 5.5 percent in 2022, driven by gold production, trade, transportation, and agriculture. Annual inflation increased to over 15 percent during the year, mainly due to high global food and fuel prices, but core inflation also rose to double digits. The general government deficit, including lending to energy sector state-owned enterprises, is estimated to have widened to 5.2 percent of GDP in 2022 from 0.8 percent the year before, primarily due to a significant increase in public sector salaries and pensions, and public investment, offsetting efforts to strengthen tax administration that have yielded a remarkable improvement in tax revenue of around 6 percentage points of GDP. Imports are estimated to have increased considerably, partly because of higher oil prices, but also due to an increase in transit trade, while gold exports were negligible. The banking system has remained financially healthy, but non-performing loans increased to more than 12 percent of total loans.
February 16, 2023
Country Report No. 2023/093
February 16, 2023
Country Report No. 2023/094
February 16, 2023
“Barbados faced challenging conditions in recent years as a result of the global pandemic, natural disasters, and the rise in global food and fuel prices. After contracting by 14 percent in 2020-2021, economic activity is recovering strongly, driven by the tourism sector, with real GDP growth estimated at 10 percent in 2022. The economic recovery is expected to continue in 2023.
February 16, 2023
The US Federal Reserve has been raising interest rates to restore price stability and to bring balance to the labor market. The demand for new hires is exceeding the supply of available workers in the US, as the unemployment rate has fallen to its lowest level in over 50 years, and this has contributed to higher inflation.
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