Country Reports
2024
May 10, 2024
Haiti: Staff-Monitored Program-Extension and Modification of Performance Criteria-Press Release; and Staff Report
Description: Building on progress achieved under the previous SMP which ended in May 2023, on June 29, 2023, Management approved a new Staff-Monitored Program (SMP) for a nine-month period spanning from June 30 through March 31, 2024.
May 10, 2024
Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati
Description: Kiribati’s economy recovered strongly from the pandemic on the back of supportive fiscal measures including subsidies, grants, and (most recently) an increase in civil service wages. Inflation, which has decelerated from its recent peak, is projected to pick up again mainly due to increased domestic demand. Kiribati is among the most vulnerable countries to the effects of climate change. Infrastructure gaps compound already challenging constraints imposed by distance and dispersion, limiting the development of the private sector in the state-dominated economy, and cementing its reliance on imports, especially for essential commodities such as food and fuel.
May 10, 2024
Pakistan: Second and Final Review Under the Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
Description: The signs of economic stabilization are strengthening, with gradual disinflation underway and external pressures easing further since the first review on the back of improved fiscal balances. However, the outlook remains challenging, with downside risks remaining exceptionally high.
May 9, 2024
Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria
Description: Over the last decade, Nigeria’s growth has just about kept up with population dynamics. Poverty has increased, and food insecurity is rising. The government is constrained by low domestic revenue mobilization. Governance problems remain pervasive. The external environment—cost of financing—remains difficult, high oil and gas prices notwithstanding. The new administration has set out on an ambitious reform path to restore macroeconomic stability and develop a pro-growth reform agenda.
May 7, 2024
Montenegro
Description: The Montenegrin economy has rebounded strongly from the COVID-19 shock as private consumption grew, tourism recovered, and an influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine has also contributed to growth. While debt-to-GDP ratios have improved largely due to nominal effects, fiscal weaknesses remain. After prolonged political uncertainty, a new coalition government formed in October 2023. Thereafter, a new Central Bank (CBCG) Governor was appointed in December 2023.
May 2, 2024
Colombia
Description: Colombia’s very strong policies and policy frameworks have helped to significantly reduce domestic and external imbalances and brought the economy to more sustainable levels of activity and demand. Market confidence has improved, but risk premia remain high compared to peers. The authorities remain committed to sustaining their track record of very strong policies to durably eliminate imbalances while facilitating a smooth convergence of the economy to potential levels and enhancing the country’s resilience and capacity to respond to shocks.
May 1, 2024
Morocco
Description: The Moroccan economy once again showed resilience to negative shocks in 2023, as economic activity accelerated, inflation slowed, and the current account deficit narrowed despite headwinds from water scarcity (which caused a severe loss of jobs in the agricultural sector), the September 2023 earthquake, and lower growth in the Euro Area. The ambitious infrastructure plan announced by the authorities (including in water and energy sectors) is expected to boost investment and growth in the next few years, with the current account gradually converging towards the medium-term norm. The fiscal deficit in 2023 was below the level projected in the Budget and the authorities reiterated their commitment to a gradual fiscal consolidation over the next three years. Implementation of the structural reform agenda has continued, particularly regarding the overhaul of social protection, health care, and education systems.
April 26, 2024
Suriname
Description: The authorities’ commitment to fiscal discipline and macroeconomic stability is paying off. The economy is growing, inflation is on a steady downward trend, investor confidence is improving, donor support is increasing, and S&P has upgraded Suriname’s credit rating. A debt restructuring agreement with EXIM China has been signed by both parties.
April 26, 2024
Arab Republic of Egypt: First and Second Reviews Under the Extended Arrangement Under the Extended Fund Facility, Monetary Policy Consultation, and Requests for Waiver of Nonobservance of a Performance Criterion, and Augmentation and Rephasing of Access-Press Release; and Staff Report
Description: This paper presents Arab Republic of Egypt’s First and Second Reviews under the Extended Arrangement under the Extended Fund Facility (EFF), Monetary Policy Consultation, and Requests for Waiver of Nonobservance of a Performance Criterion, and Augmentation and Rephasing of Access. A strong economic stabilization plan is being implemented to correct policy slippages. The plan is centered on a liberalized foreign exchange system in the context of a flexible exchange rate regime, a significant tightening of the policy mix, reducing public investment, and leveling the playing field to allow the private sector to become the engine of growth. While the recent sizable investment deal in Ras El-Hekma alleviates the near-term financing pressures, implementation of the economic policies under the program remains critical to address Egypt’s macroeconomic challenges. Robust delivery on structural reforms will be critical to lock in the benefits of the improved financing environment. IMF staff supports the authorities’ request for the completion of the first and second reviews under the EFF Arrangement.