Country Reports
2024
July 16, 2024
Canada: 2024 Article IV Consultation-Press Release; and Staff Report
Description: The Canadian economy appears to have achieved a soft landing: inflation has come down almost to target, while a recession has been avoided, with GDP growth cushioned by surging immigration even as per capita income has shrunk. Housing unaffordability has risen to levels not seen in a generation, with demand boosted by immigration and supply facing continued challenges to expansion.
July 15, 2024
Iceland: 2024 Article IV Consultation-Press Release; and Staff Report
Description: Economic Developments. Following an impressive recovery from the covid pandemic and commodity price shocks in recent years, a coordinated tightening of monetary and fiscal policies has successfully slowed domestic demand growth, strengthened the current account, and started to lower inflationary pressures. Recent volcanic activity has disrupted lives and livelihoods, but the macroeconomic impact is limited.
July 15, 2024
Côte d'Ivoire: Second Reviews Under Extended Arrangement Under the Extended Fund Facility and Under the Arrangement Under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria, and the First Review Under the Resilience and Sustainability Facility Arrangement-Press Release; and Staff Report
Description: Côte d’Ivoire’s economy remains resilient against a still difficult global backdrop. The EFF/ECF-supported program approved in May 2023 (400 percent of quota), has helped to safeguard macroeconomic stability, as well as a moderate rating of debt distress, while growing challenges from climate change are being addressed under the recently approved RSF arrangement (150 percent of quota). The authorities’ ongoing commitment to reforms under both programs should support Côte d’Ivoire’s transformation towards upper middle-income status over the medium-term and enhance its resilience to climate change. Notwithstanding lower than expected cocoa production, the outlook remains favorable and has been boosted by still strong consumption and investment demand, as well as new activity in the oil exploration and production sector. Risks have become more balanced, reflected in increased interest from foreign investors along with ratings and outlook upgrades by ratings agencies.
July 15, 2024
Democratic Republic of the Congo: 2024 Article IV Consultation, Sixth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of the Congo
Description: President Félix Tshisekedi was re-elected in December 2023 and a new Prime Minister was appointed on April 1, 2024, and the government on May 28. Meanwhile, the security situation in the East is deteriorating, exacerbating a humanitarian crisis that has displaced millions of people and amplifying the burden on public finances.
July 15, 2024
Nepal: Fourth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Nepal
Description: Subdued economic activity has helped strengthen the external position and ease inflation. Growth is expected to rebound to 4.9 percent in FY2024/25, supported by further expansion in hydropower generation and a higher execution rate of public capital expenditure. Inflation is expected to remain within the authorities’ target ceiling of 5.5 percent. Non-performing loans have risen, bank profitability has weakened, and the financial health of savings and credit cooperatives (SACCOs) has deteriorated.
July 15, 2024
Angola: 2024 First Post-Financing Assessment-Press Release; and Staff Report
Description: Angola remained resilient in the face of significant challenges in 2023, including weaker oil production and prices. However, the gains from fiscal consolidation were lower-than-anticipated and inflation increased. Angola’s capacity to repay the Fund is adequate though subject to risks. In the event of an adverse scenario involving a prolonged oil price shock, repayment indicators would weaken but remain adequate.
July 12, 2024
Republic of Mozambique: 2024 Article IV Consultation, Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Modifications of Quantitative Performance Criteria, Waiver of Nonobservance of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Mozambique
Description: Economic growth is tepid, with tight financial conditions continuing to act as a drag on activity. Inflation pressures have declined sharply reflecting lower international fuel and food prices and subdued domestic demand. About 60 percent of the population is below the poverty line. A fiscal correction is ongoing, albeit at a slower pace than planned, following the fiscal slippages from the single salary scale reform adopted in 2022. The security situation in the north remains fragile and general elections are scheduled for October 9, 2024.