Country Reports
2024
May 13, 2024
Japan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Investment Funds
Description: This technical note reviews the functioning and effectiveness of the regulation, supervision, and systemic risk monitoring of investment funds in Japan. It focuses on the requirements that are directly relevant to maintaining financial stability, namely, valuation, segregation and safekeeping of fund assets, liquidity risk management and redemption of fund units. The note also reviews the efficacy with which the authorities: i) analyze and monitor the systemic risk arising from fund management activities in Japan; ii) apply the domestic regulatory framework pertinent to investment funds; and iii) supervise compliance with the regulatory framework. The note sets out a series of recommendations to further strengthen the domestic regulatory, supervisory, and risk monitoring frameworks.
May 13, 2024
Japan: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan
Description: The Japanese economy continues to grow after the pandemic, with broad-based price increases following three decades of low inflation. The “new form of capitalism” agenda and children-related policies are key priorities for the Kishida administration, but the fiscal burden has increased.
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.