Country Reports
2020
June 10, 2020
Bangladesh: Technical Assistance Report-Residential Property Price Indices Mission
Description: The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of Bangladesh in response to their request for technical assistance. The purpose of the mission was to assist the Bangladesh Bank (BB) in progressing on the compilation of a residential property price index. BB has plans to set up a new data collection system to improve the current existing data starting from July 2020. The new data collection will expand the geographic coverage and the type of dwellings and mostly will increase the current sample resulting in more accurate results. The mission recommended the use of R instead of other software since it allows to perform all the necessary calculations in one script and single software. The mission provided training particularly on the hedonic methods, chain linking and rebasing. The hedonic methods are the most recommended to address the quality changes on the mix of dwellings transacted when following the price of real estate.
June 9, 2020
Republic of Belarus: Technical Assistance Report-Report on External Sectoral Accounts Mission (November 11-22, 2019)
Description: The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of the Republic of Belarus in response to their request for technical assistance. The principal purposes of the mission were to review with the National Statistical Committee of the Republic of Belarus (Belstat) current data sources; identify data sources that needed to be improved; demonstrate how to construct the tables; and prepare a work plan. The mission noted a few instances where the data could be improved through the provision of more detail or verification that the classification had been done correctly. The mission worked with Belstat staff to show how the currently available data sources should be used to compile sector balance sheets and how to use these data to construct the sector financial accounts. The mission recommended that Belstat prepare the financial balance sheets (FABS) for 2017 using the data presently available. The mission recommended that Belstat staff be encouraged to apply for courses on the FABS, such as those offered by the IMF.
June 9, 2020
Republic of Uzbekistan: Technical Assistance Report-External Sector Statistics Mission (October 15-26-, 2018)
Description: The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of the Republic of Uzbekistan in response to their request for technical assistance. The main objective of the mission was to assist the Central Bank of the Republic of Uzbekistan (CBU) in improving the collection of statistical data on the balance of payments (BOP), including the adoption of an international transactions reporting system, and to assess progress in implementing the medium-term program for further development of External sector statistics. Along with the successes, the mission noted several shortages in the BOP compilation system. The transfer of the BOP compilation function from the Ministry of the Economy to the CBU, and the transition to Balance of Payments and International Investment Position Manual, sixth edition standards, have led to a data gap between the BOP compiled by two institutions. It is recommended to update the methodology for calculating the currency and deposits of households component per the mission’s recommendations, considering all possible inflows and outflows of foreign currency in cash by individuals.
June 8, 2020
Barbados: Third Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
Description: This paper focuses on Barbados’ Third Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria. Barbados continues its strong implementation of the comprehensive Economic Recovery and Transformation plan aimed at restoring fiscal and debt sustainability and increasing reserves and growth. The ongoing global coronavirus pandemic poses a major challenge for the economy, which is heavily dependent on tourism, and is expected to have a large impact on the balance of payments and the fiscal accounts. State-owned enterprise (SOE) reform remains an essential element of Barbados’ economic program. In order to secure fiscal space for investment in physical and human capital, transfers to SOEs need to decline after the global coronavirus pandemic with a combination of stronger oversight of SOEs, cost reduction, revenue enhancement, and mergers and divestment. Progress in restoring fiscal sustainability must be safeguarded by adopting a new central bank law that limits its financing of the Government to short-term advances and strengthens the central bank’s mandate, autonomy, and decision-making structures. A strong recovery after the global pandemic will depend on accelerating structural reforms. There is much room for improvement in the business climate. Establishing a credit registry and credit collateral registry, in addition to broadening the types of eligible collateral, would facilitate access to credit.
June 8, 2020
Myanmar: Technical Assistance Report-Banking Supervision and Regulation
Description: At the request of the Central Bank of Myanmar (CBM), the IMF’s Monetary and Capital Markets Department, visited Yangon for a series of missions in 2018 and early 2019 on banking supervision. The objectives of the work were to support the CBM in the development of bank regulation and supervision, its introduction of a more risk-based approach to supervision. The Guide to Risk-Based Supervision sets out approaches to risk assessment and risk mitigation based on international practices. The key risks identified in the Myanmar context include legal, regulatory and reputational risk, strategic risk and group and related parties’ risk as well as credit, market, operational, and liquidity risks. The CBM is implementing the new approach over the period until 2020. While perfecting a complete risk-based approach will take years, the CBM is committed to implementation and is already undertaking risk assessments using the new risk matrix tool as examinations come due.
June 8, 2020
Gabon: Technical Assistance Report-Public Investment Management Assessment
Description: In response to a request from the Gabonese authorities, a mission from the Fiscal Affairs Department of the IMF visited Libreville to conduct an evaluation of public investment management, using the Public Investment Management Assessment methodology. The report highlights that enhancing the efficiency of public investment is essential, given Gabon’s current budget constraints. Improving public investment management (PIM) should help stem the declines in public investment efficiency in Gabon. In terms of infrastructure quality, public investment efficiency has fallen to half of the expected optimal level, compared to a 20 percent decline both worldwide and in Sub-Saharan Africa, as well as a 31 percent decline in member states of the Central African Economic and Monetary Union. The findings of the PIM assessment reveal structural deficiencies in planning procedures and institutional arrangements. Eight recommendations are put forward to enhance PIM efficiency in the short and medium terms, with three urgent steps needed to rationalize planning.
June 5, 2020
The Bahamas: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas
Description: This paper highlights The Bahamas’ Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic comes on the heels of the widespread destruction caused by Hurricane Dorian in September 2019. Coupled with domestic containment measures, the collapse in tourism will cause a deep recession. The Bahamian authorities have taken timely and targeted measures to boost health spending and mitigate the socioeconomic impact of the pandemic, supporting jobs and vulnerable segments of the population. The disbursement under the RFI will help boost resources for essential COVID-19-related outlays, strengthen reserves, and catalyze additional support from other international financial institutions, development partners, and the private sector. In order to address the urgent fiscal needs, the central bank will on-lend the disbursement to the Ministry of Finance. The IMF staff is confident that the authorities will pursue appropriate policies for alleviating the impact of the pandemic, based on the country’s strong track record. The Bahamas is assessed to have sustainable debt and adequate capacity to repay the IMF.
June 4, 2020
Cameroon: Requests for Disbursement Under the Rapid Credit Facility, Extension of the Extended Credit Facility Arrangement, and Rephasing of Access-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Cameroon
Description: This paper focuses on Cameroon’s Requests for Disbursement Under the Rapid Credit Facility (RCF), Extension of the Extended Credit Facility (ECF) Arrangement, and Rephasing of Access. The outbreak of the coronavirus disease 2019 pandemic and the terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon’s economy, leading to a historic fall of real gross domestic product growth. The authorities are taking decisive actions to limit the spread of the virus and its economic and social impact. They have implemented strong crisis containment and mitigation measures and are scaling up spending to bolster their health response. Additional measures currently under consideration will provide support to vulnerable households and firms. IMF emergency financing under the RCF will support the government’s efforts to mitigate the impact of the twin shocks. Additional assistance from development partners will be critical to fill the remaining financing need. Strict budgetary controls and transparency will be needed to ensure that the assistance under the RCF meets its intended objectives.
June 4, 2020
Solomon Islands: Requests for Purchase under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Solomon Islands
Description: This paper presents Solomon Island’s Requests for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility. In order to address the pandemic, the Solomon Islands’ authorities have taken measures to prevent the entry of coronavirus disease 2019 (COVID-19), to increase health and containment spending, and to provide targeted support for vulnerable households and businesses. IMF financing will help fill immediate financing needs and catalyze additional financing from its development partners to support the COVID-19 response. The authorities’ immediate policy response has focused on strong and timely containment measures to limit the risk of a local outbreak while reprioritizing spending toward health care. They have also adopted a fiscal stimulus package with measures targeted at providing social assistance, protecting jobs and incomes and stabilizing the domestic economy. Beyond the immediate response to the external shock, the authorities should remain committed to policies that promote inclusive growth and resilience while containing external pressures, protecting financial stability and preserving fiscal sustainability.
June 4, 2020
Republic of Uzbekistan: Technical Assistance Report-External Sector Statistics Mission (September 30-October 11, 2010)
Description: The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of the Republic of Uzbekistan in response to their request for technical assistance. The main objective of the mission was to assist the Central Bank of the Republic of Uzbekistan in improving the collection, processing, and dissemination of balance of payments, international investment position, and gross external debt statistical data, including improvement of the International Transactions Reporting System, as well as implementation of a medium-term program for further development. After the Republic of Uzbekistan authorities embarked on a course toward greater openness in the country, Uzbekistan made some progress in improving the production and dissemination of statistical data, but in addition to the gains that were seen, the mission noted a number of deficiencies in the External sector statistics compilation system. It is imperative to correct the methodology for calculating operations involving reinvested income for financial corporations and reflect the results obtained in the balance of payments.