Country Reports
2024
July 12, 2024
The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
Description: The Gambian authorities continue democratic and justice reforms. Economic recovery is strengthening while inflation is progressively decelerating albeit remaining high. The 2023 fiscal outturns reflected good revenue performance, but capital spending pressures weighed on the fiscal balance. Following the adoption of a new foreign exchange policy, the wedge between the official and parallel market exchange rates has largely closed. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.
July 12, 2024
France: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France
Description: A strong and timely policy response helped cushion the impact of the COVID19 pandemic and the energy crisis resulting from Russia’s war in Ukraine. Despite a recovery slowdown in 2023, the French economy has remained relatively resilient in the face of financial tightening and weaker euro area external demand. Nevertheless, the crisis response and slower-than-expected recovery have weighed on public finances, with a sizable fiscal underperformance in 2023 reducing fiscal space at a time of rising investment needs for the green and digital transformation. While financial conditions started improving in early 2024, market pressures on sovereign spreads and stock markets rose in early June following the European elections amid political uncertainty. Labor market performance has remained robust, although labor productivity remains below its pre-COVID trend. Against this backdrop, the French authorities have appropriately shifted their focus towards rebuilding buffers and achieving a sustainable modernization of the economy. The reforms of the pension and unemployment benefit systems have already started to yield results. Parliamentary elections are scheduled for June 30 and July 7. The Staff Report was completed on June 17.
July 11, 2024
Union of the Comoros: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros
Description: Economic conditions have improved since the beginning of the ECF-supported program. Real GDP growth is expected to remain on an upward trajectory peaking at around 4½ percent under the program. Inflation is projected to decline further in 2024 although at a much slower pace than observed in 2023. The near completion of large public projects and the steady improvement in domestic revenue mobilization will be key driving factors for the improvement in the domestic primary balance. The external sector is stable, and gross international reserves are expected to remain above 7 months of import cover over the program period. The baseline, however, is subject to considerable uncertainty as Comoros continues to face the challenges of a small, fragile island state: significant development challenges, balance of payments needs, a high risk of debt distress, vulnerabilities in the banking system, governance and corruption vulnerabilities, and exposure to climate change risks. Tropical storms that impacted East Africa in April and May also inflicted significant damage across the country.
July 11, 2024
Ghana: Poverty Reduction and Growth Strategy
Description: This Medium-Term National Development Policy Framework (MTNDPF) 2022-2025 seeks to operationalize Article 36, Clause 1 of Ghana’s 1992 constitution, which enjoins Government to ensure that the national economy is managed efficiently to maximize the welfare of the citizenry. It was prepared with broad-based stakeholder participation including the use of cross-sectoral planning groups (CSPGs) as enjoined by article 15 of the National Development Planning Commission Act, 1994 (Act 479). Public consultations were also undertaken across the country, including engagement with parliament and the presidency. It was finally approved by the Commission following approval from the presidency and presented to Parliament.
July 11, 2024
Ghana: Second Review under the Extended Credit Facility, Request for Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ghana
Description: Policy adjustment and reforms under the program are delivering on their objectives, with clear signs of stabilization emerging. Good progress is being made on the debt restructuring. With the December 2024 general elections approaching and considering past episodes of election-driven policy slippages, the authorities have reiterated their strong commitment to the policies and reforms under the program.
July 11, 2024
Republic of Uzbekistan: 2024 Article IV Consultation-Press Release; and Staff Report
Description: Uzbekistan’s growth momentum continues on the back of far-reaching structural reforms to liberalize its economy, favorable commodity prices, and notable increases in financial and income flows. Leveraging the remarkable progress that has been achieved in the last seven years, the authorities remain steadfast in their commitment to continue their policy and reform agenda—as shown by the recent energy price reform—and to address the remaining challenges of reducing the role of the state, accelerating productivity growth, bringing down inflation, and stepping up some key structural reforms that have proceeded at a slower pace than desired.
July 11, 2024
Libya: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Libya
Description: Libya remains a fragile state trapped in political uncertainty. Episodes of active conflict have become less frequent, but the country remains de facto divided between the West and the East and fragmented among various militias with competing objectives. The political economy constraints and inadequate capacity hinder the authorities’ ability to implement Fund policy advice.