Country Reports
2017
November 10, 2017
Ireland: Technical Assistance Report-Public Investment Management Assessment
Description: This Technical Assistance Report discusses the results of the assessment of public investment management in Ireland. To support Ireland’s economic and social development to 2040, the government is preparing a new spatial planning strategy, dubbed the National Planning Framework. This framework, and an associated 10-year capital plan—both of which will be released at the end of 2017—will support the government’s efforts to redirect infrastructure investment to areas that cut across traditional departmental and sectoral boundaries. This new strategy strongly emphasizes the development of urban areas outside Dublin, including four new Metropolitan Areas. Ensuring that the various national, sectoral, regional, and local plans are aligned, integrated, and realistic is essential to delivering on these lofty expectations.
November 10, 2017
Philippines: 2017 Article IV Consultation-Press Release; Staff Report
Description: This 2017 Article IV Consultation highlights the Philippine economy’s continued good performance. Real GDP growth reached 6.9 percent in 2016 and 6.4 percent in the first half of 2017, led by robust domestic demand, a recovery in exports, and a fiscal impulse. The unemployment rate remains low at 5.5 percent. The external and fiscal positions are robust, with the current account balance near zero, gross international reserves at US$81 billion, and the general government net debt at 34.6 percent of GDP. The outlook for the economy is favorable despite external headwinds. Real GDP growth is projected at 6.6 percent in 2017 and 6.7 percent in 2018, owing to continued robust domestic demand.
November 10, 2017
Philippines: Selected Issues
Description: This Selected Issues paper assesses potential spillover effects to the Philippines from US policy shifts and lower growth in China. The US fiscal expansion affects the Philippine economy through the interest rate and the trade channels. The net spillover impact on Philippine GDP is negative in the short term. Compared with the productive case, in which the net output impact is positive, the US nominal policy rate rises by less, but faster normalization of the US term premium leads to higher real interest rates. On the other hand, the gain from trade is smaller owing to the weaker domestic demand expansion in the United States.
November 2, 2017
Jamaica: Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
Description: This paper discusses Jamaica’s Second Review under the Stand-by Arrangement and Request for Modification of Performance Criteria (PCs). Jamaica’s economy is showing sustained signs of activity, but growth remains vulnerable to the weather. Inflation and the current account deficit are low, helped by relatively stable oil prices and the government’s policy efforts. The historically low yields in the recent global bond reopening reflect Jamaica’s hard-won credibility. Program implementation remains strong. All PCs and structural benchmarks for the end of June were met. The landmark public pension reform bill was passed by Parliament. Based on continued strong program implementation and reform commitments, the IMF staff recommends completion of the second review.
November 2, 2017
Malawi: Technical Assistance Report-Strengthening Fundamental Controls and Reporting
Description: This Technical Assistance Report discusses the technical advice and recommendations of the IMF mission to the authorities of Malawi regarding strengthening fundamental controls and reporting. The government is determined to restore control over public funds. Considerable progress has been made on the reconciliation of the 2015/16 transactions of selected bank accounts. Issues related to transactions before 2015/16 should be investigated and resolved. The auditor general and the Central Internal Audit Unit (CIAU) are investigating unmatched or potentially duplicate payments for 2009–June 2015. It is recommended that the accountant general investigate possible duplicate payments identified by the CIAU.
October 27, 2017
Mauritius: Technical Assistance Report-Towards Accrual Accounting and the Adoption of International Standards
Description: This Technical Assistance Report discusses the technical advice and recommendations of the IMF mission to the authorities of Mauritius regarding implementation of an accrual accounting framework and the adoption of international standards. It is recommended that the International Public Sector Accounting Standards be applied by all public sector entities unless the primary objective of the entity is return on investor equity. This will simplify the framework and the implementation effort and will lead to efficiencies in the preparation of consolidated financial statements. Moreover, the accrual financial statements should be compared and reconciled with budget and budgetary reports.
October 25, 2017
Zambia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia
Description: This 2017 Article IV Consultation highlights the improved near-term outlook for the Zambian economy in recent months, driven by good rains and the rising world copper price. The economy was in near-crisis conditions from the fourth quarter of 2015 through most of 2016, reflecting the impact of exogenous shocks and lax fiscal policy in the lead-up to general elections. The medium-term outlook for the economy is contingent on policies. Achieving sustained high and inclusive growth requires a stable macroeconomic environment as well as policies and reforms to increase productivity, enhance competitiveness, strengthen human capital and support financial inclusion for small and medium-scale enterprises.
October 25, 2017
Zambia: Selected Issues
Description: This Selected Issues paper assesses the sustainability of Zambia’s current fiscal policies and public debt. Large fiscal imbalances and rapid increase in government debt since 2011 have raised concern about the sustainability of fiscal policies in Zambia. Fueled by the rapid exchange rate depreciation in 2014–15 and the heavy reliance on external sources to finance the growing fiscal imbalances, public external debt doubled in 2015 compared with 2014. The institutional framework for the budget process and the Medium-Term Expenditure Framework need to be strengthened. Poor commitment controls, which led to significant accumulation of payment arrears, need to be addressed. A sound Medium-Term Debt Management Strategy is required to reduce public sector debt vulnerability.
October 24, 2017
Mongolia: Technical Assistance Report-Report on the Prices Statistics Mission
Description: This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Mongolia regarding updating and improving the consumer price index (CPI) and the industrial producer price index (IPPI). The IMF mission recommends an adjustment to the expenditure shares in the updated CPI based on alternative data sources and improvements to the compilation procedure used to estimate the monthly price change for automobiles and motorcycles. The selection of enterprises and products in the rebased IPPI should ensure appropriate coverage of exports. The mission also recommends that this process include a review of 2015 customs data to ensure that relevant enterprises and their products are selected in proportion to their significance to overall production.
October 20, 2017
Cambodia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia
Description: This 2017 Article IV Consultation highlights 6.9 percent expected growth in Cambodia’s economy in 2017, with moderating private investment offset by higher public spending and robust construction and tourism activities. Headline inflation rose to 3 percent in 2016 and 3.5 in the first half of 2017, driven mainly by higher food and energy prices. Overall credit growth has slowed, owing in part to policy measures. Real estate sector–related bank credit growth, however, remains strong, supported by demand for housing from Cambodia’s young and growing middle-income population. Real GDP growth is projected to remain robust over the next few years.