Country Reports
2017
October 20, 2017
Uganda: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission
Description: This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding mapping of source data for savings and credit cooperatives to the IMF’s Standardized Report Form 2SR. The IMF mission’s recommendations are aimed at improving the collection and compilation of monetary statistics for other depository and financial corporations based on the Monetary and Financial Statistics Manual (MFSM). The compilation of monetary statistics and the expansion of its institutional coverage based on the MFSM will improve data quality and usefulness for policy analysis.
October 20, 2017
Uganda: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission
Description: This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding compilation of the sectoral balance sheet of other financial corporations using the IMF’s Standardized Report Form (SRF-4SR). The mission’s recommendations are aimed at improving (1) the collection and compilation of monetary and financial statistics based on the IMF’s Monetary and Financial Statistics Manual (MFSM) and (2) the collection of data on intra–East African Community positions with the objective of compiling consolidated regional monetary aggregates. The compilation of monetary statistics and the expansion of its institutional coverage based on the MFSM will improve data quality and usefulness for policy analysis.
October 19, 2017
Montenegro: Technical Assistance Report-Macroprudential Policy Framework
Description: This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Montenegro regarding establishment of a macroprudential policy framework. The macroprudential policy mandate should rest with the Central Bank of Montenegro, with enhanced accountability, given its financial stability mandate and systemic risk analytical capacity. The mandate should be explicitly spelled out in a single published document that sets out a policy framework with clear objectives and specific indicators and instruments. Accountability for macroprudential policy decisions should also be strengthened.
October 16, 2017
Islamic Republic of Mauritania: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania
Description: This 2017 Article IV Consultation highlights a continued challenging external environment for Mauritania, with low and volatile metal prices. A steep decline in iron ore prices in 2014–15 took away half of exports, widened the fiscal deficit, put pressure on reserves, and exposed bank vulnerabilities. In response, the authorities adjusted the budget significantly in 2016, allowed the exchange rate to adjust, and mobilized foreign grants and loans. These efforts contributed to reducing external imbalances and maintaining macroeconomic stability. The authorities are now strengthening bank supervision and are preparing a national strategy for accelerated and inclusive growth for 2016–30, including structural reforms and a large-scale, foreign-financed infrastructure investment program to support jobs, growth, and diversification.
October 6, 2017
Uganda: 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 Uganda regarding finalizing the structure and weighting pattern of the export-import price indices (XMPI) and hotels and restaurants producer price index (H&R-PPI). In relation to the XMPI, the structure and weighting pattern for the import price index developed during the previous mission were reviewed and confirmed. Accordingly, plans were developed for an import price survey, including form design and the selection of a sample of importers. Work programs have been drafted and agreed on for (1) the development of the XMPI, (2) the completion of the PPI-manufacturing rebase, and (3) the completion of the H&R-PPI rebase.
October 6, 2017
The Bahamas: Selected Issues
Description: This Selected Issues paper assesses the recent trends in The Bahamas’ offshore financial center (OFC) and their contribution to the real economy. The Bahamas hosts one of the largest OFCs in the world. International banks are the most important institutions in the Bahamian OFC. Despite a sharp contraction in the size of the offshore sector, the direct impact on the real economy appears to have been modest. The direct contribution of offshore banks to the real economy appears to have remained broadly stable, reflecting an orderly adjustment so far. Strong compliance with anti–money laundering and combating the financing of terrorism and tax transparency standards should help ensure that this orderly adjustment continues.
October 6, 2017
The Bahamas: 2017 Article IV Consultation-Press Release; and Staff Report
Description: This 2017 Article IV Consultation highlights the continued weak economic activity in The Bahamas in 2016. Hurricane Matthew, which hit The Bahamas in October 2016, significantly impacted tourism activity in 2016 and early 2017. However, completion of the megaresort Baha Mar and posthurricane reconstruction activity gave a boost to job creation: the unemployment rate declined to 9.9 percent in May 2017. Real GDP growth is projected to pick up to 1.75 percent in 2017 and to 2.5 in 2018, driven by a stronger US economy, the phased opening of Baha Mar, and related construction activity. However, medium-term growth would remain low, reflecting significant structural bottlenecks.
October 6, 2017
Spain: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain
Description: This 2017 Article IV Consultation highlights continued strong, balanced, and employment-intensive expansion of the Spanish economy during the first half of 2017; the recovery reached a significant milestone when real GDP surpassed its precrisis peak. The economy grew by 3.3 percent in 2016 and is expected to expand by 3.1 percent in 2017. Past structural reforms, wage moderation and resulting cost competitiveness gains, favorable monetary and external conditions, and fiscal relaxation have provided impetus to the recovery. The banking system has become more resilient since the last Financial Stability Assessment Program. As some external tailwinds dissipate, economic activity is projected to moderate to 2.5 percent in 2018 in the absence of any major boost in productivity growth.
October 6, 2017
Spain: Financial System Stability Assessment
Description: This paper assesses the stability of the Spanish financial system as a whole. Spain’s banking system has been steadily progressing since the last Financial System Assessment Program. The authorities have made a significant reform effort. Together with the economic recovery, and support by the European Central Bank’s accommodative policies, the banking system has strengthened its solvency and advanced in reducing nonperforming loans. It is critical to keep the reform process moving and to build on the advances made during 2012–16. Completing the restructuring of bank balance sheets is a priority. Enhanced monitoring and supervisory attention to interest rate and liquidity risks are also merited.
October 6, 2017
Spain: Selected Issues
Description: This Selected Issues paper analyzes the challenges for the Spanish pension system. Spain’s population, like those in many other advanced economies, is projected to age over the coming decades. Although projections are uncertain, the simple fact is that Spain’s aging and shrinking population has put and will continue to put relentless pressure on contributory pension finances. The reforms adopted in 2011 and 2013 if fully implemented will ensure the financial viability of the contributory pension system. A package of reforms could include parametric changes such as automatically linking the retirement age to changes in life expectancy and adjusting accrual rates and the calculation of pensionable earnings.