Country Reports
2017
May 3, 2017
Brazil: Fiscal Transparency Evaluation
Description: This report assesses fiscal transparency practices in Brazil in relation to the requirements of the IMF Fiscal Transparency Code. Brazil’s practices meet many of the principles of the code at good or advanced levels. Fiscal statistics encompass the general government sector and recognize most of its assets and liabilities. Fiscal reports are published frequently and in a timely manner, and annual financial statements are audited by the Federal Court of Accounts. The transparency of fiscal forecasting and budgeting benefits in some areas from good or advanced practices. The institutional scope of budget documentation is comprehensive, and the key sequences of the budget process are timely.
May 1, 2017
Republic of Moldova: First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria-Press Release; and Staff Report
Description: This paper discusses Moldova’s First Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria. The program is broadly on track, enjoys strong country ownership, and is supported by policymakers’ firm commitment to sound economic management. The authorities continue to make significant progress in tackling long-standing vulnerabilities in the financial sector and advancing structural reforms. These efforts have helped strengthen financial stability, and growth has resumed. The economy is projected to grow 4.5 percent in 2017, higher than previously expected. Continued steadfast program implementation is vital.
May 1, 2017
Republic of Moldova: Economic Development Document
Description: This Economic Development Document highlights the Moldova 2020 National Development Strategy focus on producing a social and economic impact on various development priorities. Poverty reduction has progressed significantly during the past eight years: the national poverty rate decreased from 26.4 percent in 2008 to 9.6 percent in 2015. Remittances by emigrants and higher agricultural income, salaries, and social benefits were the major drivers of poverty reduction. The means-tested social assistance program had a significant impact. This social aid has proved to be the most efficient social protection against poverty; however, social support programs that are not means tested are ineffective.
April 28, 2017
Malaysia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Authorities of Malaysia
Description: This 2017 Article IV Consultation highlights the Malaysian economy’s good performance over the past few years in a challenging global economic environment. Despite the impact of global commodity price and financial market volatility, the economy remained resilient, thanks to a diversified production and export base, strong balance sheet positions, a flexible exchange rate, responsive macroeconomic policies, and deep financial markets. Although real GDP growth slowed, Malaysia is still among the fastest-growing economies among its peers. Real GDP growth is expected to increase moderately to 4.5 percent year over year in 2017 from 4.2 percent in 2016. Domestic demand, led by private consumption, continues to be the main driver of growth.
April 26, 2017
Benin: Request for a Three-year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin
Description: This paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility. The new program aims to create fiscal space by stepping up domestic revenue mobilization and enhancing the efficiency of government spending; gradually increasing absorptive capacity to scale up investment; strengthening public debt management; and promoting private sector investment through stronger institutions and a better business environment while keeping debt sustainable. It will also aim to ensure that scaled-up public investment is consistent with debt sustainability. This is particularly important for Benin: recent borrowing has significantly reduced available fiscal space, and potential risks have materialized as a result of growth shortfalls, fiscal slippages, and contingent liabilities from state-owned enterprises.
April 26, 2017
West African Economic and Monetary Union: Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union
Description: This paper examines common policies supporting reform programs in member countries of the West African Economic and Monetary Union (WAEMU). Economic activity in WAEMU has remained strong but vulnerabilities have increased. Real GDP growth is estimated to have reached 6.2 percent in 2016, underpinned by robust and resilient domestic demand. Inflation remained subdued, at about 0.4 percent on average in 2016 owing to continued solid agricultural production and low oil prices. Preliminary data suggest an overall fiscal deficit of 4.5 percent of GDP in 2016, higher than initially planned. The outlook remains positive provided there is continued macroeconomic stability and resolve to improve the business environment and promote private investment.
April 18, 2017
Jamaica: Technical Assistance Report-Cartac Report on the Sector Accounts and Balance Sheets Mission
Description: This Technical Assistance Report discusses the findings and recommendations of the IMF’s Statistics Department mission for Jamaica concerning sector accounts and balance sheets. Jamaica had made considerable progress toward many items in the August 2015 IMF mission action plan. The Bank of Jamaica (BOJ) has prepared quarterly sector financial balance sheets for nearly all financial sectors. Most of these data are available on a from-whom-to-whom basis. The BOJ also prepares positions data for the rest of the world and obtains balance sheet data for several of the larger nonfinancial corporations (both public and private). These data have all been compiled from March 2013 to March 2015.
April 18, 2017
Jamaica: First Review Under the Stand-By Arrangement, Request for Waiver of a Performance Criterion, and Request for Modification of Performance Criteria
Description: This paper discusses Jamaica’s First Review under the Stand-by Arrangement (SBA), Request for Waiver of a Performance Criterion (PC), and Request for Modification of PC. Program implementation remains strong under the SBA. Sustained macroeconomic discipline and visible reforms have boosted stability and confidence. Positive real GDP growth has been recorded in seven consecutive quarters, and Jamaica is projected to grow 2 percent in fiscal year 2017/18, bolstered by construction and tourism, among other factors. Inflation reached an all-time low in 2016, and investor confidence is at an all-time high, attracting foreign direct investment. The current account deficit has narrowed significantly, supporting accumulation of nonborrowed reserves.
April 13, 2017
Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Securities Supervision-Selected Issues Regarding the Regulators, Auditor Oversight, and Collective Investment Scheme Management
Description: This Technical Note discusses the findings and recommendations of the Financial Sector Assessment Program for the Netherlands regarding auditor oversight, collective investment fund management, and regulatory issues. The legal regime and the day-to-day supervision activities conducted by the Netherlands Authority for the Financial Markets and the Dutch central bank are extensive and consistent with international expectations. The approach to the supervision of the small but growing crowd-funding sector strikes a fair balance between enhancing innovation and protecting investors. The Dutch regime for audits and auditor oversight also complies with the expectations of the International Organization of Securities Commissions and appears to work well in practice.
April 13, 2017
Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Financial Safety Nets-Managing Problem Banks and Systemic Banking Crises
Description: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the Netherlands in the areas of managing problem banks and systemic banking crises. Significant progress has been made toward implementing the Banking Union, although key aspects have not yet been completed. The Single Resolution Board (SRB), which assumed responsibility in January 2016, remains in start-up mode, and the Dutch central bank provides substantial support to Dutch banks. Another challenge is the complex decision-making structure of the SRB, which may impede timely decision making when it comes to resolution. The adequacy of financial safety nets remains a concern.