Country Reports
2023
December 12, 2023
Namibia: 2023 Article IV Consultation-Press Release; and Staff Report
Description: Namibia has shown resilience to the negative shocks from the COVID-19 pandemic and Russia’s war in Ukraine. Output has recovered to the pre pandemic level, inflation has fallen below 6 percent, and expectations remain anchored. Official reserves, at 4.7 month of imports in September, exhibit adequacy consistent with the peg to the rand. Prospects are brightened with discovery of oil and gas reserves. At the same time, Namibia is poised to benefit from the global pivot to green energy through its signature Green Hydrogen Project. Meanwhile, the challenge of improving public sector efficiency and reducing the large wage bill, not only for the sake of preserving debt sustainability, but also for the Namibian people to benefit the most from these new developments, remains paramount. Elections are scheduled for 2024.
December 12, 2023
Guinea-Bissau: Third Review Under The Extended Credit Facility Arrangement And Requests For Augmentation Of Access, Waiver Of Nonobservance Of Performance Criteria, Modification Of A Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau
Description: Guinea Bissau’s socio-political context remained stable during the transition to an opposition-led new government, but the country is facing an adverse external shock. Disappointing cashew nut exports have widened the current account deficit substantially, while financing is constrained by tighter regional financial conditions. High food prices are causing food insecurity risks. Against this backdrop, the authorities have requested augmentation of access of 40 percent of quota (SDR 11.36 million) to meet pressing financing needs, bringing the total program access to 140 percent of quota (SDR 39.76 million). The ECF-supported program has been catalyzing much-needed highly concessional financing, especially additional budget support.
December 12, 2023
Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire
Description: Following consecutive global shocks and widening imbalances, the EFF/ECF-supported program aims to safeguard macroeconomic stability and support Côte d’Ivoire’s transformation towards upper middle-income status over the medium-term. The economic setting remains broadly unchanged relative to projections at program approval in May 2023, with growth remaining resilient and inflationary pressures receding, although external headwinds and pressures on regional reserves continue to weigh on the outlook. Program implementation so far has been strong with all performance criteria and structural benchmarks met.
December 12, 2023
Cote d'Ivoire: Poverty Reduction and Growth Strategy
Description: The implementation of the 2012-2015 and 2016-2020 National Plans of Development Plan (NDP) allowed the country to make significant progress and consolidate economic growth, despite a global context marked by trade tensions, a drop in commodity prices and the COVID-19 pandemic.
December 11, 2023
Ukraine: 2023 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
Description: Russia’s war in Ukraine continues to have a devastating economic and humanitarian impact. The frontlines remain stalled as combat continues in eastern and southern Ukraine. Russia quit the Black Sea Grain Initiative (BSGI) in July and has stepped up attacks on Ukraine’s port infrastructure. The war is severely impacting human and physical capital, with large-scale loss of life, drop in living standards, rise in poverty, and damage to infrastructure. Despite the resilience of the Ukrainian people and the authorities’ skillful policymaking to maintain macroeconomic and financial stability, continuous external support is critical to help restore medium-term external viability, prepare the country for post-war recovery and reconstruction, and facilitate Ukraine’s path to EU accession for which the European Commission (EC) has recommended opening accession negotiations.
December 11, 2023
Republic of Kosovo: Technical Assistance Report-Residential Property Price Index Mission
Description: A technical assistance (TA) mission was conducted from June 5 to June 9, 2023, to assist the Kosovo Agency of Statistics (KAS) with the initial stages of the development of a Residential Property Price Index (RPPI). This was the first mission to Kosovo dedicated to the RPPI. The mission completed the following tasks: (i) examined all potential data sources (ii) contributed to capacity building by providing training on RPPI compilation (iii) agreed next steps for the development of the RPPI and (iv) assessed the required resources for RPPI development.
December 8, 2023
Namibia: Technical Assistance Report on Government Finance Statistics Mission (August 28-September 1, 2023)
Description: This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during August 28 – September 1, 2023. The main purpose of the mission was to provide assistance in the compilation of consolidated general government operations data in accordance with the timeliness requirements of the IMF’s Special Data Dissemination Standards. It also reviewed the progress made by the authorities in implementing previous TA recommendations and provided further support to strengthen the compilation and dissemination of GFS in line with international standards set out in the Government Finance Statistics Manual 2014 (GFSM 2014).
December 8, 2023
Belgium: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis and Stress Testing
Description: The financial sector has remained resilient to a series of shocks and is well capitalized and profitable, but risks remain. Bank profitability and capital have surpassed pre-pandemic levels. Liquidity buffers remain strong and banks’ direct exposures to Russia are limited. The insurance and investment funds sectors have also weathered the pandemic well. There is limited evidence of credit or asset price booms over the past decade. However, inflationary pressures, partly the result of spillovers from Russia’s war on Ukraine, and a rapid tightening of financial conditions have weakened activity and reined in credit demand. Among high uncertainty, GDP growth is projected to slow in 2023, before returning to potential over the medium-term.