Country Reports
2016
December 22, 2016
Consultations de 2016 au Titre de lArticle IV, Sixième Revue Dans le Cadre de lAccord au Titre de la Facilité Élargie de Crédit et Demandes de Modification dun Critère de Réalisation, de Prolongation de lAccord et dAugmentation de lAccès Communiqué de Presse; Rapport des Services du FMI; et Déclaration de lAdministrateur pour le Burkina Faso; Rapport du FMI No. 16/390; 30 novembre 2016
Description: This 2016 Article IV Consultation highlights a rebound in economic activity in Burkina Faso beginning in 2016, after two years of weak growth. The January terrorist attacks and delays in approving the budget weighed on activity in the early part of 2016, but activity has rebounded, and real GDP growth is now projected at 5.4 percent, an improvement over 4.0 percent in 2015. The recovery is led by two new gold mines that came onstream and a sharp projected rebound in agricultural output in late 2016 and early 2017, after three disappointing years. The recovery is expected to consolidate in 2017, and growth is projected to rise to 6.1 percent as domestic and external conditions remain supportive.
Notes: Also available in French
December 22, 2016
Union of Comoros: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Union of Comoros
Description: This 2016 Article IV Consultation highlights difficulties the economy of Comoros encountered in 2015 and the first half of 2016. An ongoing crisis in the electricity sector and slower-than-expected implementation of the public investment program were the main factors behind the slower growth. Inflation remained well anchored at an annual rate of about 2 percent. Fiscal policy was challenging for most of 2015 as the impact of slower economic growth was compounded by lower revenues. Growth is projected to pick up somewhat to 2 percent in 2016, and revenues are projected to increase to 12 percent of GDP.
December 22, 2016
Union of Comoros: Selected Issues
Description: This Selected Issues paper assesses the main fiscal trends of the Comorian economy over 2005–15. It highlights continued difficulties in the fiscal performance of and the outlook for Comoros as a result of systemic challenges in revenue administration and public financial management. In particular, there is a structural imbalance between domestic resource mobilization and current spending, especially on public wages and salaries, leaving little scope for domestically financed capital spending, which is essential for economic growth and social development. This fiscal imbalance is more pronounced than in similar sub-Saharan African countries, even after taking into account sizable one-off budget grants that benefited the Comorian economy.
December 22, 2016
Bolivia: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia
Description: This 2016 Article IV Consultation highlights Bolivia’s substantial economic and social progress, boosted by the commodity boom. Growth has been strong, averaging about 5 percent since 2006, and poverty has fallen by a third. During this time, the authorities built up sizable buffers and largely dedollarized the financial system. Real GDP growth is projected at 3.7 percent in 2016, which is still relatively strong by regional standards. In the medium term, growth is expected to converge toward 3.5 percent, consistent with the new commodity price normal, amid persistent twin deficits.
December 22, 2016
Liberia: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Liberia
Description: This paper discusses Liberia’s Fifth and Sixth Reviews Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement. Two end-December 2015 and three end-June performance criteria were missed. Two out of nine structural benchmarks for the fifth review were met, while three were completed late. Three out of five structural benchmarks for the sixth review were met. The IMF staff supports the completion of the fifth and sixth reviews and the authorities’ requests for waivers of nonobservance of performance criteria, augmentation of ECF access, and extension of the ECF arrangement.
December 22, 2016
Burkina Faso: Selected Issues
Description: This Selected Issues paper examines the impact of scaled-up public investment in Burkina Faso. The results suggest that “big-push” investment efforts, while designed to accelerate growth, are likely to run up against significant absorption-capacity constraints. These constraints will diminish the efficiency of investment spending and result in lower public capital accumulation and productivity growth than under a more measured approach. The empirical evidence from the experience of many countries also suggests that the results of aggressive scaling-up initiatives are mixed.
Notes: Also available in French
December 21, 2016
Republic of Serbia: Sixth Review Under the Stand-By Arrangement and Modification of the Arrangement Review Schedule-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia
Description: This paper discusses Serbia’s Sixth Review Under the Stand-by Arrangement and Modification of the Arrangement Review Schedule. The program remains on track, and the economy continues to strengthen. Significant fiscal overperformance and renewed efforts to address structural weaknesses have helped boost confidence. This, along with a healthy credit recovery on the back of substantial monetary policy easing, has helped restore robust growth, while persistently low inflation has reinforced recovery in real incomes. Public debt has started to decline. The IMF staff supports the authorities’ request for the completion of the sixth review under the Stand-by Arrangement and a shift to semiannual review.
December 21, 2016
Grenada: Fifth Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; and Staff Report
Description: This paper discusses Grenada’s Fifth Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria, and Financing Assurances review. Overall program implementation remains solid. All quantitative performance criteria for the Fifth Review were met. Some structural benchmarks have been delayed, but there has been corrective action. The authorities have advanced reforms to strengthen tax administration, improve public finance management, and bolster the business environment. The IMF staff supports the completion of the Fifth Review under the ECF arrangement.
December 20, 2016
Cote d'Ivoire: Economic Development Documents-National Development Plan, 2016-20
Description: This paper provides a detailed summary of Côte D’Ivoire’s National Development Plan for 2016–20. The plan aims to develop Côte d’Ivoire into an emerging market economy with a strong industrial base and to reduce poverty. Specifically, the plan calls for greater agricultural output, promotion of the manufacturing sector, and improvement in the standard of living. Steps will include modernization and improvement of public administration, better education and social services, a healthier business climate and access to credit for small and medium-sized businesses, and major road and energy infrastructure projects.
Notes: Also Available in French
December 20, 2016
Democratic Republic of São Tomé and Príncipe: Second Review under the Extended Credit Facility, and Request for Waivers for Nonobservance of Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe
Description: This paper discusses São Tomé and Príncipe’s Second Review Under the Extended Credit Facility (ECF) and Request for Waivers for Nonobservance of Performance Criteria and modification of performance criteria. The economic outlook for 2017 and the medium term is favorable, but not without risks. The main sources of short-term risks to the outlook are ongoing pressure on foreign exchange supply, liquidation of Bank Equador, and continued weakness in the banking sector. In addition, the economy will remain vulnerable to global developments, including weak demand in the key European and emerging markets. The IMF staff recommends completion of the second review and the disbursement of an amount equivalent to SDR 634,285 under the ECF arrangement.