Country Reports
2023
November 21, 2023
Cabo Verde: Technical Assistance Report-Consumer Price Index
Description: At the request of the National Institute of Statistics Cabo Verde (INECV), a technical assistance mission provided guidance on improving and updating consumer price index (CPI) weights and assessed CPI compilation methods. This mission was conducted under the auspices of AFRITAC West 2.
November 20, 2023
Republic of Kosovo: First Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility and Request for Modification of Reform Measure-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
Description: Context, Outlook, and Risks. GDP growth is expected to average 4 percent per annum over 2023–24 on lower international commodity prices, vigorous diaspora flows, and sound macroeconomic policies. Average inflation is projected to decline to about 5 percent in 2023 and 3½ percent in 2024. Risks to growth are balanced on the short-term, but on the downside in the medium-term, given the complex geopolitical scenario.
November 20, 2023
Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
Description: The Public Investment Management Assessment (PIMA) for Seychelles shows a relatively well-designed public investment management system, with well-unified budgeting arrangements and effective funding processes for capital projects. However, the assessment also notes under-execution of capital budgets and identifies important areas for improvement in medium-term budgeting, project planning, and asset management. The Climate Public Investment Management Assessment (C-PIMA) provides a climate perspective on public investment management in Seychelles. This module identifies proactive climate-related public investment coordination but gaps in the incorporation of climate resilience measures within the investment framework. Recommended reforms are geared towards enhancing project appraisal, defining roles in the public investment system, and integrating climate change adaptation into the planning process. These reforms, aligned with Seychelles' National Development Strategy, aim to optimize public investment management and ensure sustainable development in the face of climate-related challenges.
November 17, 2023
Pakistan: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
Description: Pakistan is working to improve its public investment management (PIM) to support economic growth and service delivery and make public infrastructure more sustainable and resilient to climate change. This assessment applies the IMF’s Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It highlights some of the important efforts made in recent years to strengthen PIM and identifies scope for further strengthening of key institutions. In a context where fiscal space is tight and climate action urgent, it recommends a number of targeted actions to move reforms forward.
November 16, 2023
Mexico: Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press Release and Staff Report
Description: Economic growth has been robust, supported by strong domestic investment and consumption. Monetary policy is focused on containing inflationary pressures, while fiscal policy has kept public debt in check. The authorities remain committed to maintaining their very strong policies and policy frameworks, to ensure economic, fiscal, and financial stability.
November 16, 2023
Republic of Korea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea
Description: Korea faced challenges from inflation, growth slowdown, and financial stress in the wake of the pandemic. Growth started to slow in mid-2022 as global demand for electronics waned and domestic demand weakened but has begun to gradually recover in recent quarters. Headline inflation has declined from last year’s peak, though core inflation has remained more persistent. Pockets of financial vulnerability have emerged, but swift policy measures have helped to stabilize financial and housing markets. Despite having increased, systemic financial risks appear to remain manageable.
November 16, 2023
Benin: Technical Assistance Report-Public Investment Management Assessment–PIMA and C-PIMA
Description: This technical report discusses the results of the Public Investment Management Assessment (PIMA) of Benin, undertaken in March 2023 to update a previous assessment based on an October 2017 mission. The mission found out that public investment in Benin has significantly increased from its 2019 low and should help sustain progress in terms of physical access to infrastructure. The assessment highlighted progress since the late 2017 PIMA with respect to the institutional framework for public investment management, facilitated by the adoption of a comprehensive PIM legal framework. It also identified areas where effectiveness is still lagging, notably in terms of project appraisal and selection, maintenance and for PIMA institutions related to the execution of public investment. The report also includes the results of the climate module of the PIMA evaluation, which reflect that Benin’s long-lasting commitment in the fight against climate change, captured in a 2018 national law against climate change, are starting to feed into some public investment management practices. On the basis of this assessment, the report proposes seven high-priority recommendations that could greatly improve public investment management in the short to medium term.
November 11, 2023
Maldives: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
Description: The Maldives is recovering after the historical 2020 fall in tourism, aided by a rapid COVID-19 vaccination program rollout. While the prompt and comprehensive policy approach in early 2020 was effective, a more prolonged pandemic and ambitious infrastructure projects are further weakening large pre-pandemic fiscal and external vulnerabilities.
November 11, 2023
Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
Description: The Maldives’ economy is recovering rapidly from the pandemic, underpinned by a strong resumption in tourism on the back of the authorities’ rapid vaccine rollout and policy support measures. Fiscal and external vulnerabilities remain elevated due to rising subsidies, high capital spending, and an increased interest burden. The Maldives has a high risk of external debt distress and a high overall risk of debt distress. Inflation has risen but is relatively contained due to price subsidies. Risks to the outlook are tilted to the downside, including a possible sharp slowdown in key source markets for tourism, high commodity prices, and tighter global financial conditions. A resumption of tourist arrivals from China is an upside risk to growth.
November 9, 2023
Somalia: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission to the National Bureau of Statistics of Somalia (SNBS) supported work to conduct a comprehensive revisions exercise on estimates of Gross Domestic Product (GDP) by expenditure; rebase GDP from base year 2017 to 2022; and extend the GDP time series to 2022. It did so by processing and incorporating new data, most notably the 2022 Somalia Integrated Household Budget Survey (SIHBS), a key new source which is also being used to update consumer price index (CPI) weights. The SIHBS results underpin an upward revision to GDP levels, resulting from higher values of household consumption, particularly of nonfood items. These improvements to data and methods will improve the understanding of the Somalia economy, both for domestic policymaking and international surveillance.