Country Reports
2015
December 3, 2015
Cameroon: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
Description: This 2015 Article IV Consultation highlights that Cameroon’s economy has shown resilience in the face of the twin shocks of the oil price slump and heightened security threats, with the robust growth of 2014 continuing into 2015. Growth is broad-based and projected to reach 5.9 percent in 2015, buoyed by increased oil production and the performance of sectors benefiting from the ongoing public investment boom. Total revenue is projected to increase in 2015, owing to a strong performance in non-oil revenue. Growth is projected to moderate to 5.2 percent in 2016, as oil production stabilizes.
Notes: Also Available in French
December 3, 2015
Grenada: Third 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 Third Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria (PCs), and Financing Assurances Review. Overall program implementation remains strong. All quantitative PCs for the third review were met. All structural benchmarks for the third review were implemented. The authorities advanced reforms to ensure the transparent and sustainable management of the Citizenship-By-Investment revenues, strengthen the fiscal policy framework, and improve public finance management. The IMF staff supports the completion of the third review under the ECF-arrangement, the modification of quantitative PCs, and completion of the financing assurances review.
December 2, 2015
Sweden: Selected Issues
Description: This Selected Issues paper examines the labor market and migration in Sweden. Sweden enjoys a broadly well-functioning labor market. The labor force has been expanding at a healthy pace, in part reflecting rising participation including by females. This paper discusses the compositional changes in the labor force, employment, and unemployment over the past decade. A brief overview of migration flows, their composition, and their demographic benefits is provided. An assessment of the potential implications of the projected increase in migration for unemployment is done. The features of Sweden’s labor market that contribute to the higher unemployment rates of the lower skilled and foreign-born are also outlined.
December 2, 2015
Sweden: 2015 Article IV Consultation-Press Release; Staff Report; Information Annex; and Statement by the Executive Director for Sweden
Description: This 2015 Article IV Consultation highlights that Sweden’s economy is performing well, with real GDP growth of 3.4 percent per year in the first three quarters of 2015, up from 2.3 percent in 2014. Job creation was robust in the first three quarters of 2015, helping bring the unemployment rate down to 7.2 percent in the third quarter. Core inflation rose to 1.4 percent per year on average in recent months, but remains below the 2 percent target. Solid growth of about 3 percent is expected to continue into 2016.
December 2, 2015
Kuwait: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait
Description: This 2015 Article IV Consultation highlights that decline in oil prices has adversely affected Kuwait’s fiscal and current account balances and slowed growth in 2014–15. Real non-oil GDP growth is projected to slow in 2015 and 2016, and pick up to 4 percent in the medium term, supported by government investment in infrastructure and private investment. The fiscal and external positions are projected to deteriorate further in 2015 and 2016, and improve somewhat over the medium term as oil prices and production recover partially.
December 2, 2015
Kuwait: Selected Issues
Description: This Selected Issues paper analyzes energy price reform in Kuwait. It emphasizes that Kuwait should take advantage of current low global energy prices to strengthen efforts to reform domestic energy prices. In the longer term, this would benefit growth by increasing efficiency in the economy and creating space for higher public and private investment. In the short-term, one-off effects on inflation should be manageable. Productive activities more sensitive to energy costs, particularly the transport sector, would be able to adjust to higher energy prices more easily if the reform is gradual.
December 1, 2015
Federal Democratic Republic of Ethiopia: Selected Issues
Description: This Selected Issues paper reviews the evolution of inequality in Ethiopia and discusses the role of various macroeconomic policies as well as structural factors. With a Gini coefficient of 30, Ethiopia remains among the most egalitarian countries in the world. The most vulnerable households seem to experience less benefit from growth than those in the higher income deciles. In terms of tax revenue collection, Ethiopia faces the typical challenges of a developing country. It is required that Ethiopia builds on its successful experience with the Productive Safety Net Program to address the growing needs of the urban poor.
December 1, 2015
Islamic Republic of Afghanistan: 2015 Article IV Consultation and First Review Under the Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Direct for the Islamic Republic of Afghanistan
Description: This 2015 Article IV Consultation highlights that Afghanistan remains a poor fragile state that is far from self-reliance. Significant fiscal and banking vulnerabilities emerged in 2014. Domestic revenue collection fell below its 2013 level because of lower growth, declining imports, and lower compliance, while operating expenditure increased. The treasury cash balance fell to dangerously low levels in the second half of 2014, and domestic payment arrears and unfunded allotments emerged. The future path of the economy is highly dependent on the authorities’ delivering on their economic reform commitments, continued donor support, and improvements in security.
December 1, 2015
Republic of Madagascar: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
Description: This paper discusses Madagascar’s Staff-Monitored Program (SMP) and Request for Disbursement under the Rapid Credit Facility (RCF). Madagascar’s economic recovery has failed to gain momentum in 2015, largely due to external shocks, persistent political instability, and weak governance. Nonetheless, the authorities have implemented an adequate policy mix that has broadly maintained macroeconomic stability. In light of urgent balance of payments needs, the Malagasy authorities are requesting a second disbursement under the RCF, accompanied by a SMP. The IMF staff supports the authorities’ request for a disbursement under the RCF based on the policy track record over the past six months.
Notes: Also available in French
December 1, 2015
Republic of Mozambique: Technical Assistance Report on Fuel Subsidy and Pricing Reform
Description: The report contributes to discussions on fuel subsidy reform and implementation of an automatic pricing mechanism, and discuss supporting measures including strengthening of the social safety net.