Country Reports
2023
October 25, 2023
Suriname: Technical Assistance Report—Financial Stability Report
Description: The mission focused on enhancing the financial stability report (FSR) of the Central Bank of Suriname (CBS) whose publication has recently resumed. It reviewed the latest available FSR together with all background documents on financial stability work shared by the CBS. Based on those materials, a one-week mission at the CBS, consisting of a targeted workshop and meetings, was undertaken.
October 19, 2023
Zimbabwe: Technical Assistance Report—FSSR Follow up Technical Assistance—Implementation of the Basel II/III Capital Framework
Description: As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ on updating regulations to the Basel III capital framework. The mission reviewed Zimbabwe’s capital framework (laws, guidelines, and templates of prudential returns), identified areas to update capital requirements, discussed these areas with the management of the RBZ, and provided recommendations for drafting amendments in line with the Basel II/III framework approaches assessed as the most suitable to the Zimbabwean financial market characteristics.
October 19, 2023
Zimbabwe: Technical Assistance Report—Financial Soundness Indicators Statistics Mission
Description: The mission assisted the staff of the Reserve Bank of Zimbabwe (RBZ) to compile financial soundness indicators (FSIs) in line with the IMF’s 2019 FSIs Compilation Guide, and introduced a framework for incorporating new FSIs for insurance corporations.
October 16, 2023
Suriname: Third Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Suriname
Description: The authorities continue to prioritize fiscal discipline and macroeconomic stability in their policy actions. Restructuring agreements have been reached for both official and privately-held public debt, aside from the official debt to China, where negotiations continue. The financial advisors are currently preparing to launch the formal debt exchange with private external bondholders.
October 16, 2023
Republic of the Marshall Islands: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands
Description: Real GDP declined by 4.5 percent in FY2022 due entirely to a decline in fisheries. However, excluding the sector, growth was 4.2 percent, fueled by a recovery in domestic demand. Inflation has picked up due to higher food and fuel prices, while the current account surplus narrowed as COVID-related grants declined and the trade deficit widened.
October 6, 2023
Nepal: Technical Assistance Report—Financial Sector Stability Review
Description: The mission conducted a diagnostic review of the financial sector oversight capacity and proposed a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen the identification, analysis, and mitigation of risks to financial stability in Nepal. Two modules were undertaken: (i) the financial stability module, focused on areas agreed with the NRB during the scoping stage: banking supervision and regulation, stress testing, crisis management, payment systems, and financial inclusion; and (ii) the financial sector statistics module, focused on key data gaps hampering financial stability analysis, as well as statistical reporting to the IMF’s STA.
October 6, 2023
Brunei Darussalam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam
Description: Context and Recent Developments. Brunei’s high vaccination rates have allowed for the removal of COVID-19 restrictions and reopening of borders; however, reduced oil and gas (O&G) production have undermined the recovery. The financial sector remains liquid and well-capitalized. High fuel prices helped strengthen the fiscal and external positions in 2022. Inflation hit a historical high but has recently declined. The 2023 Article IV consultation took place in the context of a volatile O&G market, and a difficult external environment. Key policy challenges include the narrowing fiscal space, the need to shield the economy against O&G price and output volatility, global decarbonization pressures, and ensuring inter-generational equity. The government is committed to diversifying towards a low-carbon economy.
October 4, 2023
Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report
Description: Mongolia’s economic conditions stabilized by 2023H2, helped by China’s reopening. The economy was in a challenging position in 2022 with widening external and internal imbalances due to multiple global shocks, policy excesses and governance lapses. However, greater exchange rate (ER) flexibility; the government’s strenuous efforts to facilitate exports; an influx of new private external financing, and some moderation of global shocks helped lift economic activity, moderate inflation, and stabilize the external position by end-2022. Effective public debt management by the government mitigated rollover risks. A supplementary budget for 2023 introduced large and permanent expansions in wages, benefits, and pensions.
October 3, 2023
Maldives: Technical Assistance Report-Financial Soundness Indicators Mission
Description: The mission assisted the staff of the Maldives Monetary Authority (MMA) to compile financial soundness indicators (FSIs) in line with the IMF’s 2019 FSIs Compilation Guide, improve the data frequency of FSIs for deposit takers to monthly, and prepare new FSIs for insurance corporations.