Country Reports
2023
October 3, 2023
Burkina Faso: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso
Description: Burkina Faso faces large balance of payments (BoP) and security needs aggravated by acute food insecurity and political instability. In March 2023, the authorities obtained Fund emergency financing under the Food Shock Window (FSW) of the Rapid Credit Facility to address the ongoing food insecurity crisis, which in some regions remains acute. Following two military coups in 2022, international development support has declined. Burkina Faso has agreed with the Economic Community of West African States (ECOWAS) on a return to constitutional order, with elections to be held by July 2024.
October 2, 2023
Cayman Islands: Technical Assistance Report-Improving Estimates of Gross Domestic Product
Description: A technical assistance mission to the Economics and Statistics Office (ESO) of the Cayman Islands supported improved methods for compiling Gross Domestic Product (GDP) by economic activity and by expenditure components and assessed the feasibility of compiling institutional sector accounts (ISA) for the Cayman Islands. Given the importance of tourism for the economy, guidance was provided on how to develop a Tourism Satellite Account (TSA). A review of the data sources and methods used to compile GDP at constant prices was undertaken and improvements to deflators in the construction and service areas were recommended. These data enhancements will improve the understanding of the Cayman Islands economy and will also assist the Cayman Islands in meeting the IMF Special Data Dissemination Standards requirements.
September 30, 2023
Sri Lanka: Technical Assistance Report-Governance Diagnostic Assessment
Description: At the request of the authorities of Sri Lanka, an interdepartmental (LEG/FAD/MCM, FIN) Governance Diagnostic Assessment (GDA) mission was conducted during March 20 - March 31, 2023. In line with the IMF’s 2018 Framework on Enhanced Fund Engagement on Governance, the diagnostic assessment focused on corruption vulnerabilities and governance weaknesses linked to corruption in macroeconomically critical priority areas of: (i) the anti-corruption, anti-money laundering and combating the financing of terrorism; (ii) fiscal governance (e.g., public financial management, tax policy and revenue administration, state enterprise management, and public procurement); (iii) central bank governance; (iv) financial sector oversight; and (v) enforcement of contract and protection of property rights. Annex 1 provides additional information on the methodology and scope of the Governance Diagnostic.
September 29, 2023
Vietnam: Technical Assistance Report-Macroeconomic Framework Technical Assistance–Ministry of Planning and Investment: Scoping Mission
Description: This technical assistance (TA) report presents the outcomes of the scoping mission of a new TA project aimed at building capacity in macroeconomic analysis and forecasting in the Ministry of Planning and Investment (MPI). The MPI is establishing a Core Working Group (CWG) under MPI’s coordination that will carry out macroeconomic analysis using Macroeconomic Projection Tool (MPT) and integrate the results in the policy making process. Based on the mission’s finding and assessment, the mission team and the authorities agreed on a three-year TA action plan that includes training components during the early stage of the project. During Phase 1 (2023-24), the activities would focus on developing and operating the Macro-Framework Foundation Tool (MFT) and the Public Debt Dynamics Tool (DDT) to produce macroeconomic analysis and forecasting. Depending on progress, the MPT could be enhanced during Phase 2 (2025-26) and the tentative plan is to develop Comprehensive Adaptive Expectation Model (CAEM). The CWG will take the lead in implementing the activities and targets identified in the TA action plan and will be supported by the IMF TA team.
September 29, 2023
Republic of Armenia: Technical Assistance Report-Residential Property Price Index Statistics Mission
Description: A technical assistance (TA) mission was conducted from July 10 to July 21, 2023, to assist the authorities in Armenia with the development of a Residential Property Price Index (RPPI). Both the Statistical Committee of the Republic of Armenia (ArmStat) and the Central Bank of Armenia (CBA) fully participated during the mission. The mission was conducted under the auspices of the Data for Decisions (D4D) Trust Fund. The following tasks were completed: (i) examined the quality of the register data from the Cadastre Committee of the Republic of Armenia (CCRA), (ii) contributed to capacity building by providing practical training on RPPI compilation, (iii) examined the institutional arrangements for the development of the RPPI, (iv) assisted with the calculation of experimental indices for apartments following international best practice, (v) advised on the dissemination strategy for the RPPI, and (vi) agreed on a workplan for the further development of the RPPI.
September 27, 2023
Vietnam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam
Description: After a strong post-pandemic recovery, the economy faces strong headwinds. A weaker external environment led to a sizable decline in exports. In addition, amidst high private debt and rising global interest rates, a liquidity crunch distressed highly leveraged sectors (in particular, real estate), the corporate bond came to a halt, and nonperforming loans rose. As a result, economic activity decelerated sharply in the first half of 2023. While the government managed to stabilize the markets, risks remain elevated.
September 22, 2023
Honduras: 2023 Article IV Consultation and Requests for an Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras
Description: The Honduran economy has shown remarkable resilience to various domestic and external shocks over 2020-22, and real GDP is now around 6 percent above pre-pandemic levels supported by the authorities’ prudent policies. That said, Honduras faces long-standing social and structural challenges that hinder its development potential and stability. Under the previous Fund-supported program that expired in January 2022, Honduras succeeded in enhancing the quality of fiscal policy and implementing institutional reforms. The current authorities are committed to maintaining prudent macroeconomic policies and advancing structural reforms while fostering inclusive growth by creating space for critical social spending and infrastructure investment. In this context, the authorities have requested a new Fund arrangement to anchor their economic and institutional reform agenda.
September 21, 2023
Ecuador: Financial System Stability Assessment
Description: Ecuador’s financial system is dominated by banks and credit cooperatives. Its exposure to macrofinancial risks is shaped by its fully dollarized economy and its position as an oil exporter. The institutional framework for financial sector oversight is complex, uncoordinated, and prone to political intervention, which results in sub-optimal policies.
September 21, 2023
Botswana: Financial System Stability Assessment
Description: Botswana’s financial sector, which exhibits high integration between banks and non-bank financial institutions, withstood the pandemic well. The economic recovery continues to be strong, but inflation remains high with risks tilted to the upside. Overall, the authorities have made notable progress in strengthening their financial supervisory and regulatory frameworks since the 2007 FSAP.
September 21, 2023
Angola: First Post-Financing Assessment Discussions-Press Release
Description: After achieving macroeconomic stability amid a difficult environment in 2020, the recovery that began in 2021 continued through 2022, aided by high oil prices. President João Lourenço second term – achieved last year – is focused on boosting diversification and non-oil growth. However, Angola faces significant challenges in 2023, including a worsening outlook for oil prices, lower oil production, a highly uncertain external environment, and the need to unwind last year’s large fiscal loosening. The latter will be aided by the full completion of the fuel subsidy reform announced by the government on June 1, 2023. Angola’s capacity to repay the Fund is adequate though subject to high risks. In the event of an adverse scenario involving a prolonged oil price shock, repayment indicators would weaken but remain adequate.