Country Reports
2015
June 16, 2015
Zambia: Selected Issues
Description: This Selected Issues paper presents an analysis of change in Zambia’s mining fiscal regime. Foreign investment has revived Zambia’s mining sector. However, its mining sector’s direct contribution to government revenues has been low. Reflecting persistent concerns about the low contribution of the mining sector to budget revenues, the government has amended the fiscal regime many times over the last seven years. The 2015 budget introduced major changes to the mining fiscal regime. The authorities estimate that the change would boost budget revenues from the mining sector by about 1 percent of GDP, based on an assumption that the change would have no adverse impact on production.
June 16, 2015
Zambia: Staff Report for The 2015 Article IV Consultation
Description: This 2015 Article IV Consultation highlights that in the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices, and policy uncertainties. Real GDP growth has slowed, the current account has deteriorated, international reserves have fallen, and the exchange rate has been under downward pressure. The IMF staff estimates that real GDP growth slowed from 6.7 percent in 2013 to 5.6 percent in 2014, driven by a contraction in copper production. Growth is projected to average 5.5–7 percent a year over the medium term, reflecting the impact of investments in mining and electricity in recent years.
June 16, 2015
Vanuatu: Staff Report for the 2015 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument
Description: This 2015 Article IV Consultation highlights that Vanuatu’s Real GDP is expected to decline by 2 percent in 2015 because of the cyclone damage to Vanuatu’s main export sectors—tourism and agriculture—which will be only partially offset by reconstruction activities and infrastructure investment. Risks to the outlook are biased to the downside since reconstruction may be constrained by availability of funding and by implementation capacity. Public sector recovery needs are estimated at about 20 percent of GDP. In 2016, a recovery in tourism and agriculture combined with further ramping-up of infrastructure projects is expected to propel growth to 5 percent.
June 16, 2015
Jamaica: Eighth Review Under the Arrangement Under the Extended fund Facility and Request for Waiver for the Nonobservance of Performance Criterion and Modification of Performance Criteria
Description: This paper discusses Jamaica’s Eighth Review Under the Arrangement Under the Extended Fund Facility (ECF) and Request for Waiver for the Nonobservance of Performance Criterion (PCs) and Modification of PCs. Jamaica’s economic performance under the authorities’ economic program is on track and has remained strong. All PCs for end-March 2015 were met, with the exception of the central government primary balance criterion, which was narrowly missed. Structural reforms have advanced broadly in line with the program. The IMF staff supports the authorities’ request for completion of the eighth review of the arrangement under the ECF.
June 16, 2015
Mali: Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria, and Request for Modification of Performance Criteria
Description: This paper discusses Mali’s Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria (PCs), and Request for Modification of PCs. Program performance was mixed at end-December 2014 but improved during the first quarter of 2015. In spite of the implementation of measures to strengthen public financial management during the last quarter of 2014, the PCs for end-2014 relating to gross tax revenue and bank and market financing of the government were not met owing to administrative weaknesses at the customs administration and a conflict with importers. The IMF staff recommends concluding the third program review, supports the waivers requested by the authorities, and modification of PCs.
Notes: Also available in French
June 12, 2015
Côte d'Ivoire: Poverty Reduction Strategy Paper: Executive Summary of Progress Report
Description: This paper discusses the progress made on Côte d'Ivoire’s National Development Plan (PND) 2012–15. In the area of planning, the 2012–13 PND served to move planning to the forefront of public action. In addition, the National Bureau of Population has been set up to better address the problems of population and development. In the area of justice and human rights, the policy guidance paper has been prepared and is now being implemented. In the area of civil protection, the actions carried out have centered on strengthening the institutional and legal framework for preventing and managing risks and disasters and building up the operational capabilities of bodies in charge of civil protection.
June 12, 2015
Côte D’Ivoire: Seventh Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria
Description: This paper discusses Côte d’Ivoire’s Seventh Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PCs). Performance under the IMF-supported program continued to be strong. Over 2012–14, the growth in real GDP per capita has reached 20 percent. All PCs and all but one indicative targets for end-2014 were met. Significant progress has been made toward improving the business climate and the tax administration, and some inroads have been made toward public bank restructuring. The IMF staff supports the authorities’ request for completion of the seventh ECF review and for the modification of the PCs for end-June 2015 and indicative targets.
June 10, 2015
Brunei Darussalam: Statistical Appendix
Description: Brunei Darussalam: Statistical Appendix
June 8, 2015
Colombia: Staff Report for the 2015 Article IV Consultation
Description: This 2015 Article IV Consultation highlights that Colombia has enjoyed strong growth over the past several years, among the highest in Latin America. Credible fiscal and inflation targeting frameworks have supported sound macroeconomic policy management, which underpinned robust economic performance during the last decade. Social indicators have improved steadily over this period. Public debt remained low. The current account deficit widened to 5.2 percent in 2014, but capital inflows were buoyant. Growth is expected to gradually rise toward its potential over the medium term, supported by the government’s public–private partnership-based infrastructure program and a gradual recovery in oil prices and external demand.
June 8, 2015
Colombia: Selected Issues Paper
Description: This Selected Issues paper addresses key areas that would contribute to maintaining macroeconomic stability and inclusive growth. Strong economic growth in Colombia has significantly reduced poverty, but has had limited impact on reducing inequality. Strong growth and social programs have helped reduce poverty. Going forward, efforts to further strengthen education, pension, and tax systems stand to yield important social gains, as recognized by the national development plan. Labor market distortions have declined in recent years, but challenges remain. The elimination of infrastructure gaps will also play a key role in sustaining strong and broad-based growth, and supporting further economic diversification.