Country Reports
2023
December 19, 2023
Republic of Moldova: Staff Report for 2023 Article IV Consultation, Fourth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for Extension and Rephasing of the Arrangements, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova
Description: The ECF/EFF-supported program has helped Moldova navigate headwinds, including from spillovers from Russia’s war in Ukraine—energy crisis and record-high inflation—and a drought, while catalyzing additional external financing. Moldova was granted EU candidate status in June 2022. Strong reform momentum and growthenhancing and climate-resilient investments are needed to foster long-term, sustainable development and convergence toward EU income levels.
December 19, 2023
Botswana: Technical Assistance Report-National Accounts Mission
Description: A technical assistance (TA) mission was conducted by IMF’s Regional Technical Assistance Center for Southern Africa (AFS) during November 2023 to assist Statistics Botswana (SB) in reviewing and finalizing the questionnaires to be used in the Census of Economic Establishments (CEE), sample design and IT processing system in preparation for the rebasing of the national accounts. The draft CEE questionnaires finalized during the previous mission in March 2023, have been tested. The IT system specifications were reviewed, and several improvements were incorporated. The mission and team commenced development of the data collection and data processing manuals. SB are planning to use the tax list to identify the sample frame for this rebase. The deflator issues raised by the IMF country team were discussed.
December 19, 2023
Senegal: First Reviews Under the Extended Fund Facility, the Extended Credit Facility, and the Resilience and Sustainability Facility Arrangements, Requests for Modification of the Quantitative Performance Criteria and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Senegal
Description: The Senegalese economy continues to face headwinds. Despite the difficult socioeconomic environment, the authorities remain committed to the program objectives. Some of the downside risks identified at the time of the program request have materialized, leading to a downward revision of near-term growth. Inflation is projected to decline more gradually than anticipated. While near-term risks remain titled to the downside, with appropriate policies and the start of hydrocarbon production, medium-term prospects are favorable.
December 18, 2023
Rwanda: 2023 Article IV Consultation, Second Reviews Under the Policy Coordination Instrument and the Arrangement Under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access Under the Resilience and Sustainability Facility, and Request for an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
Description: The Rwandan economy is undergoing challenging times. Development needs remain large and compounded shocks in recent years resulted in emerging internal and external imbalances. Devastating floods from May 2023 amplified the underlying imbalances, and the reconstruction costs are projected to be substantial. Against this backdrop, the authorities requested a new Fund financing arrangement to safeguard macroeconomic and external stability in the near term. A 3-year Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF) arrangements were approved in December 2022.
December 18, 2023
Islamic Republic of Mauritania: Technical Assistance Report-Governance Diagnostic Report
Description: [This report is only available in French] At the request of the authorities of the Islamic Republic of Mauritania, on, an interdepartmental (LEG/FAD/MCM, FIN) Governance Diagnostic Assessment was conducted in June 2022. 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. The report contains recommendations for improving governance, integrity, and economic outcomes.
December 18, 2023
Zimbabwe: Technical Assistance Report-National Accounts Mission
Description: A technical assistance mission was conducted during October 2023 by the IMF’s Regional Technical Assistance Center for Southern Africa (AFS), to support the Zimbabwe National Statistics Agency (ZIMSTAT) in the production of national accounts statistics for macroeconomic policy making. The mission reviewed the recently produced estimates of annual gross domestic product (GDP) by the production approach for the year 2022. ZIMSTAT had made considerable progress in cleaning the value added tax (VAT) turnover data. Methodological improvements had been introduced to the estimates. The mission discussed plans for the rebasing of GDP. The mission also reviewed the new quarterly estimates covering the period 2019 quarter 1 to 2023 quarter 2.
December 18, 2023
India: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
Description: India is on track to be one of the fastest growing major economies in the world this year, underpinned by prudent macroeconomic policies. Nonetheless, the economy is facing global headwinds, including a global growth slowdown in an increasingly fragmented world.
December 18, 2023
Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document
Description: Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. The civil war led to complete state collapse, with tremendous loss of human and physical capital. Since the 2012 Provisional Constitution that created the Federal Government of Somalia (FGS) and the Federal Member States (FMS), Somalia has successfully undertaken three national elections, and Parliamentary and Presidential elections were completed in May 2022. With financial and capacity development support from international partners, Somalia has pursued wide-ranging reforms to help strengthen key economic and financial policy institutions as well as improve governance.
December 18, 2023
United Republic of Tanzania: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
Description: The unfavorable global economic environment and domestic factors continue to weigh on Tanzania’s economic recovery. Growth rebounded during the first half of 2023 but is expected to slowdown in the second half amid headwinds from a weak global outlook and forex liquidity shortages. Inflation has moderated and is now well within the Bank of Tanzania’s target. The fiscal deficit was wider than expected in FY2022/23, largely reflecting shortfalls in revenue collections. A wide current account deficit for FY2022/23 and tighter external financial conditions resulted in pressures in the foreign exchange market.