Country Reports
2023
March 28, 2023
Botswana: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance (TA) mission was conducted during October 2022 to assist Statistics Botswana (SB) in the development of the strategic plan for the next rebase of the national accounts statistics. The SB will be focusing on the rebase over the coming years and has no plans to expand on what they currently produce unless adequate resources are obtained. The mission reviewed and suggested updates to the outline of the rebase with objectives and key tasks and to the implementation strategy. The timeline for the rebasing exercise was reviewed and agreed. The rebase will officially commence in April 2023 and is likely to take four to five years to complete, i.e., finish in 2028/29. The next base year will be 2024 given the timings of when key surveys will be undertaken, namely the Agriculture Census (2024/25), the Botswana Multi Topic Household Survey (BMTHS) (2023/24) and the Census of Economic Establishments (CEE) 2024. The questionnaires used in the last rebase were reviewed with the aim of improving the response rate and minimizing costs. The mission also provided some other examples of questionnaires which should provide some guidance.
March 28, 2023
Republic of Tajikistan: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Tajikistan
Description: Strong growth continued in 2022 with minimal disruption from the war in Ukraine, while strong financial inflows supported domestic demand and liquidity. Although negative spillovers from the war have not materialized, it remains unclear to what extent Tajikistan will continue to be relatively unaffected by weaker economic activity in Russia.
March 27, 2023
Peru: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru
Description: Against the background of a strong economic performance over the last quarter of a century, Peru has been hit by multiple shocks in the last several years. Adequate policies and very strong policy frameworks have made the economy resilient. Following a steep decline in 2020 at the outset of the pandemic and a rapid recovery in 2021, growth slowed significantly in 2022 as the policy stimulus was withdrawn and external and financial conditions deteriorated. Recent political developments suggest that the new government needs to work across the political spectrum to create broader political consensus, reduce uncertainty, ease social tensions, and boost growth.
March 24, 2023
Panama: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama
Description: Panama was hit hard by the covid-19 pandemic, but the recovery has been strong. GDP expanded by 15.3 percent in 2021 and a projected 9 percent in 2022. Inflation is low compared with other countries, in part the result of temporary subsidies on fuel and food. The fiscal deficit declined from 10½ percent of GDP in 2020 to 4 percent of GDP in 2022 and central government gross debt is estimated at 60 percent of GDP at end-2022. Banks are, on average, well capitalized and liquid. As insurance against external shocks, the IMF Executive Board approved a two-year Precautionary and Liquidity Line (PLL) arrangement for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.884 billion), on January 19, 2021.
March 23, 2023
Colombia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia
Description: Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at one of the fastest rates among emerging economies in 2022. This demand-led recovery, however, contributed to internal and external imbalances, for which policy tightening has been now underway. A new administration took office in August 2022, with social equity and climate at the center of its ambitious reform agenda.
March 22, 2023
Vanuatu: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
Description: Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.
March 22, 2023
Georgia: Technical Assistance Report-Operationalizing the New Bank Recovery and Resolution Framework
Description: In response to a request from the National Bank of Georgia (NBG), the Monetary and Capital Markets Department (MCM) of the International Monetary Fund (IMF) conducted a Technical Assistance (TA) mission during September 5–16, 2022 as follow-up to the mission that took place during March 17–April 20, 2022. The first mission provided initial assistance to the authorities in operationalizing the new bank recovery and resolution framework, building on the recommendations from the 2021 Financial Sector Assessment Program (FSAP). This second mission deepened that assistance by providing further guidance on, among others, (i) the architecture of the resolution framework; including triggers, resolvability assessments, and resolution planning; (ii) the operationalization of key resolution tools (notably, by reviewing playbooks for the sale of business and bridge banks tools); (iii) data requirements for undertaking the valuations necessary to support resolution; (iv) resolution funding options; and (v) interagency coordination and communications. Moreover, the mission discussed potential impediments (and associated mitigants) to effective resolution and reviewed the NBG’s progress with the implementation of the recommendations on early intervention, the Interagency Financial Stability Committee, and other topics that were covered by the first mission.
March 21, 2023
Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
Description: The COVID-19 pandemic and extreme weather events have aggravated Madagascar’s fragility. The poverty rate is estimated to be above 80 percent. After a stronger-than-expected recovery in 2021, growth is estimated to have decelerated in 2022 mostly due to climate shocks and a worsening global environment. Fiscal performance has deteriorated with weak revenue performance and increasing crossliabilities with oil distributors. While fiscal and external deficits have widened, fiscal and external sustainability are preserved in the medium term.