Country Reports
2023
February 22, 2023
St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
Description: The Inland Revenue Department, St. Kitts and Nevis, benefited from a remote Capacity Development (CD) activity delivered by CARTAC over the period November 2021 – March 2022 on auditing of financial institutions. The main objective of this CD was to strengthen the capacity of the auditors to perform audits and verify the accuracy of reporting by taxpayers in the Financial Sector. The training included (i) an overview of the financial sector, financial products/instruments and business processes; (ii) guidance in auditing the banks and insurance companies; and (iii) awareness of the key tax risks within this sector. A total of 22 auditors from the large, medium and small taxpayers’ unit, participated in the training. The training was held over a fifteen (15) day period and concluded with the auditors developing an audit schedule and preparation of audit notification letters to taxpayers selected for audit.
February 21, 2023
México: Informe de Asistencia Técnica-la Misión de Cuentas Nacionales
Description: "This title is available in Spanish only" A technical assistance (TA) mission was conducted remotely during February 4-18, 2022, to providing guidance to the National Institute of Statistics and Geography (INEGI) of Mexico in implementing the chain-linked volume measures with previous year weights in their national accounts (NA) statistics. Currently, INEGI compiles Gross Domestic Product (GDP) and related NA economic indicators at constant prices with fixed base year indices of 2013. Chain-linked volume measures provide improved and more accurate estimates of economic growth, especially in periods of structural change. The TA mission also provided extensive training on compiling chained indices with own country examples from the economic surveys and national accounts statistics to a large group of INEGI staff and discussed with INEGI management an action plan for developing and implementing chained indices for the national accounts and short-term indicators.
February 16, 2023
Kyrgyz Republic: 2022 Article IV Consultation-Press Release; and Staff Report
Description: The Kyrgyz Republic is facing significant policy challenges stemming from multiple shocks: the anticipated spillovers from the projected contraction in Russia; the global slowdown; global financial tightening; and still-high food and energy prices. Strong output growth in 2022 was a positive surprise, but elevated inflation remains persistent, the current account and fiscal deficits have widened, international reserves have declined, and poverty has increased. In view of heightened uncertainty, policy buffers that were eroded in addressing the pandemic need to be rebuilt.
February 16, 2023
Uganda: Central Bank Transparency Code Review
Description: The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks. The BOU’s initiatives on a comprehensive communication strategy and broad use of tools underpin the commitment to transparency and its accountability for the price stability mandate. The BOU seeks to improve public accountability and intends to use the results of the CBTC review to further improve its communications and transparency practices.
February 16, 2023
Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
Description: Economic recovery continued to broaden in 2022. Higher oil prices are yet to deliver tangible benefits amid contraction of oil production and costly fuel subsidies. Elevated inflation and lingering external sector pressures, if left unaddressed, may exacerbate macroeconomic instability. This could impact growth, food security and ultimately social cohesion given extreme inequality and high poverty. The upcoming elections provide an opportunity for the new administration to advance structural reforms and offer a more prosperous future.
February 15, 2023
Republic of Congo: Second Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
Description: Strengthened economic recovery remains fragile amid high food inflation, driven by increased import costs following Russia’s war in Ukraine. High global oil prices are benefitting the Congo’s crude oil exports but higher refined fuel import costs were subsidized by the government, widening the 2022 non-oil fiscal deficit. Sustained reform efforts are needed for economic diversification, which would reduce Congo’s fragilities, create jobs, and raise incomes. Debt remains sustainable but classified as “in distress” due to arrears; a financing assurances review was conducted. The first review of the three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded by the IMF Executive Board on June 24, 2022.
February 15, 2023
Republic of Congo: Poverty Reduction and Growth Strategy
Description: The 2022-2026 NDP is based on the tradition of development planning in the Congo and on the President of the Republic's social project, "Together, let us continue the march". This project reflects a vision of the process of building a society that ensures social progress for all, in solidarity and peace, through the creation of conditions for inclusive growth, based on a strong economy.
February 15, 2023
Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report
Description: Guinea-Bissau is a fragile state with significant development challenges, including limited fiscal space, debt vulnerabilities and poor governance. After years of political turmoil and delayed reforms, in 2021 the authorities started the implementation of an ambitious fiscal consolidation program to ensure debt sustainability while creating fiscal space to address developmental needs. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent of quota) was approved in January 2021 to provide urgent financing to support critical spending in health. A nine-month SMP with three quarterly reviews, approved in July 2021 ended with satisfactory performance building track record of policy implementation towards an Extended Credit Facility (ECF) arrangement. The August 2021 SDR 27.2 million allocation and the reforms underpinned by the SMP have helped address the adverse impact of the pandemic, while improving the transparency of government spending, and mitigating debt vulnerabilities.