Country Reports
2022
September 26, 2022
Romania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania
Description: After a solid recovery from the pandemic, Romania is now, like other EU countries, facing strong headwinds related to the war in Ukraine. Output reached pre-crisis levels in H1 2021 and growth in Q1 2022 was strong. But inflation has risen rapidly, and the external and fiscal positions are weak. The authorities are implementing a support package of energy price caps and subsidies for vulnerable groups.
September 23, 2022
Vietnam: Technical Assistance Report-National Accounts Statistics Mission
Description: At the request of the General Statistics Office (GSO) of Vietnam, a technical assistance mission helped with the measurement of the non-observed economy in national accounts. This was part of a series of missions to support the compilation of a new national accounts benchmark for 2020 and publish rebased estimates in March 2023. This mission was funded by the IMF’s Data for Decisions project with the overall goal of putting more and better data in the hands of decision-makers.
September 23, 2022
Vietnam: Technical Assistance Report-National Accounts Statistics Mission
Description: At the request of the General Statistics Office (GSO) of Vietnam, a technical assistance mission helped with the preparation of the next rebase of national accounts. The current base year 2010 needs to be updated to incorporate recent structural changes. A work plan was established to compile a new national accounts benchmark for 2020 and publish rebased estimates in March 2023. The mission focused on a better incorporation of non-observed activities as well as the development of supply and use tables and input-output tables for the new benchmark. This mission was funded by the IMF’s Data for Decisions project with the overall goal of putting more and better data in the hands of decision-makers.
September 23, 2022
Republic of Moldova: Technical Assistance Report-National Accounts Statistics Mission
Description: A national accounts statistics mission provided remote technical assistance in national accounts to the National Bureau of Statistics of Moldova (NBS) during January 17–28, 2022. The NBS has received extensive technical assistance from the IMF in recent years and has made good progress in improving the national accounts compilation. The GDP estimates are compiled according to the System of National Accounts, 2008. Recent national accounts technical assistance missions have assisted the NBS in improving the quarterly estimates of GDP, implementing chain-linked volume measures, and implementing the Statistical Classification of Economic Activities in the European Community (NACE rev.2), among other areas. The mission assisted in improving the annual GDP estimates for 2014 to 2020, to take account of revised population data and other additional source data. Estimates of GDP in current prices by production and by expenditure categories were reviewed and improved. Estimates of GDP in volume terms (at prices of the previous year) were compiled by production and expenditure categories. Both sets of GDP estimates were balanced at current prices and in volume terms. The mission recommended that, to improve the consistency and accuracy of the GDP estimates, the NBS develop a system to compile supply and use tables on a regular basis.
September 23, 2022
Georgia: Technical Assistance Report-Residential Property Price Index Mission
Description: The second phase of the G-20 Data Gaps Initiative and guidance on financial soundness indicators identify the residential property price index (RPPI) as a critical ingredient of financial stability policy analysis and macroprudential measures. At the request of the National Statistics Office of Georgia (Geostat), a technical assistance mission was conducted by the IMF’s Statistics Department (STA) to support the launch of a new quarterly RPPI for Georgia. This work was part of a three-year project to improve national accounts and price statistics in Eastern and Southeastern Europe, funded by the Government of The Netherlands. The mission finalized the preparatory work to disseminate the quarterly RPPI beginning in April 2021.
September 23, 2022
Republic of Madagascar: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
Description: Madagascar has not yet recovered from the pandemic and is struggling with the aftermath of a severe cyclone season and the fallout of Russia’s war in Ukraine. After a sharp contraction of GDP in 2020 (-7.1 percent) and a modest recovery in 2021 (4.3 percent), growth is projected to stall in 2022. Lower demand from trading partners, higher fuel and food prices, and recent weather events are weighing on economic activity and leading to widening fiscal and external deficits in the short term.
September 23, 2022
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework
Description: Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.
September 22, 2022
Democratic Republic of Timor-Leste: 2022 Article IV Consultation-Press Release; and Staff Report
Description: Timor-Leste has made impressive strides in economic development and institution building. Yet, it is a low-income and fragile country with pressing development needs. A large fraction of the population faces chronic food insecurity, and significant gaps exist in health, education, and infrastructure. With active oil fields nearly depleted, little progress has been made in diversification while fiscal sustainability is at high risk. Higher food and oil prices are fueling higher inflation, exacerbated by political spending pressures ahead of the general elections in 2023.
September 20, 2022
Democratic Republic of São Tomé: Fifth Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé
Description: The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages, flood-related damages at end-2021, and a sharp increase in global fuel and food prices caused by the war in Ukraine. These have put pressure on domestic inflation, aggravated electricity shortages, and disrupted business activities, with negative implications for growth in 2022. Protracted negotiations with labor unions resulted in additional wage supplements for the lowest paid category of civil servants in June 2022. Parliamentary elections are scheduled to be held in September 2022.