Country Reports
2025
January 17, 2025
The Bahamas: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas
Description: Activity has recovered to its pre-pandemic level and inflation is now modestly negative. Public finances are improving and borrowing costs have declined. Nonetheless, public debt remains high and its short duration represents an important vulnerability.
January 16, 2025
Togo: First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Togo
Description: Following the shocks of recent years, fiscal expansion has helped preserve robust economic growth but has also pushed up Togo’s public debt and contributed to vulnerabilities in the West African Economic and Monetary Union (WAEMU). Further, despite the fiscal expansion, Togo’s progress towards the SDGs has slowed sharply. Meanwhile, undercapitalization of two important banks, while improving, has not been fully resolved so far and continues to threaten financial sector stability.
January 14, 2025
The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
Description: The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024—the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the fiscal outcome for 2024H1 was weighed down by the costs of hosting the OIC Summit and emergency support to the National Water and Electricity Corporation (NAWEC). The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.
January 10, 2025
Argentina: Ex-post Evaluation of Exceptional Access under the 2022 Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Argentina
Description: On March 25, 2022, the IMF Executive Board approved a 30-month arrangement for Argentina supported by the Extended Fund Facility (2022 EFF). Amounting to US$44 billion (1,001 percent of quota), it was the second largest non-precautionary arrangement in the Fund’s history after the 2018 Stand-by Arrangement for Argentina (2018 SBA). Of the planned 10 reviews, eight were completed. The arrangement is set to expire at end-2024.
January 6, 2025
Republic of Tajikistan: First Review Under the Policy Coordination Instrument and Request for Modification of a Quantitative Target and a Reform Target-Press Release and Staff Report
Description: Tajikistan has continued to navigate the challenging external environment well. Real GDP rose 8.4 percent during January-September 2024, while inflation remained well-contained at 3.1 percent (y/y) in September. Robust remittances have boosted the external position, with FX reserves at more than 7 months’ import coverage, while prudent fiscal implementation has anchored a continued reduction in public debt. The banking sector remains stable amid steady growth in credit aggregates. Geopolitical fragmentation and regional tensions create uncertainty over the medium-term outlook.
January 3, 2025
Democratic Republic of São Tomé and Príncipe: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of São Tomé and Príncipe
Description: The people of São Tomé and Príncipe (STP), a small fragile island state, have faced extraordinary challenges. STP continues to struggle with high fuel import needs, limited export potential, and depleted international reserves, and faced a massive balance of payments (BOP) shock in early 2023, which opened a large external financing gap. Inflation was stubbornly high in 2023 and the economy barely grew, dragged down by foreign exchange and energy shortages, as well as a large fiscal adjustment. Growth is projected to remain sluggish in 2024, while inflation has started to decline.
2024
December 23, 2024
Costa Rica: Post Financing Assessment-Press Release; and Staff Report
Description: Costa Rica successfully completed its Extended Fund Facility (EFF) and Resilience and Sustainability (RSF) arrangements in June. Growth remains robust, inflation continues to converge to the central bank’s target from below, and international reserves are ample. While one-off revenue shortfalls and expenditures have reduced the primary surplus for 2024, policies remain consistent with the fiscal rule and fiscal consolidation is expected to resume next year. The authorities remain committed to a broad range of reforms, including those aimed at institutionalizing the progress they have achieved under the EFF and RSF programs.
December 23, 2024
Australia: 2024 Article IV Consultation-Press Release; and Staff Report
Description: While progress in addressing pandemic-induced macroeconomic imbalances continues, challenges remain, with inflation proving persistent. Labor and housing markets are exhibiting resilience. Australia remains vulnerable to geoeconomic fragmentation risks and faces a critical transition to net-zero emissions. Fostering competition and a smooth adoption of digital technologies could boost productivity.