What's New Archive
February 23, 2023
Efforts to put in place effective policies for crypto assets have become a key policy priority for authorities, amid the failure of various exchanges and other actors within the crypto ecosystem, as well as the collapse of certain crypto assets. Doing nothing is untenable as crypto assets may continue to evolve despite the current downturn.
February 23, 2023
“Tanzania’s economic recovery from the impact of the pandemic is continuing despite headwinds from the global economic environment. While some sectors, including mining, tourism, and other services, showed signs of recovery in 2022, growth for the year is estimated to have reached 4.7 percent, reflecting the impact of global economic conditions, and the effects of a shortfall in rainfall on electricity production and agriculture. Despite price subsidies provided by the government on fuel and fertilizer, inflation peaked at 4.9 percent (year-on-year) in January (from 4.0 percent a year earlier), approaching the Bank of Tanzania’s (BoT) 5 percent upper band. With inflation rising, the BoT has stepped up its repo operations to mop up excess liquidity.
February 23, 2023
Policy Paper No. 2023/003
February 22, 2023
Country Report No. 2023/096
February 22, 2023
Country Report No. 2023/097
February 22, 2023
Country Report No. 2023/095
February 21, 2023
An International Monetary Fund (IMF) team led by Mr. Masafumi Yabara visited Solomon Islands during February 8 to 21 to hold discussions on the 2023 Article IV Consultation. At the conclusion of the visit, Mr. Yabara issued the following statement: “The economy is recovering from a series of shocks, including civil unrest and a local outbreak of COVID-19. The reopening of the border and infrastructure spending ahead of the 2023 Pacific Games have boosted growth but the recovery has been fragile, as Russia’s war in Ukraine has led to higher inflation and a worsening of the terms of trade. The growth rate is projected at 2.5 percent for 2023. Inflation is expected to moderate from 8.5 percent y-o-y at end-2022 but remain at 4.7 percent y-o-y at end-2023. The current account deficit is projected to widen to 15.0 percent of GDP in 2023 and remain around 9 percent of GDP over the medium term, reflecting the decline in log production, slowing potential growth of China, the main export destination, and high imports for infrastructure projects. Foreign reserves are forecast to decline further to 5.8 months of imports by 2027, although they would still be within the adequacy range at this lower level.
February 21, 2023
Country Report No. 2023/084
February 21, 2023
Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Ukraine
February 21, 2023
The Executive Board of the International Monetary Fund (IMF) approved on February 8, 2023 the applications of the Caribbean Development Bank (CDB), the Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Inter-American Development Bank (IADB) to become prescribed holders of Special Drawings Rights (SDRs), an international reserve asset created by the Fund to help meet the long-term global need to supplement reserves. Approval of these institutions brings the number of prescribed holders to twenty (see attached list).
February 21, 2023
Policy Paper No. 2023/002
February 17, 2023
February 17, 2023
Working Paper No. 2023/036
February 17, 2023
Working Paper No. 2023/035
February 17, 2023
Working Paper No. 2023/033
February 17, 2023
Working Paper No. 2023/034
February 17, 2023
“Performance under the PMB has been strong. Due to the joint efforts of the Government of Ukraine and the National bank of Ukraine, all end-December quantitative and indicative targets have been met, as have all five end-January structural benchmarks. These included the Government submitting to Parliament a package of draft tax laws aimed to increase revenues, taking steps by the Ministry of Finance to address arrears, developing a concept note for a social safety net, establishing Naftogaz’s supervisory Board, and agreeing on the key elements of banking sector diagnostics.
February 17, 2023
Economic activity has rebounded strongly from the COVID-19 pandemic, while inflation has risen. The rebased national accounts show that, after contracting by 13.4 percent in 2020, real GDP rebounded by 15.2 percent in 2021 and 11.6 percent in the first three quarters of 2022, driven by retail and wholesale trade, tourism, and business process outsourcing. Visitor arrivals reached 74 percent of pre-pandemic levels in 2022 as COVID-19 restrictions eased amid vaccination efforts in Belize and source markets, while the unemployment rate fell from 10.2 percent in 2021 to 5.0 percent in the second half of 2022. Inflation increased to 3.2 percent in 2021 and 6.3 percent in 2022, driven by higher global food and fuel prices despite the fixing of domestic diesel and regular gasoline prices at the pump since April 2022.
February 17, 2023
The conflicts and collaborations in fiscal and monetary policy that have shaped the United States economy.
February 17, 2023
The Georgian economy grew strongly in 2022 at around 10 percent, reflecting limited adverse spillovers from Russia’s war in Ukraine, buoyant tourism, a surge in war-related migrant and financial inflows, and a rise in transit trade through Georgia. These factors boosted fiscal revenues, significantly narrowed the current account deficit, and supported foreign exchange reserve purchases and the lari.
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