What's New Archive
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October 6 , 2023
“Despite the tragic earthquakes in February, growth has remained resilient and should reach 4.0 percent this year. With policies turning appropriately less accommodative, growth is projected at 3¼ percent in 2024 while inflation is forecast to fall to 46 percent at end-2024 from 69 percent at end-2023 as exchange rate pressures ease but backward-looking wage increases and expectations remain. As confidence builds, the demand for gold is expected to decline, thus reducing the external current account deficit (3.1 percent of GDP in 2024 versus 4.1 in 2023). This, together with better prospects for inflows including from official sources, should reduce pressure on reserves. Gross reserves reached $122.5 billion at end-September, but net of on- and off-balance sheet short-term liabilities remain negative.
October 6 , 2023
Country Report No. 2023/346
October 6 , 2023
Country Report No. 2023/347
October 6 , 2023
Brunei has begun to recover from the pandemic, with COVID-19 restrictions lifted and borders reopened in 2022. However, the recovery has been hindered by reduced Oil and Gas (O&G) sector production, despite rising commodity prices. Real GDP contracted in 2022 due to a decline in O&G production, but this was partly offset by growth in downstream O&G activities and non-O&G sectors. The labor market improved, although gains were primarily in lower-paid jobs. Inflation rose in 2022 to 3.7 percent but has since moderated, with the stable exchange rate helping to mitigate the impact of imported inflation. The fiscal and current account position improved in 2022, 1.6 and 19.6 percent, respectively, driven by higher O&G prices and an expansion of exports from the downstream sector. The banking sector remains stable, liquid, and well capitalized with declining non-performing loans, while domestic lending showed signs of recovery, particularly in the corporate sector.
October 6 , 2023
Gender Notes No. 2023/001
October 6 , 2023
An International Monetary Fund (IMF) team, led by Mr. Mesmin Koulet-Vickot, visited Malabo during September 26-October 5 to hold discussions for the 2023 Article IV consultation. At the end of the visit, Mr. Koulet-Vickot issued the following statement:
October 6 , 2023
Against the backdrop of a challenging and shock-prone global environment, the Executive Board approved two key refinements to the PCI to make the PCI more fit-for-purpose while maintaining its strong signaling function.
October 6 , 2023
Technical Notes and Manuals No. 2023/007
October 6 , 2023
October 6 , 2023
Policy Paper No. 2023/039
October 6 , 2023
On October 2, 2023, the Executive Board of the International Monetary Fund (IMF) completed the Review of the Flexible Credit Line (FCL), the Short-Term Liquidity Line (SLL), and the Precautionary and Liquidity Line (PLL). The Board endorsed staff proposals for reforms, with the aim of further strengthening the Global Financial Safety Net (GFSN) and ensuring that the IMF’s precautionary facilities toolkit remain fit for purpose as external risks become more prevalent, protracted and diverse.
October 6 , 2023
Country Report No. 2023/344
October 6 , 2023
An International Monetary Fund (IMF) staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from September 25 to October 6, 2023, to discuss progress on reforms and the authorities’ policy priorities in the context of the first review of Ghana’s three-year program under the Extended Credit Facility. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (US$ 3 billion) on May 17, 2023. The team also conducted the 2023 Article IV consultation.
October 6 , 2023
October 5 , 2023
An International Monetary Fund (IMF) team led by Mr. Tidiane Kinda visited Kathmandu during September 21 to October 5 to hold discussions on the policies and reforms that could lead to the completion of the 3rd review of the authorities’ economic program supported by the IMF’s Extended Credit Facility (ECF). At the end of the mission, Mr. Kinda issued the following statement:
October 5 , 2023
An International Monetary Fund (IMF) team led by Ms. Mame Astou Diouf, Mission Chief for Burundi visited Bujumbura during September 25-29, 2023 and held follow-up discussions during October 2-4 with the Burundian authorities on recent developments and progress towards the objectives of the new arrangement under the Extended Credit Facility (ECF).
October 4 , 2023
Growth rebounded to 5.0 percent in 2022 and the external position stabilized as a result of China’s reopening, the government’s determined efforts to boost exports, and private sector financing inflows. After peaking in mid-2022, headline inflation gradually declined to 10.6 percent in June 2023 largely reflecting falling global prices. Core inflation also started to moderate. In light of the improving economic situation, a supplementary budget for 2023, passed in June 2023, introduced large and permanent increases in wages, benefits, and pensions. Strong mining sector activity and the fiscal expansion are expected to help sustain robust growth in 2023.
October 4 , 2023
Working Paper No. 2023/216
October 4 , 2023
Romania has weathered the economic shocks from the pandemic, Russia’s war in Ukraine, and the resulting surges in energy and food prices relatively well. The country has continued its convergence to higher incomes of EU peers. The main policy challenge is to put the public finances on a sustainable path.
October 4 , 2023
Working Paper No. 2023/202
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