What's New Archive
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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
October 4 , 2023
An International Monetary Fund (IMF) staff team, led by Mr. Olaf Unteroberdoerster, visited Abidjan during September 19 - October 3 to discuss progress under the authorities’ economic program supported by an EFF/ECF arrangement in the amount of SDR 2.6 billion (about US$ 3.5 billion), and approved by the IMF Executive Board on May 24, 2023 (IMF Executive Board Approves US $3.5 billion Extended Fund Facility and Extended Credit Facility for Côte d’Ivoire) .
October 3 , 2023
Policy Paper No. 2023/038
October 3 , 2023
October 3 , 2023
Country Report No. 2023/345
October 3 , 2023
Country Report No. 2023/343
October 3 , 2023
The International Monetary Fund released the results of its fourteenth annual Financial Access Survey (FAS), highlighting the resilience of financial access during the tumultuous COVID-19 pandemic years. Data from 2022 indicate a sustained level of financial inclusion, bolstered by the rise in digital financial services. Notably, microfinance institutions played a pivotal role in responding to the financial needs of the most vulnerable segments of society. However, the FAS data also point to a concerning dip in the outstanding value of commercial bank loans extended to small and medium enterprises (SMEs) relative to GDP, indicating that their ability to access bank financing may be more constrained and/or demand for credit might have weakened due to tighter financing conditions. Additionally, a persistent gender gap in financial access remains a pressing concern.
October 3 , 2023
The Mexican economy is in the midst of a broad-based expansion. Growth is expected to be 3.2 percent in 2023, led by robust private consumption and investment, with notable strength in service sectors, construction, and auto production. This has led to record-low unemployment rates and record-high manufacturing capacity utilization rates. The authorities have commendably kept public debt in check. Monetary policy is rightly focused on bringing down inflation.
October 3 , 2023
Working Paper No. 2023/201
October 3 , 2023
“The Philippines economy has emerged from the pandemic strongly but has since confronted a confluence of global shocks. Growth moderated from 7.6 percent in 2022 to 4.3 percent in the second quarter of 2023, largely due to a weak global economy and tightened policy settings. Having bottomed out at the end of the second quarter, growth is projected to bounce back by year-end to 5.3 percent in 2023 and reach 6.0 percent in 2024, supported by an acceleration in public spending and improved external demand for Philippines exports. The main downside risks to the outlook include persistently high global and domestic inflation that could necessitate a further tightening of monetary policy, an abrupt global slowdown putting downward pressure on goods and services exports, an intensification in geo-political tensions, and depreciation pressures stemming from capital outflows under volatile market conditions. On the other hand, a more resilient US economy and a rebound in domestic demand supported by an easing of financial conditions provide upside risks.
October 3 , 2023
“The mission team reached staff-level agreement with the authorities on economic and financial policies that could support the approval of the Third Review of the ECF program. This agreement is subject to approval by the IMF Executive Board, which is tentatively scheduled for [mid-November] 2023. The authorities are seeking an augmentation of access under the ECF program from 100 to 140 percent of quota. Upon completion of the Executive Board review, Guinea Bissau would have additional access to SDR [6.16] million (around US$ [8.1] million), bringing total disbursement under the arrangement to SDR [13.27] million (about US$ [17.4] million).
October 3 , 2023
“The Seychellois economy continues to recover in 2023. Real GDP growth is projected at 3.8 percent in 2023, based largely on a continued increase in tourist arrivals. This outlook is subject to continued risks given the challenging international environment and uncertainty around tourist arrivals and average spending. Year-on-year inflation was negative (-2.4 percent) as of August, reflecting the impact of lower international commodity prices on food inflation as well as moderating prices for housing and utilities.
October 2 , 2023
Country Report No. 2023/342
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