What's New Archive
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June 16, 2023
The IMF team and the Jamaican authorities reached staff-level agreement on the First Reviews of the Precautionary and Liquidity Line (PLL) and the Resilience and Sustainability Facility (RSF) Arrangement. The agreements are subject to approval by the IMF Executive Board, which is expected to consider the reviews in August
June 16, 2023
Net operational income, of about SDR 2.0 billion (US$2.7 billion), is anticipated for FY 2023, reflecting mainly the ongoing elevated use of Fund credit. A gain of about SDR 0.3 billion (US$0.5 billion) from the actuarial remeasurement of staff retirement plan assets and liabilities has been estimated for the year. Overall net income is expected to reach SDR 1.8 billion (US$2.4 billion) after subtracting the estimated investment loss in the Endowment Subaccount of SDR 0.2 billion (US$0.3 billion). Net income excluding the impact of IAS 19 gains and losses will increase the Fund’s precautionary balances, which are projected to rise to SDR 22.6 billion (US$30.0 billion) at end FY 2023.
June 16, 2023
Working Paper No. 2023/125
June 16, 2023
Working Paper No. 2023/126
June 16, 2023
Working Paper No. 2023/124
June 16, 2023
Policy Paper No. 2023/025
June 16, 2023
Good morning and a warm welcome to everyone. We are here today to share our economic assessment for the euro area. Before I start however, let me share a few thoughts on the EU Parliament’s adoption of the Artificial Intelligence Act. It is very encouraging to see the EU putting the groundbreaking technology of Artificial Intelligence at the forefront of its policy agenda. AI has enormous promise and potential, but we must make sure that it works for all, and that the use of AI is safe. In that sense, we welcome the approval of the AI Act by the European Parliament.
June 16, 2023
Transcript of the MD's Press Conference on the Euro Area Article IV Consultation
June 16, 2023
The euro area economy has shown remarkable resilience in the aftermath of Russia’s invasion of Ukraine and the largest terms of trade shock in several decades, thanks to a strong policy response. However, economic activity has weakened and inflation—although gradually declining—remains elevated. Monetary policy must continue to tighten to bring inflation to target in a timely manner. Fiscal consolidation should also proceed to ease inflation pressures and rebuild fiscal space. A swift agreement on the reform of the EU economic and fiscal governance framework would support fiscal sustainability over the longer term.
June 15, 2023
High Level Summary Technical Assistance Report No. 2023/007
June 15, 2023
Country Report No. 2023/213
June 15, 2023
The passage of the Inflation Reduction Act in the United States unleashed its largest investment in climate and energy ever. But it also left many countries questioning some of its protectionist provisions, accusing the US of bending, if not breaking international trade rules under the WTO. So how do we move forward on climate without going backward on trade?
June 15, 2023
Colleagues, we continue! My thanks to Paschal for inviting me to speak on European capital markets. Definitely a topic close to the IMF's heart. Let me put the bottom line at the top: Europe absolutely needs capital market union. To create more choices for savers and real investors. To mobilize funding for innovation. To drive a convergence in the cost of funds across the union. To enhance resilience through greater private cross-border risk sharing. And, quite frankly, to catch up with the US on productivity and growth.
June 15, 2023
June 15, 2023
Washington DC: An International Monetary Fund (IMF) team, led by Joyce Wong, visited Djibouti on June 11-15. Discussions covered recent economic developments, the outlook, and progress on key reforms.
June 15, 2023
The discussions focused on recent economic developments and implementation of the Fund-supported program approved on May 17, 2023.
June 15, 2023
Country Report No. 2023/208
June 15, 2023
The U.S. economy has proven resilient in the face of the significant policy tightening that took place in 2022. Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes. Prime age labor force participation has risen above its pre-pandemic peak, the unemployment rate for women and African Americans has fallen to historical lows, and real wages have been rising faster than inflation since mid-2022. Nonetheless, the significant reduction during 2021 in the share of the population living in poverty has largely been unwound, as pandemic benefits have expired and real wage growth for low-income workers has moderated.
June 15, 2023
Reforms are urgently needed to resolve the energy crisis and tackle structural unemployment.
June 15, 2023
Haiti faces a challenging macroeconomic outlook amid a humanitarian crisis. The country has been hit hard by economic spillovers from Russia’s invasion of Ukraine, with food price inflation triggering a hunger crisis. This global shock has been compounded by a dire security situation, which has heightened the economy’s fragility, hampered activity, and generated supply-side bottlenecks which have further fueled inflation. External shocks and the volatility of the security situation have resulted in a macroeconomic environment that has been worse than had been envisaged at the time of the program’s approval by IMF management in June 2022.
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