What's New Archive
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June 1 , 2023
The Polish economy has slowed significantly amid still-high inflation. Following a rapid recovery from the pandemic, the Polish economy grew 5.1 percent in 2022, though the economy slowed considerably later in the year. With high inflation eroding real wage growth and investment facing headwinds from energy prices and interest rates, economic growth is projected at 0.3 percent in 2023 before a projected rebound in 2024. Over the medium term, Poland’s potential growth is projected to remain around 3 percent, with strong investment, supported by Next Generation EU grants, temporarily offsetting the negative effects of population aging.
May 31, 2023
The Board welcomed the Fund’s continued commitment to strict budget discipline through robust savings and reprioritization. Executive Directors endorsed the allocation of the second phase of resources as part of the three-year targeted budget augmentation framework approved in 2022. These new resources are linked to tackling the macro-critical challenges of climate change and the rise of digital money, while reinforcing the Fund’s work on macrofinancial surveillance, fragility, and inequality. The Board reiterated its expectation that the Fund would return to a flat real budget trajectory in FY26.
May 31, 2023
Country Report No. 2023/188
May 31, 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) today informed the Executive Board that the Government of the Principality of Liechtenstein has filed an application for membership in the IMF. The application for admission to IMF membership from the Principality of Liechtenstein will be considered in due course.
May 31, 2023
The new EFF for Seychelles will replace the EFF approved on July 29, 2021 (2021 EFF). Under the 2021 EFF arrangement, the authorities satisfactorily implemented policies to restore macroeconomic stability in the face of multiple shocks, including the COVID-19 pandemic disruptions. All quantitative targets through end-December 2022 were met and all but one structural benchmark were met or implemented with delay. The new EFF will build on progress made under the 2021 EFF to strengthen macroeconomic stability while emphasizing reforms to boost investments in human and physical capital to support inclusive growth. Efforts will also focus on strengthening fiscal and monetary policy frameworks.
May 31, 2023
Country Report No. 2023/187
May 31, 2023
Curaçao’s economy is recovering on strong tourism growth and sizeable private investment. Realizing Curaçao’s significant economic potential requires a strong development strategy supported by buy-in from stakeholders. Policies should support inclusive growth while strengthening fiscal sustainability. The recent decision to adopt a long-term debt anchor and develop an investment strategy are welcome steps towards developing a medium-term fiscal framework. Implementing the structural agenda embodied in the package of structural reforms (landspakket) agreed with the Netherlands would be key for addressing many of long-standing structural challenges. Continued efforts with financial sector and supply-side reforms remain vital for strengthening the financial stability and the external position of Curaçao and Sint Maarten’s monetary union.
May 31, 2023
The authorities’ fiscal expansion plans could stoke inflation in the short run and pose significant medium-term macroeconomic stability risks.
May 31, 2023
Country Report No. 2023/186
May 31, 2023
In concluding the 2023 Article IV consultation discussions with Hong Kong Special Administrative Region, Executive directors endorsed staff appraisal as follows: The Hong Kong SAR economy is recovering strongly with post-COVID normalization of economic activity. Near-term risks to the growth outlook are balanced, with systemic risk in the financial sector manageable, given significant buffers.
May 30, 2023
Antigua and Barbuda’s economy is on a gradual recovery path, following a sharp contraction in real output of 20 percent in 2020 due to the COVID-19 pandemic. Growth is estimated at 5¼ percent in 2021, driven by a rebound in tourism and construction activity. Despite the surge in international energy prices, inflation was subdued in 2021 due to price controls on utilities, fuels, and public transportation. The fiscal position improved in 2021 with a narrowing of the primary deficit as pandemic-related spending was wound down and better tax administration and higher external grants bolstered revenues.
May 30, 2023
Policy Paper No. 2023/022
May 30, 2023
“Ukraine’s four-year EFF Arrangement, with access of about US$15.6 billion (SDR 11.6 billion) was approved on March 31, and forms part of a US$115 billion international support package for Ukraine. The EFF continues to provide a solid anchor for the authorities’ economic program, and the performance has been strong. All quantitative performance criteria for end-April and structural benchmarks through end-May were met.
May 30, 2023
IMF staff and the Guinea Bissau authorities have reached a staff-level agreement that could support the second review of the Extended Credit Facility supported program, subject to approval by the IMF Executive Board. Upon completion of the review, Guinea Bissau will have access to an additional SDR 2.37 million (about US$ 3.16 million).
May 30, 2023
Sint Maarten is experiencing strong recovery growth led by tourism and investment, but the benefits of growth are slow to reach the rest of the economy. With narrowing fiscal and external deficits, the time is ripe to advance key fiscal and structural reforms, including medium-term investment planning and execution and streamlining business procedures. This small island economy has capacity limitations in key areas, especially in economic statistics and financial intelligence, which require adequate resourcing.
May 29, 2023
May 29, 2023
May 29, 2023
May 26, 2023
Transcript of the United States Article IV Consultation Press Conference
May 26, 2023
Working Paper No. 2023/111
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