What's New Archive
May 23, 2023
An International Monetary Fund (IMF) mission led by Roland Kpodar visited Brazzaville from May 8 to May 19 to hold discussions under the third review of the authorities’ program supported by the IMF Extended Credit Facility (ECF) approved in January, 2022 (see PR 22/11).
May 23, 2023
“During the visit, we discussed recent macroeconomic and financial sector developments. Following strong policy efforts, the macroeconomic situation in Sri Lanka is showing tentative signs of improvement, with inflation moderating, the exchange rate stabilizing, and the Central Bank rebuilding reserves buffers. However, the overall macroeconomic and policy environment remains challenging.
May 23, 2023
Buoyed by resilient demand in the context of declining energy prices, the UK economy is expected to avoid a recession and maintain positive growth in 2023. Still, economic activity has slowed significantly from last year and inflation remains stubbornly high following the severe terms-of-trade shock due to Russia’s war in Ukraine and, to some extent, labor supply scarring from the pandemic. Monetary policy will need to remain tight in order to keep inflation expectations well-anchored and bring inflation to target. Fiscal policy should continue to be aligned with monetary policy in the fight against inflation, while protecting key public services and the vulnerable. The UK financial system has weathered the recent global banking stress well. Continued strong oversight, including of smaller banks and the diverse non-bank financial sector, will be critical to preserve UK financial stability, which the IMF sees as a global public good. Realizing the UK’s full growth potential will require wide-ranging, further evidence-based reforms, including addressing the post-pandemic rise in labor inactivity, mainly due to long-term illness; removing impediments to business investment, especially policy and regulatory uncertainty; and enhancing public investment and transformational spending to boost productivity and accelerate the green transition.
May 22, 2023
Industrial policy refers to a set of policies that governments use to bolster national industries or companies deemed strategically important for economic competitiveness, social outcomes, or national security. In this podcast, Agarwal says while the practice of choosing national champions fell out of favor in the 1980s, rising geopolitical tensions of late have sparked a renewed interest in industrial policy, which is often a guise for protectionism.
May 22, 2023
Country Report No. 2023/171
May 22, 2023
Marked exchange rate depreciation following the global terms of trade shocks at the start of 2022 year brought high inflation and deteriorating living standards. Public debt has increased further, largely driven by currency depreciation, but also by additional government arrears, domestic bond issuances to recapitalize banks, and SOE debts.
May 19, 2023
Working Paper No. 2023/107
May 19, 2023
Working Paper No. 2023/105
May 19, 2023
Country Report No. 2023/170
May 19, 2023
Somalia’s ECF arrangement was originally approved by the Executive Board on March 25, 2020 (see Press Release No. 20/105) as part of a three-year blended arrangement under the ECF and the EFF, which involved access of SDR 252.86 million (155 percent of quota) under the ECF and SDR 39.57 million (24 percent of quota) under the EFF. As the full amount of the EFF arrangement was made available on approval and drawn at the first purchase, the EFF arrangement lapsed immediately. The ECF arrangement supports the implementation of the authorities’ National Development Plan and anchors reforms between the Heavily Indebted Poor Countries (HIPC) Decision and Completion Points.
May 19, 2023
Country Report No. 2023/169
May 19, 2023
: A team from the International Monetary Fund (IMF) led by Frederic Lambert held discussions in Antananarivo during May 3 – 12, 2023 on the fourth review of the arrangement with Madagascar supported by the Extended Credit Facility (ECF) approved in March 2021.
May 19, 2023
“The mission has reached staff-level agreement with the Cameroonian authorities on the economic and financial policies that could support the approval of the fourth reviews of the program under the ECF and EFF arrangements. Completion of the fourth reviews by the IMF Executive Board, scheduled in late June 2023, would enable the disbursement of SDR 55.2 million (about US$73.8 million).
May 18, 2023
May 18, 2023
May 18, 2023
Selected Issues Paper No. 2023/030
May 18, 2023
Selected Issues Paper No. 2023/031
May 18, 2023
Selected Issues Paper No. 2023/034
May 18, 2023
Selected Issues Paper No. 2023/033
May 18, 2023
Selected Issues Paper No. 2023/032
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