The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
International Monetary Fund. Western Hemisphere Dept.
INTERNATIONAL MONETARY FUND
Fund-supported program. The Executive Board approved a blended 36-months Standby
Arrangement (SBA) and 24-months Stand-by Credit Facility (SCF) arrangement on
December 3, 2014 for the total access of SDR 129.5 million (51.84 percent of quota). The
SCF expired on December 2016. None of the available purchases have been drawn.
Program status. All end-June 2017 and continuous performance criteria were met.
Missed by a small margin was the indicative target on the National Electricity Company's
(ENEE) operating revenue-to-spending ratio due to upfront fees paid to the losses-recovery
concessionaire. On the structural front, notable reforms are: the adoption of a
fiscal responsibility law (FRL) to anchor a sustainable medium-term fiscal position; the
overhaul of the tax administration; the reduction in the heavily overstaffed payroll of the
state electricity company (ENEE); the adoption of a decisive plan to modernize monetary
and exchange rate policies to adopt inflation targeting; and the reform of the bank
resolution framework that substantially strengthens the authorities' capacity for dealing
with financial sector distress.