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You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Sri Lanka: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka
International Monetary Fund. Asia and Pacific Dept
COVID-19 severely hit the economy, causing a loss of tourism receipts and necessitating several strict lockdowns. Pre-pandemic tax cuts and the impact of COVID-19 led to fiscal deficits larger than 10 percent of GDP in 2020 and 2021 and a rapid increase in public debt to 119 percent of GDP in 2021. Sri Lanka’s access to international capital markets was lost in 2020, prompting a decline of international reserves to critically low levels and large-scale direct lending to the government by the Central Bank of Sri Lanka (CBSL). External debt repayments and a widening current account deficit have led to foreign exchange (FX) shortages, while the official exchange rate has been de facto fixed since April 2021. Inflation is on the rise, reaching double digits in December 2021, reflecting imported inflation, supply shocks, and a pickup in domestic demand amid loose monetary policy.
Keywords:
government intervention; Sri Lankan authorities; CBSL Monetary Law Act; government financing; liability positions vis-à-vis nonresident; COVID-19; Fiscal consolidation; Global
Cover IMF Staff Country Reports
Côte d’Ivoire: 2021 Article IV Consultation-Press Release; Staff Report; Informational Annex; Debt Sustainability Analysis; Selected Issues; and Statement by the Executive Director for Côte d’Ivoire
International Monetary Fund. African Dept.
Côte d’Ivoire has shown strong resilience to the pandemic, owing to the authorities’ swift policy reaction and to a decade of sound macroeconomic policies, as well as the support of the international community including the IMF.
Keywords:
Ivorian authorities; unfolding COVID-19 pandemic; compilation method; pandemic well; harmonized consumer price index; money market rate; COVID-19; Debt sustainability; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Fiji: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
International Monetary Fund. Asia and Pacific Dept
Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.
Keywords:
government document; Fiji authorities; revenue profile; money market rate; CPI data; COVID-19; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Romania: 2021 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation trajectory that corrects pre-pandemic excesses, while implementing a range of structural reforms. These efforts, as well as the medium-term recovery, should be bolstered by large Next Generation EU grants.
Keywords:
expert fund assistance; General government balance sheet; government effectiveness; monetary policy response; headline inflation; COVID-19; Fiscal stance; Fiscal consolidation; Global
Cover IMF Staff Country Reports
Côte d’Ivoire: 2021 Article IV Consultation-Press Release; Staff Report; Informational Annex; Debt Sustainability Analysis; Selected Issues; and Statement by the Executive Director for Côte d’Ivoire
International Monetary Fund. African Dept.
Côte d’Ivoire has shown strong resilience to the pandemic, owing to the authorities’ swift policy reaction and to a decade of sound macroeconomic policies, as well as the support of the international community including the IMF.
Keywords:
Ivorian authorities; unfolding COVID-19 pandemic; compilation method; pandemic well; harmonized consumer price index; money market rate; COVID-19; Debt sustainability; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Kenya: First Reviews of the Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility and Requests for Modifications of Performance Criteria and Structural Conditionality-Press Release; Staff Report; and Statement by the Executive Director for Kenya
International Monetary Fund. African Dept.
Kenya was hit by a third COVID-19 wave in March and April 2021, with renewed containment measures eased in May as the case count moderated. In mid-May, Kenya’s COVID-19 vaccination program faced serious challenges on delays in international vaccine shipments. The authorities are redoubling their efforts to mobilize support and now aim to inoculate 60 percent of the population by mid-2023. General elections are planned for August 2022.
Keywords:
priority social; staff appraisal; ECF Fund; data revision; staff's assessment; revenue administration reform; COVID-19; Credit; Fiscal stance; Global
Cover IMF Staff Country Reports
Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The COVID-19 pandemic has interrupted Cyprus’s strong economic growth over the past few years. High dependence on service sectors and strict containment measures led real output to contract by 5.1 percent (yoy) during 2020. Growth is projected to recover to 3 percent in 2021 as the vaccine rollout gathers pace despite the ongoing new wave of infections, but significant downside risks remain, reflecting the high uncertainty of the path of the epidemic.
Keywords:
support measure; Residential Property price index; policy priority; liability positions vis-à-vis nonresident; land price index; support package; Policy issue; SDR million; COVID-19; Nonperforming loans; Loans; Fiscal stance; Europe
Cover IMF Staff Country Reports
Belize: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
International Monetary Fund. Western Hemisphere Dept.
Belize has been hit hard by the COVID-19 pandemic, which led to a deep recession and worsened fiscal and external positions from already weak levels. The opposition People’s United Party won the November 2020 elections by a wide margin, which gives the new government a unique opportunity to jump start much needed reforms to reduce large imbalances and anchor strong and inclusive growth.
Keywords:
currency peg; exchange regime; homegrown adjustment plan; public debt debt ratio; central bank financing; Fiscal stance; Fiscal consolidation; COVID-19; Caribbean; Global
Cover IMF Staff Country Reports
Namibia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Namibia
International Monetary Fund. African Dept.
The COVID-19 pandemic has sharply deteriorated Namibia’s short-term macroeconomic outlook, giving rise to urgent balance of payments (BOP) and fiscal financing needs. After an initial outbreak peaked in August, a second wave hit in late 2020. Containment measures have negatively impacted domestic consumption and economic activity, weighing on tax revenues collection. Furthermore, worsening global conditions have hindered mining production and exports, tourism receipts, and investment inflows. The economy is expected to have sharply contracted by 7.2 percent in 2020, and the recovery is set to remain subdued in 2021.
Keywords:
health emergency; IMF disbursement; stepping-up emergency health; undertaking emergency health; Namibia investment promotion bill; COVID-19; Fiscal consolidation; Fiscal stance; Global