In line with a framework introduced in 2012 for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for which the Article IV consultation has been delayed by more than 18 months at March 15, 2016. The delay is counted past the stipulated date for the consultation plus any applicable grace period. There are no countries for which the mandatory financial stability assessments are delayed by more than 18 months at March 15, 2016.
The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative. Chad, in April 2015, is the latest country to reach the completion point. Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014.
Creditor participation in the HIPC Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
This Staff Report Lists IMF Member Countries with Delays in Completion of Article IV Consultations over 18 Months or Mandatory Financial Stability Assessment over 18 Months, prepared by IMF staff and completed on January 28, 2015.
The following table lists the IMF member countries for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expected date for conclusion, plus any applicable grace period.
The overall fiscal position improved and the reduction in domestic arrears was triple the program target. The direct impact of the global financial crisis on Djibouti has been limited. The financial system has not been affected by the global crisis, and capital adequacy has improved slightly despite increased competition. GDP growth remained strong in 2008, and inflation decelerated during the fourth quarter. The risk of external debt distress remains high. Banks remain profitable and have not been affected by the global financial crisis.
This paper assesses Ethiopia’s 2002 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Performance under the first annual PRGF-supported program was good, and the second annual program remains on track. All the quantitative and structural performance criteria and benchmarks for December 2001 and March 2002 were met, with the exception of the revised regulation for the provisioning by banks for nonperforming loans, which was adopted, but was not fully in line with international best practice, as had been envisaged.
International Monetary Fund. Secretary's Department
The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.