International Monetary Fund. Asia and Pacific Dept
The COVID-19 pandemic and related containment measures have put severe strains on the economy. The economic policy response has been strong and generally appropriate, helping counter the negative effects of the pandemic. Nevertheless, as the international borders remain shut, the economic contraction is likely to deepen in FY2021. A slow recovery is expected for FY2022 driven by a gradual border reopening. The FSM is facing significant medium-term uncertainty, owing to the possible expiration of grants and other assistance provided under the Compact Agreement with the United States. The FSM is also highly vulnerable to climate change-induced natural disasters.
This technical assistance (TA) report on government finance statistics (GFS) covers the remote TA to the Ministry of Finance (MOF) during September 21–October 2 and December 14–18, 2020 and March 9–13 and April 19–23, 2021 (which was extended to May 2021). These peripatetic activities were conducted remotely due to the travel restrictions resulting from the COVID-19 situation. This report documents the main achievements from these activities. These activities were part of the GFS and Public Sector Debt Statistics (PSDS) project funded by the Government of Japan (JSA3) and implemented by the IMF Statistics Department (STA) and the IMF Capacity Development Office in Thailand (CDOT).
The macroeconomic outlook has worsened amid a second wave of the COVID-19 pandemic, higher commodity prices and social unrest, rooted in widening inequality and a lack of opportunities for the youth. The COVID-19 vaccination campaign was launched in February but has so far covered less than 5 percent of Senegal’s population. The President announced in early April an emergency program for youth employment and economic insertion amounting to 3 percent of GDP, spread evenly over 2021–23.
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies. Uzbekistan entered the COVID-19 crisis with relatively strong macro-economic fundamentals.