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Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 21/103

Keywords:
Policy discussion; central bank of Belize; IMF team; IMF's transparency policy; policy priority; Debt sustainability; COVID-19; Fiscal consolidation; Caribbean
Cover IMF Staff Country Reports
Chile: Proposal for an Arrangement Under the Short-Term Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
The Chilean economy has rapidly recovered from the fallout of the Covid-19 pandemic, thanks to an impressive vaccination campaign and effective policy support. The authorities will continue leveraging on Chile’s very strong fundamentals and policy frameworks to safeguard the recovery, preserve macroeconomic stability, and boost inclusive and green growth.
Keywords:
policy rate corridor; inflation expectation; corridor of the March monetary policy report; SLL arrangement; SLL policy; COVID-19; Inflation; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Aruba: 2021 Article IV Consultation Discussions-Press Release; Staff Report; and Staff Supplement
International Monetary Fund. Western Hemisphere Dept.
Aruba managed to contain the pandemic in the first months of the outbreak but experienced a resurgence of new infections in the summer. The economic impact of COVID-19 is particularly severe given Aruba’s high dependency on tourism. While the authorities’ swift response has helped contain the human and economic damage, it could not avoid a severe GDP contraction.
Keywords:
staff appraisal; budget proposal; staff analysis; tranche of financial support; debt sustainability risk; COVID-19; Tourism; Caribbean
Cover IMF Staff Country Reports
Colombia: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Colombia
International Monetary Fund. Western Hemisphere Dept.
COVID-19 has taken a severe toll on Colombia’s society and economy—including over 60,000 deaths and over 5 million jobs temporarily lost in Colombia’s largest recession on record. A gradual but uneven recovery led by private domestic demand and manufacturing is underway, but services continue to be weak. While the economy had remained resilient before the pandemic owing to very strong policy frameworks, economic activity is not expected to return to pre-pandemic levels until the end of 2022.
Keywords:
FCL arrangement; FCL resource; reform proposal; balance effect; increase rollover risk; COVID-19; Lines of credit; Global
Cover IMF Staff Country Reports
Chile: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
The pandemic hit the Chilean economy while it was recovering from the 2019 social unrest. The authorities’ swift and strong economic policy efforts and Chile’s very strong institutional frameworks helped buffer the economic and social consequences. The ongoing economic recovery continues to be supported by ample policy stimulus, a rapid vaccination process, well-anchored inflation expectations, a resilient export base, and continued market confidence.
Keywords:
FCL arrangement; FCL resource; FCL qualification; market confidence; Chilean economy; inflation expectation; COVID-19; Credit; Metal prices; Global