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International Monetary Fund. African Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during July 6-12, 2022. The main purpose of the mission was to review the progress made by the authorities in implementing previous TA recommendations and provide further support to strengthen the compilation and dissemination of GFS in line with international standards set out in the Government Finance Statistics Manual 2014 (GFSM 2014).
International Monetary Fund. Western Hemisphere Dept.
San Marino's economic activity showed remarkable resilience throughout the pandemic. After Russia's invasion of Ukraine, San Marino faced an unprecedented energy price shock which, compounded with a food price shock, led to high inflation and real income erosion. However, strong external demand amidst global supply chain constraints and an elevated inflow of tourists have boosted economic activity so far this year. At the same time, San Marino secured beneficial energy import prices this year and next that have resulted in tariffs below regional peers at minimal fiscal costs. Despite a strong economy, the fiscal position in 2021 remained relatively weak. However, greater reliance on domestic debt along with a large share of long maturing and low interest debt is supporting favorable debt dynamics given higher inflation. Banks' capitalization and profitability improved in 2021, deposits continued to grow, while credit contracted. Progress halted recently while vulnerabilities remain given very large nonperforming assets and weak capitalization.
International Monetary Fund. Western Hemisphere Dept.
As in the past, the Dominican Republic’s dynamic economy continued to show remarkable resilience to shocks, rebounding strongly from the impact of the pandemic. Sound policies, a nimble vaccination campaign and a well-attuned reopening—including international travel—allowed the economy to make the most of the global rebound. The recovery has been broad based; GDP was about 5 percent above pre-pandemic levels as of end-2021. The country maintained sound market access and benefitted from Fund support through the Rapid Financing Instrument (RFI).
International Monetary Fund. Statistics Dept.
At the request of the Suriname authorities, a remote technical assistance (TA) mission took place during December 6–17, 2021. The mission was conducted in coordination with the IMF’s Western Hemisphere Department. The main objective of the mission was to assist the Ministry of Finance and Planning (MFP) and the Central Bank of Suriname (CBS) to improve the quality of the Government Finance Statistics (GFS) in view of the IMF program. The main tasks were to (i) conduct a diagnostic assessment of the current GFS and public debt compilation process,(ii) explain and reduce statistical discrepancies, (iii) analyze data on arrears and reassess their treatment in GFS, (iv) review the integration of stocks and flows of the gross debt; and (v) update the public sector institutional table, and (vi) deliver a workshop on GFSM 2014 framework and (PSDS).
International Monetary Fund. Middle East and Central Asia Dept.
Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected to run out by mid-century. The authorities have laid out strategic goals of accelerated yet sustainable socio-economic development over the next decade and are developing policy plans to that end.
International Monetary Fund. African Dept.
A technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) visited the city of Praia, Republic of Cabo Verde, from July 22 to August 2, 2019, with the aim of putting more and better-quality fiscal data —particularly on PSDS — in the hands of public decision makers. The mission was funded by the Data for Decisions (D4D) fund under module 1 on fiscal data including debt.
International Monetary Fund. Western Hemisphere Dept.
The new administration has committed to continue with the Fund-supported Extended Fund Facility (EFF) of SDR 4,615 million (661 percent of quota, about $6.5 billion) that was approved by the IMF Executive Board on September 30, 2020. The authorities’ objectives under the program are to ensure an environmental-friendly growth with high quality jobs, promote a transparent management of public resources, and ensure equity in the conduct of fiscally sustainable policies. Upon the completion of the Second and Third Reviews under the EFF, an additional SDR $568 million would be made available.
International Monetary Fund. Asia and Pacific Dept
Although Timor-Leste has made considerable progress in many areas since its independence in 2002, it faces significant medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns.
International Monetary Fund. Statistics Dept.
At the request of the Ministry of Economy and Finance (MEF) and in consultation with the Africa Department (AFR) of the International Monetary Fund (IMF), a remote Government Finance Statistics (GFS) mission from the Statistics Department (STA) took place in Madagascar from October 26 to November 13, 2020. The objective of this mission was to continue supporting the authorities in their project to adopt international GFS standards based on the methodology of the Government Finance Statistics Manual 2014 (GFSM 2014) and the Public Sector Debt Statistics Guide (PSDSG) and to improve GFS in general.
International Monetary Fund. European Dept.
Denmark entered the pandemic on a strong economic footing and utilized its large policy space built over time to successfully address the crisis and lay the ground for a strong recovery. The outlook is for a rebound in activity, but uncertainty remains elevated with risks tilted to the downside. Macrofinancial vulnerabilities persist as housing price growth has accelerated and household debt remains high. The current account declined but remains in surplus.