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International Monetary Fund. Asia and Pacific Dept

1. Prior to the pandemic, Bhutan had made significant strides in improving per capita income and reducing poverty, qualifying for its graduation from the Least Developed Country (LDC) status in 2023. Looking ahead, Bhutan faces the challenges of diversifying the economy, while facing continued uncertainty about the future path of the pandemic and minimizing any persistent impact.

International Monetary Fund. Western Hemisphere Dept.

1. Colombia’s macroeconomic policy frameworks remain very strong, allowing a timely and coordinated policy response to the pandemic. The authorities have used the flexibility afforded by their policy framework to effectively respond to recent exceptional external shocks— including from oil price swings, Venezuelan migration, and the COVID-19 pandemic. Throughout these shocks, the inflation-targeting regime, flexible exchange rate, and sound financial supervision have been maintained. To create space for the policy response, the authorities temporarily suspended the fiscal rule in response to the pandemic-induced recession and remain committed to sustainable public finances anchored by their medium-term fiscal framework (MTFF). The current account has been financed by stable sources of funding, and reserve coverage ratios remain adequate according to the IMF ARA methodology.

International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 21/180

International Monetary Fund. African Dept.

1. Ghana entered the COVID-19 pandemic with a favorable economic outlook. Before the pandemic hit, the economy had been expected to grow at 5.8 percent in 2020. The authorities had maintained macroeconomic stability following the successful completion of the Extended Credit Facility program in 2019. An extensive banking sector cleanup, together with an improved supervisory and regulatory framework, had laid the foundations for financial stability.

International Monetary Fund. African Dept.

1. Notwithstanding large swings in commodity prices, periods of civil unrest and the COVID-19 pandemic, macroeconomic stability in Guinea was maintained over the last decade. Guinea successfully completed its first ECF-supported program in 2016, and its second one in December 2020. Performance under the 2017–2020 ECF arrangement was broadly satisfactory (Annex I). The authorities also implemented the key policy recommendations from the 2016 Article IV consultation (Annex II). Nonetheless, Guinea remains fragile, with weak social indicators and institutional capacity, and nearly 45 percent of the population live below the poverty line.

International Monetary Fund. Western Hemisphere Dept.

Second Reviews Under the Stand-by Arrangement and the Arrangement Under the Standby Credit Facility, Requests for Augmentation and Rephasing of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Honduras