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Cover International Monetary Fund Annual Report 2020
International Monetary Fund Annual Report 2020
International Monetary Fund. Secretary's Department

Abstract

International Monetary Fund Annual Report 2020

Cover IMF Staff Country Reports
Guinea-Bissau: Request for a Nine-Month Staff Monitored Program-Press Release; and Staff Report
International Monetary Fund. African Dept.
Guinea-Bissau is a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges. After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.3 percent is projected for 2021 on the back of higher cashew exports, the gradual lifting of COVID containment measures and a more stable political situation. The outlook is subject to considerable uncertainty. An RCF disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing (35 percent of the external gap in 2021) to support critical spending in health and catalyze additional donor resources. The RCF followed two years of protracted political turmoil and delays in reforms, now undertaken by the new government. Public debt was assessed as sustainable in a forward-looking sense based on the authorities’ commitment to sound policies supported by strong donor engagement and a Fund program. Debt service relief under the CCRT has provided some fiscal space and the country’s participation in the DSSI should also help mobilize additional resources. After the 2021 budget approval within the statutory deadlines, significant and sustained reform efforts are required to meet the WAEMU 3 percent of GDP overall balance criteria by 2025 and bring public debt-to-GDP ratio within 70 percent by end-2026.
Keywords:
baseline debt dynamics; Guinea-Bissau authorities; expenditure containment; IMF team; IMF's transparency policy; home-grown program; debt sustainability; Debt sustainability analysis; West Africa; Global
Cover IMF Staff Country Reports
Angola: 2021 Article IV Consultation and Six Review under the Extended Arrangement of the Extended Fund Facility and Request for a Waiver of Nonobservance of a Performance Criterion; Press Release; Staff Report; and Statement by the Executive Director for Angola
International Monetary Fund. African Dept.
Policies since 2018 have stabilized the economy in a very difficult environment. Yet many challenges remain for sustainable development, especially high debt and oil dependency. The authorities remain committed to continued reforms.
Keywords:
national bank of Angola; minority stake; monetary policy stance; state reform; EFF arrangement; Oil prices; Inflation; Global
Cover IMF Staff Country Reports
Guinea-Bissau: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau
International Monetary Fund. African Dept.
Guinea Bissau is a fragile state with a long history of political instability. Poverty is high with about 67 percent of the population living below the poverty line of US$1.90 per day. The economy relies heavily on the production and exports of unprocessed cashew nuts, making most households highly vulnerable to cashew nut price shocks and climate change risks.
Keywords:
IMF financial support; emergency RCF financing; exchange arrangement; SDR equivalent; IMF's Rapid Credit Facility; COVID-19; Debt sustainability analysis; Commercial banks; West Africa; Global
Cover IMF Staff Country Reports
Cabo Verde: Technical Assistance Report-Government Finance Statistics and Public Sector Debt Statistics
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.
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
São Tomé and Príncipe has maintained macroeconomic stability in the period since the previous ECF review (February 2021). International support and the authorities’ swift actions helped mitigate the impact of the pandemic so far. Growth is estimated at 3 percent in 2020, supported by externally-financed spending. Growth is projected to slow to 2 percent in 2021, reflecting delays in the return of tourists, and to strengthen to 3 percent in 2022. The economic outlook is subject to high uncertainty and downside risks, notably the evolution of the pandemic.
Keywords:
VAT collection; staff statement; staff appraisal; IT system; authorities of Sao Tome and Principe; International reserves; Debt sustainability; Global; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Angola: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Angola
International Monetary Fund. African Dept.
Near-term macroeconomic prospects continue to improve in the context of higher oil prices and a gradual global recovery from the pandemic shock, but the medium-term outlook remains challenging and highly uncertain. Oil production remains muted, debt and inflation remain elevated, and non-oil activity is expected to recover only gradually. However, continued strong fiscal performance (aided by higher oil revenues), exchange rate stabilization, and a return to positive non-oil growth would contribute to a reduction in the debt-to-GDP ratio this year, easing debt vulnerabilities.
Keywords:
payment arrears; waiver of nonobservance; national bank of Angola; nonobservance of the performance criterion; nature of the arrears; Oil prices; Oil; COVID-19; Global
Cover International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021
Build Forward Better
International Monetary Fund. Secretary's Department

Abstract

This year, as the world faced a crisis like no other, the International Monetary Fund and its member countries swung into action to save lives and put a floor under the world economy. But the outlook remains uncertain. Countries now face a “long ascent” that will be difficult, uneven, uncertain, and prone to setbacks. The IMF is working to help countries focus on "policies for people" to generate a transformational recovery through job-rich growth that benefits all.

Keywords:
Annual Report, vaccine, debt, public debt, inclusive, green economy, Great Depression, global policy, Great Divergence, living gap, debt dynamics, debt vulnerabilities, low-income countries, emerging markets, low-cost financing, digital, digital future, green future, capacity development, lending, economic surveillance
Cover Regional Economic Outlook, April 2022, Sub-Saharan Africa
Regional Economic Outlook, April 2022, Sub-Saharan Africa
A New Shock with Little Room to Maneuver
International Monetary Fund. African Dept.

Abstract

The economic recovery in sub-Saharan Africa surprised on the upside in the second half of 2021, prompting a significant upward revision in last year’s estimated growth. This year, however, that progress has been jeopardized. The Russian invasion of Ukraine has triggered a global economic shock that is hitting the region at a time when countries’ policy space to respond to it is minimal to nonexistent. Most notably, surging oil and food prices are straining the external and fiscal balances of commodity-importing countries and have increased food security concerns in many countries. Moreover, the shock threatens to compound some of the region’s most pressing policy challenges, including the COVID-19 pandemic’s social and economic legacy, climate change, heightened security risks in the Sahel, and the ongoing tightening of monetary policy in the United States.

Cover Regional Economic Outlook, October 2020, Western Hemisphere
Regional Economic Outlook, October 2020, Western Hemisphere
Pandemic Persistence Clouds the Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.

Keywords:
pandemic; lockdowns; recovery; reopening; public health; REO; IMF staff calculation; nominal GDP; trading partner; world bank LAC estimate; hard currency; potential GDP