The fourth and last technical assistance (TA) mission for the benefit of Guinea, under the project on improving external sector statistics (ESS) in 17 Francophone countries of West and Central Africa, funded by the Japanese government and administered by the IMF, took place in Conakry during August 26–30, 2019. The mission was hosted by the Central Bank of the Republic of Guinea (BCRG), which is the institution responsible for compiling the ESS. The main points addressed by the mission were to support (i) the process of participating in the coordinated direct investment survey (CDIS), (ii) the detailed technical work for improving the current and financial accounts, and (iii) the implementation of recommendations from previous missions.
This Technical Assistance report on Guinea addressed issues like: improvement of the surveys on migrant remittances and informal trade; perform detailed technical work to improve external sector statistics (ESS); and participation in the coordinated direct investment survey and the quarterly external debt statistics database. The mission observed that the recommendations from the previous technical assistance mission had been satisfactorily implemented. The report also describes that the timeliness of ESS, based on international standards, should be improved, mainly for the international investment position and the quarterly balance of payments statistics. In order to contribute to progress in the areas discussed in the report, the mission made a one-year detailed action plan, with priority given to the recommendations of importance in improving ESS. The recommendation on reporting reinvested earnings of direct investment enterprises, net increases in insurance company liabilities, and income on reserve assets has partially been implemented.
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Mongolia’s promising longer-term prospects given its abundant natural resources. In recent years, however, the economy has faced substantial challenges, as external shocks and expansionary fiscal and monetary policies have compounded structural weaknesses. Mongolia remains heavily exposed to external shocks, given its export profile, and a key challenge will be to avoid the boom-bust cycles of the past. The discussions with authorities have focused on improving the fiscal framework and strengthening policy discipline, complemented by structural reforms to boost diversification and competitiveness and by efforts to strengthen and better target the social safety net.