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.
The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.