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Law > Business and Financial

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Cover IMF Staff Country Reports
Malaysia: 2025 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
Malaysia’s economic performance has significantly improved in 2024, supported by strong domestic and external demand. Disinflation is taking hold and external pressures have eased. The favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms, especially as risks to growth are tilted to the downside amid an uncertain global outlook. Risks to the inflation outlook are tilted to the upside, including from global commodity price shocks and potential wage pressures.
Keywords:
upside inflation risk; Malaysia's obligation; asset forfeiture regime; upside risk; upside growth risk; Inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global
Cover IMF Staff Country Reports
South Africa: Post-Financing Assessment-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents South Africa’s Post-Financing Assessment report. The new government of national unity that took office in June faces significant challenges, including declining real per capita growth, high unemployment, poverty, and inequality, and a rising level of public debt. The new administration has committed to address these challenges by continuing ongoing structural reforms aimed at addressing supply constraints and bolstering inclusive growth, while maintaining fiscal discipline. Monetary policy should carefully manage the descent of inflation to the mid-point of the target range and stay data dependent. The report recommends that policies should focus on bolstering inclusive growth and restoring fiscal sustainability, while managing the descent of inflation to target and safeguarding financial stability. Monetary policy should stay data dependent and rate cuts be considered only after inflation declines sustainably toward the midpoint of the target range. The authorities should continue to monitor financial sector risks, including those related to the bank-sovereign nexus, and enhance supervision and prudential regulations.
Keywords:
U.S. dollar; inflation decline; government operation; per-capita GDP figure; Policy discussion; IMF's transparency policy; IMF team; Fiscal stance; Africa; Global
Cover IMF Staff Country Reports
Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Ecuador’s Request for an Extended Arrangement under the Extended Fund Facility (EFF). The authorities implemented swift and bold measures in early 2024 to address the fiscal and liquidity challenges and requested a 48-month EFF arrangement of SDR 3 billion to support their policy plans and advance an ambitious structural reform agenda. IMF estimates that IMF resources are needed to close a financing gap of about US$4 billion during the program period, after factoring in an ambitious and large fiscal plan, financial support from international financial institutions and official bilateral partners, and renewed access to international capital markets. The baseline scenario under the program is, however, subject to substantive risks, stemming from both external and domestic factors. IMF assesses that the policy program provides a reasonably strong prospect of success, amid broad support to the main objectives of the EFF arrangement, and strong commitment and capacity by the authorities to take measures to ensure its successful implementation.
Keywords:
EFF arrangement; financing strategy; reform agenda; reform sequencing; peak fund exposure; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean; Global
Cover IMF Staff Country Reports
Jamaica: 2024 Article IV Consultation and Second Reviews Under the Arrangement Under the Precautionary and Liquidity Line and Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Jamaica’s 2023 Article IV Consultation and Second Reviews under the Arrangement under the Precautionary and Liquidity Line and Arrangement under the Resilience and Sustainability Facility. Over the last decade, Jamaica has successfully reduced public debt, anchored inflation, and strengthened its external position. It has built a strong record of accomplishment of investing in institutions and prioritizing macroeconomic stability. Growth is expected to slow in the coming year—converging to potential—and inflation should stabilize around the central bank’s target. Current policies are building resilience for Jamaica to face adverse shocks. Discussions focused on policy reforms that will continue to bolster the credibility of fiscal and monetary policy frameworks, strengthen financial stability, and raise growth. Medium-term policies to foster equitable growth, tackle supply side constraints and raise productivity can unleash Jamaica’s potential over the medium term. The reform measure to establish a natural disaster reserve fund is also assessed to be met, albeit with a minor deviation—IMF staff assesses that the measure is substantively implemented and that the objective of the reform measure is met.
Keywords:
target band; current share; climate change risk; E. WB engagement; RSF reform; Anti-money laundering and combating the financing of terrorism (AML/CFT); Climate change; Global; Caribbean
Cover IMF Staff Country Reports
Chile: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that macroeconomic imbalances built during the pandemic have been largely resolved, supported by tighter macroeconomic policies deployed during late 2021–22 in Chile. Growth is expected to pick up to close to 2 percent in 2024 and 2–2.5 percent in the medium term. Inflation is projected to converge to the 3-percent target in 2024. Key external risks are the uncertainties around the potentially higher-for-longer interest rates in advanced economies, a growth slowdown in major trading partners, and the intensification of regional conflicts in the world. Policies have supported macroeconomic stability. In the context of disinflation acceleration, the Central Bank of Chile lowered the monetary policy rate by 400 basis points since July 2023. The headline fiscal balance is estimated to decline to about -2.5 percent of gross domestic product in 2023 due to weaker tax revenues amid an economic slowdown, lower copper prices, and other transitory factors. The 2024 budget envisions a moderate deficit reduction within a medium-term fiscal plan to a broadly balanced fiscal position by 2026. The ongoing implementation of the countercyclical capital buffer will strengthen financial resilience in periods of stress.
Keywords:
basket weight; CPI data; CPI calculation methodology; liability positions vis-à-vis nonresident; money market rate; Fiscal stance; Inflation; Income; Global; Caribbean
Cover IMF Staff Country Reports
Republic of Fiji: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Fiji’s economy rebounded strongly in 2022, as tourism recovered rapidly. With the rapid rebound in tourism, the economy is experiencing a strong recovery. Nevertheless, significant risks to growth remain both on the demand side—due to the global outlook—and on the supply side—due to capacity constraints and price competitiveness. The recovery and ongoing broad consultations make the upcoming budget a critical opportunity to begin rebuilding Fiji’s fiscal space and reducing vulnerability. Monetary policy needs to begin shifting now to a more neutral stance, amidst growing uncertainty to the outlook for inflation and foreign reserves. Addressing the implementation challenges of Fiji’s climate plans will require increased efforts and financing. Advancing climate adaptation plans will help Fiji transition to a more sustainable and resilient growth model. Accelerating investments on renewable energy will help Fiji diversify its energy sources and reduce external imbalances. However, Fiji’s climate adaptation and mitigation plans face significant challenges, including shortfalls in climate financing, implementation capacity, and investment management.
Keywords:
maturity proceeds; relocation plan; climate plan; airline ticket sale; CPI data; Government finance statistics; Exchange restrictions; Global; Pacific Islands
Cover IMF Staff Country Reports
The Bahamas: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas
International Monetary Fund. Western Hemisphere Dept.
The Bahamas is experiencing a tourism-led rebound. Real GDP growth in 2021 was close to 14 percent, as stayover tourist arrivals doubled relative to 2020. The economy is projected to expand by 8 percent in 2022. Nonetheless, it will likely take until 2024 to return to the 2019 level of GDP and the pandemic has given rise to significant human and social costs. The country’s medium-term growth challenges are likely worse than before, and public finances are in a more precarious state. Risks are skewed downwards given a difficult near-term financing situation, rising inflationary—and potentially BOP—pressures because of the war in Ukraine, an ongoing threat from the evolving pandemic, and the country’s high vulnerability to natural disasters.
Keywords:
Bahamian authorities; authorities project; government administration; foreign currency borrowing; IMF's transparency policy; COVID-19; Credit; Global; Caribbean
Cover IMF Staff Country Reports
Nepal: Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal
International Monetary Fund. Asia and Pacific Dept
The COVID-19 pandemic severely impacted Nepal’s economy. Tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile. As a result, balance of payments and fiscal financing gaps emerged. After growth was lower than expected in 2019/20, a gradual resumption in economic activity and a corresponding surge in imports and related tax receipts led to higher growth and improved fiscal outturns in 2020/21. However, important fiscal and external financing needs remain to support the COVID-19 response, facilitate a continued recovery, and maintain a comfortable level of reserves.
Keywords:
financing gap; procurement contract; ECF arrangement; November data; import surge; consumer price inflation; COVID-19; Debt relief; Global
Cover IMF Staff Country Reports
Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
The 2016–20 ECF/EFF helped rehabilitate Moldova’s banking sector, bolstering macro-financial stability. However, the COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy prices, have slowed economic activity, intensified downside risks, and complicated policy making. While emergency financial assistance under a blended RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped cushion the pandemic’s impact, Moldova remains among the poorest countries in Europe with long-standing governance and structural weaknesses inhibiting income convergence.
Keywords:
inflation targeting framework; governance diagnostics summary finding; authorities' policy platform; policy mix; EFF arrangement; expenditure policy; Policy discussion; Stress testing; Debt sustainability analysis; Global; Eastern Europe; Europe
Cover IMF Staff Country Reports
Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu
International Monetary Fund. Asia and Pacific Dept
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
Keywords:
Tuvaluan authorities; government travel; AIV consultation; CPI expenditure weight; budget preparation process; PFTAC assistance; Debt sustainability analysis; Budget planning and preparation; Pacific Islands; Global; Australia and New Zealand; Asia and Pacific