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Europe > Ukraine

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Cover IMF Staff Country Reports
St. Lucia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Lucia
International Monetary Fund. Western Hemisphere Dept.
The St. Lucian economy is confronted with significant challenges from consecutive external shocks. While still recovering from the impact of the Covid-19 pandemic, which led to an output collapse in 2020 and 2021 mainly due to a halt in tourism, the war in Ukraine is adding inflation and balance of payments pressures given the dependence on fuel and food imports.
Keywords:
donor government; authorities of St. Lucia; CARTAC TA; debt sustainability outlook; financing constraint; Natural disasters; External sector statistics; Tourism; Global; Caribbean
Cover IMF Staff Country Reports
Seychelles: 2022 Article IV Consultation, Second Review Under the Extended Fund Facility Arrangement, and Request for Modification of Performance Criteria and Indicative Targets-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
This paper presents Seychelles’ 2022 Article IV Consultation, Second Review under the Extended Fund Facility Arrangement, and Request for Modification of Performance Criteria and Indicative Targets. Seychelles’ economic recovery in 2021 vastly outperformed projections, fueled by a faster-than-expected rebound of the tourism sector. The authorities are committed to reducing debt vulnerabilities and creating fiscal space to address future risks. The structural reform agenda will continue to focus on revenue administration, public financial management, and governance, including digitalization, state-owned-enterprise reform, and climate change adaptation and mitigation policies. Monetary policy remains appropriately accommodative, and the authorities are committed to closely monitoring inflationary pressures. The authorities are committed to reducing debt vulnerabilities and creating fiscal space to address future risks. The structural reform agenda will continue to focus on revenue administration, public financial management, and governance, including digitalization, state-owned enterprise reform, and climate change adaptation and mitigation policies. The country remains vulnerable to climate change.
Keywords:
Seychellois authorities; only authority; government finance statistics manual; policy commitment; emergency expenditure; government operation; Policy recommendation; Tourism; Monetary base; Global; Africa
Cover IMF Staff Country Reports
Principality of Andorra: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The Andorran economy is recovering strongly from the pandemic, supported by a rebound in tourism, retail trade, construction, and professional services. Real GDP is expected to reach pre-crisis levels in the second half of 2022. While the unemployment rate is amongst the lowest in Europe and continues to decline, pockets of vulnerability remain. Notwithstanding significant policy buffers, there are still substantial downside risks, notably the impact in Europe of the war in Ukraine, higher than expected inflation, and a resurgence of infection rates.
Keywords:
headline inflation; money market rate; IMF Policy recommendation; vis nonresident; expenditure execution; IMF's article; Income; Tourism; Monetary statistics; Europe; Global