Abstract
The post-crisis economic recovery has been solid and broad-based due to accommodative policies, low commodity prices and large infrastructure and foreign investment. However, a prolonged period of domestic political uncertainties is beginning to impact confidence and the country's EU accession prospects. Growth should pick up in the medium term contingent on the return of political stability following parliamentary elections in December.
Fund Relations
(As of September 29, 2016)
Missions. Article IV, Skopje, September 21-29, 2016. Concluding statement is available at: https://www.imf.org/en/News/Articles/2016/09/30/MS093016-Macedonia-Staff-Concluding-Statement-of-the-2016-Article-IV-Mission
Staff team. Jesmin Rahman (head), La-Bhus Fah Jirasavetakul, Murad Omoev, Jubum Na (all EUR), and Gjorgji Nacevski (local economist).
Discussions. The staff team metVice Prime Minister Pesevski, Minister of Finance Minoski, National Bank Governor Bogov, other senior officials, and representatives of the banking, business, political and international communities.
Publication. The Macedonian authorities have indicated that they agree with publication of this staff report.
Membership Status: Joined 12/14/92; Article VIII
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.75 | 5.72 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.75 | 5.72 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Drawn Amount (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Drawn Amount (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
Projected Payments to the Fund (Expectation Basis)1
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2017 | 2018 | 2016 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Total | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2017 | 2018 | 2016 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Total | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
Exchange Arrangement:
FYR Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of restrictions on payments and transfers for current international transactions.
Article IV Consultations:
The first consultation with the FYR of Macedonia was concluded in August 1993. The last consultation was concluded on September 3, 2015 (IMF Country Report 15/242). The FYR Macedonia is on the standard 12-month Article IV consultation cycle.
Technical Assistance Since 2006
Technical Assistance Since 2006
| Purpose | Department | Date |
|---|---|---|
| Banking Law | LEG/MCM | June 2006 |
| Central Bank Law | LEG/MCM | July 2007 |
| FX Reserves Modeling | RES/MCM | February 2012 February 2013 |
| Macroeconomic Modeling at NBRM | MCM | May 2007 November 2009 September 2010 November 2010 May 2011 November 2011 February 2012 November 2012 March 2013 November 2013 March 2014 |
| Liquidity, Cash and Debt Management | MCM | April 2007 |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 |
| Stress Testing | MCM | February 2011 |
| Domestic Debt Market Development | MCM | October 2011 |
| Provisioning Regulation | MCM | November 2012 |
| Expenditure Rationalization | FAD | November 2007 |
| Public Financial Management | FAD | September 2009 |
| Medium-Term Budgeting | FAD | May 2011 |
| Budgeting Framework/Payment Arrears | FAD | March 2012 |
| Public Financial Management | FAD | November 2012 |
| Tax Policy | FAD | September 2006 July 2007 |
| Tax Administration | FAD | April 2007 July 2009 April 2010 June 2011 September 2013 December 2014 April 2016 May 2016 July 2016 |
| Tax Audit Function | FAD | February 2016 |
| Tax Arrears Management | FAD | March 2013 October 2014 |
| Large Taxpayers Office | FAD | March 2016 |
| Tax Compliance Management | FAD | November 2013 March 2014 October 2014 February 2015 October 2015 |
| National Accounts Statistics | STA | April 2007 June 2007 January 2008 May 2008 September 2008 December 2008 June 2009 August 2011 September 2012 March 2013 October 2013 |
| Export and Import Deflators | STA | December 2007 |
| Government Finance Statistics | STA | June 2006 December 2007 October 2008 January 2015 June 2016 |
| Balance of Payments Statistics | STA | October 2006 October 2008 |
| SDDS Subscription | STA | December 2010 |
| STA TA Evaluation | STA | September 2012 |
| Safeguards Assessment | FIN | February 2011 |
| Regional Advisors | ||
| Revenue Administration | FAD | 2015- |
| Public Financial Management | FAD | 2015- |
| National Accounts | STA | 2012-2014 |
| Resident Experts | ||
| Tax Administration | FAD | October 2006–August 2011 |
| Banking Supervision | MCM | May 2006–May 2008 |
| FSAP Participation and ROSCs (since 2003) | ||
| FSAP | MCM/WB | May-June 2003 |
| FSAP update | MCM/WB | March 2008 |
| Data ROSC | STA | February 2004 |
| Fiscal ROSC | FAD | February 2005 |
Technical Assistance Since 2006
| Purpose | Department | Date |
|---|---|---|
| Banking Law | LEG/MCM | June 2006 |
| Central Bank Law | LEG/MCM | July 2007 |
| FX Reserves Modeling | RES/MCM | February 2012 February 2013 |
| Macroeconomic Modeling at NBRM | MCM | May 2007 November 2009 September 2010 November 2010 May 2011 November 2011 February 2012 November 2012 March 2013 November 2013 March 2014 |
| Liquidity, Cash and Debt Management | MCM | April 2007 |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 |
| Stress Testing | MCM | February 2011 |
| Domestic Debt Market Development | MCM | October 2011 |
| Provisioning Regulation | MCM | November 2012 |
| Expenditure Rationalization | FAD | November 2007 |
| Public Financial Management | FAD | September 2009 |
| Medium-Term Budgeting | FAD | May 2011 |
| Budgeting Framework/Payment Arrears | FAD | March 2012 |
| Public Financial Management | FAD | November 2012 |
| Tax Policy | FAD | September 2006 July 2007 |
| Tax Administration | FAD | April 2007 July 2009 April 2010 June 2011 September 2013 December 2014 April 2016 May 2016 July 2016 |
| Tax Audit Function | FAD | February 2016 |
| Tax Arrears Management | FAD | March 2013 October 2014 |
| Large Taxpayers Office | FAD | March 2016 |
| Tax Compliance Management | FAD | November 2013 March 2014 October 2014 February 2015 October 2015 |
| National Accounts Statistics | STA | April 2007 June 2007 January 2008 May 2008 September 2008 December 2008 June 2009 August 2011 September 2012 March 2013 October 2013 |
| Export and Import Deflators | STA | December 2007 |
| Government Finance Statistics | STA | June 2006 December 2007 October 2008 January 2015 June 2016 |
| Balance of Payments Statistics | STA | October 2006 October 2008 |
| SDDS Subscription | STA | December 2010 |
| STA TA Evaluation | STA | September 2012 |
| Safeguards Assessment | FIN | February 2011 |
| Regional Advisors | ||
| Revenue Administration | FAD | 2015- |
| Public Financial Management | FAD | 2015- |
| National Accounts | STA | 2012-2014 |
| Resident Experts | ||
| Tax Administration | FAD | October 2006–August 2011 |
| Banking Supervision | MCM | May 2006–May 2008 |
| FSAP Participation and ROSCs (since 2003) | ||
| FSAP | MCM/WB | May-June 2003 |
| FSAP update | MCM/WB | March 2008 |
| Data ROSC | STA | February 2004 |
| Fiscal ROSC | FAD | February 2005 |
IMF-World Bank Collaboration
Background
The Bank and the Fund country teams on the Former Yugoslav Republic of Macedonia maintained close collaboration, seeking synergies and harmonizing policy recommendations. Close coordination has resulted in largely shared views of the economic situation in the country.
Key Areas of World Bank Involvement
The World Bank program in FYR Macedonia focuses on two interrelated themes: i) Growth and Competitiveness; and ii) Skills and Inclusion. For Growth and Competitiveness, successful poverty reduction would need sustained private sector led growth, making FYR Macedonia more attractive as a destination for investments and as a country whose private companies can compete at the regional and global level. For Skills and Inclusion, the fruits of growth can be shared broadly if more Macedonians have access to better jobs and if public services are of good quality and delivered efficiently. Since FYR Macedonia’s future is clearly linked to the European integration, the Bank’s Country Partnership Strategy (CPS) actively promotes the EU accession agenda and this represents a cross-cutting theme of the strategy. Next fiscal year is the mid-term of the CPS implementation, and the Bank is planning a Performance and Learning Review, which will be an opportunity to evaluate progress with the strategy and consider possible adjustments for the outer years.
The Bank continues to be engaged in the transport sector through two projects. The National and Regional Roads Rehabilitation Project (US$ 71 million) is helping enhance the connectivity of selected national and regional roads, primarily to Corridors X and VIII, and to improve the Public Enterprise for State Roads’ capacity for road safety and climate resilience. The new Road Upgrading and Development Project’s objective (US$90.95 million) is to improve transport connectivity for road users along Corridor VIII between Skopje and Deve Bair, and to improve the asset management and planning functions of the Public Enterprise for State Roads. The implementation of the Electric Power Development Energy Community of South East Europe Project APL3 (US$44 million) is in its final phase. Its objective was to improve the transmission grid, including an interconnection with Serbia. There are two investments in the area of local government development. The first is the Municipal Services Improvement Project (MSIP) (US$75 million), which is helping to improve transparency, financial sustainability and delivery of targeted municipal services in selected municipalities. The high demand from the municipalities has led to a second Municipal Services Improvement Project (US$28.04 million), approved in January this year, which is still not effective. In addition to this, the EU has provided additional financing of US$17.72 million, to complement MSIP activities in rural municipalities. The World Bank is also active in the human development sector through the Conditional Cash Transfer Project (US$25 million), and the Skills Development and Innovation Support Project (US$24 million).
The Local and Regional Competitiveness Project is financed by an EU Trust Fund of US$19.36 million, with the objective of enhancing the contribution of tourism to local economic development and improving the capacity of the government and public entities to foster tourism growth.
Macedonia–Bank and Fund Planned Activities in Macrocritical Structural Reform Areas June 2016–May 2017
Macedonia–Bank and Fund Planned Activities in Macrocritical Structural Reform Areas June 2016–May 2017
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV Report | September 2016 | November 2016 |
| Technical assistance on Revenue Administration Reforms (Tax Compliance and Risk Management, Arrears Management, Large Taxpayers Office) | Short-term expert visits FY17 | TA report after the mission | |
| Technical assistance on Revenue Administration Reforms | Regular short-term visits of region-based long-term expert FY17 | ||
| Technical assistance on Government Finance Statistics | Short-term expert visits FY17 | TA report after the mission | |
| 2. Bank work program | Public Expenditure Review | Completed | Report shared with the Government in January 2016 |
| Southeastern Europe Regular Economic Update | Continuous and periodic missions | J une and December | |
| Municipal Services Improvement Project | Continuous | Project closing March 2019 | |
| Municipal Services Improvement Project 2 | Project not yet effective | Project closing March 2021 | |
| National and Regional Road Rehabilitation Project | Continuous | Project closing September 2019 | |
| Road Upgrading and Development Project | Continuous | Project closing December 2020 | |
| Conditional Cash Transfers Project | Continuous | Project closing December 2017 | |
| Energy Community South East Europe Adaptable Program Loan 3 | Continuous | Project closing July 2016 | |
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 | |
| Local and Regional Competitiveness Project | Project not yet effective | Project closing December 2019 |
Macedonia–Bank and Fund Planned Activities in Macrocritical Structural Reform Areas June 2016–May 2017
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV Report | September 2016 | November 2016 |
| Technical assistance on Revenue Administration Reforms (Tax Compliance and Risk Management, Arrears Management, Large Taxpayers Office) | Short-term expert visits FY17 | TA report after the mission | |
| Technical assistance on Revenue Administration Reforms | Regular short-term visits of region-based long-term expert FY17 | ||
| Technical assistance on Government Finance Statistics | Short-term expert visits FY17 | TA report after the mission | |
| 2. Bank work program | Public Expenditure Review | Completed | Report shared with the Government in January 2016 |
| Southeastern Europe Regular Economic Update | Continuous and periodic missions | J une and December | |
| Municipal Services Improvement Project | Continuous | Project closing March 2019 | |
| Municipal Services Improvement Project 2 | Project not yet effective | Project closing March 2021 | |
| National and Regional Road Rehabilitation Project | Continuous | Project closing September 2019 | |
| Road Upgrading and Development Project | Continuous | Project closing December 2020 | |
| Conditional Cash Transfers Project | Continuous | Project closing December 2017 | |
| Energy Community South East Europe Adaptable Program Loan 3 | Continuous | Project closing July 2016 | |
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 | |
| Local and Regional Competitiveness Project | Project not yet effective | Project closing December 2019 |
Statistical Issues
(As of September 29, 2016)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Debt data on a disaggregated basis for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Debt data on a disaggregated basis for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of September 29, 2016)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004; mission took place during February 18 – March 3, 2004). The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of September 29, 2016)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality –Methodological Soundness8 | Data Quality –Accuracy and Reliability9 | ||||||
| Exchange Rates | 9/23/16 | 9/23/16 | D | W | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 9/15/16 | 9/30/16 | D | W | M | ||
| Reserve/Base Money | Jul. 16 | 8/20/16 | M | M | M | O, LO, LO, O | O, LO, O, O, O |
| Broad Money | Jul. 16 | 8/20/16 | M | M | M | ||
| Central Bank Balance Sheet | Jul. 16 | 8/20/16 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Jul. 16 | 8/20/16 | M | M | M | ||
| Interest Rates2 | Jul. 16 | 8/30/16 | M | M | M | ||
| Consumer Price Index | Aug. 16 | Sep. 16 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Dec. 15 | Mar. 16 | A | A | A | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Aug. 16 | Sep. 16 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Dec. 15 | Mar. 16 | Q | Q | Q | ||
| External Current Account Balance | Jul. 16 | 8/30/16 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| Exports and Imports of Goods and Services | Jul. 16 | 9/05/16 | M | M | M | ||
| GDP/GNP | Jun. 16 | Sep. 16 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | Mar. 16 | Jun. 16 | Q | Q | Q | ||
| International Investment Position6 | Mar. 16 | Jun. 16 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004; mission took place during February 18 – March 3, 2004). The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of September 29, 2016)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality –Methodological Soundness8 | Data Quality –Accuracy and Reliability9 | ||||||
| Exchange Rates | 9/23/16 | 9/23/16 | D | W | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 9/15/16 | 9/30/16 | D | W | M | ||
| Reserve/Base Money | Jul. 16 | 8/20/16 | M | M | M | O, LO, LO, O | O, LO, O, O, O |
| Broad Money | Jul. 16 | 8/20/16 | M | M | M | ||
| Central Bank Balance Sheet | Jul. 16 | 8/20/16 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Jul. 16 | 8/20/16 | M | M | M | ||
| Interest Rates2 | Jul. 16 | 8/30/16 | M | M | M | ||
| Consumer Price Index | Aug. 16 | Sep. 16 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Dec. 15 | Mar. 16 | A | A | A | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Aug. 16 | Sep. 16 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Dec. 15 | Mar. 16 | Q | Q | Q | ||
| External Current Account Balance | Jul. 16 | 8/30/16 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| Exports and Imports of Goods and Services | Jul. 16 | 9/05/16 | M | M | M | ||
| GDP/GNP | Jun. 16 | Sep. 16 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | Mar. 16 | Jun. 16 | Q | Q | Q | ||
| International Investment Position6 | Mar. 16 | Jun. 16 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004; mission took place during February 18 – March 3, 2004). The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.