Abstract
Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility
Relations with the Fund
(As of May 31, 2017)
| Membership Status: Joined: September 30, 1963; | Article VIII |
| Membership Status: Joined: September 30, 1963; | Article VIII |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 160.2 | 100.00 |
| Fund holdings of currency | 140.19 | 87.51 |
| Reserve Tranche Position | 20.03 | 12.50 |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 160.2 | 100.00 |
| Fund holdings of currency | 140.19 | 87.51 |
| Reserve Tranche Position | 20.03 | 12.50 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 76.82 | 100.00 |
| Holdings | 55.53 | 72.28 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 76.82 | 100.00 |
| Holdings | 55.53 | 72.28 |
| Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| SCF Arrangements | 108.14 | 67.50 |
| ECF Arrangements | 1.73 | 1.08 |
| Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| SCF Arrangements | 108.14 | 67.50 |
| ECF Arrangements | 1.73 | 1.08 |
Latest Financial Arrangements:
Projected Payments to Fund 2/
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Principal | 0.57 | 0.80 | 0.35 | 16.02 | 24.03 |
| Charges/Interest | 0.07 | 0.12 | 0.12 | 0.12 | 0.32 |
| Total | 0.64 | 0.92 | 0.47 | 16.14 | 24.35 |
| Forthcoming | |||||
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Principal | 0.57 | 0.80 | 0.35 | 16.02 | 24.03 |
| Charges/Interest | 0.07 | 0.12 | 0.12 | 0.12 | 0.32 |
| Total | 0.64 | 0.92 | 0.47 | 16.14 | 24.35 |
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| I. Commitment of HIPC assistance | ||||
| Decision point date | December 2000 | |||
| Assistance committed by all creditors (US$ Million)3/ | 695.50 | |||
| Of which: IMF assistance (US$ million) | 63.40 | |||
| (SDR equivalent in millions) | 46.79 | |||
| Completion point date | April 2005 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed | 46.79 | |||
| Interim assistance | 14.45 | |||
| Completion point balance | 32.34 | |||
| Additional disbursement of interest income4/ | 3.77 | |||
| Total disbursements | 50.56 | |||
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| I. Commitment of HIPC assistance | ||||
| Decision point date | December 2000 | |||
| Assistance committed by all creditors (US$ Million)3/ | 695.50 | |||
| Of which: IMF assistance (US$ million) | 63.40 | |||
| (SDR equivalent in millions) | 46.79 | |||
| Completion point date | April 2005 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed | 46.79 | |||
| Interim assistance | 14.45 | |||
| Completion point balance | 32.34 | |||
| Additional disbursement of interest income4/ | 3.77 | |||
| Total disbursements | 50.56 | |||
Decision point—point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance—amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point—point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 4 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Implementation of Multilateral Debt Relief Initiative (MDRI)
| I. MDRI -eligible debt (SDR Million)5/ | 52.74 | |||
| Financed by: MDRI Trust | 20.19 | |||
| Remaining HIPC resources | 32.55 | |||
| II. Debt Relief by Facility (SDR million) | ||||
| Delivery Date | GRA | PRGT | Total | |
| January 2006 | N/A | 52.74 | 52.74 | |
| I. MDRI -eligible debt (SDR Million)5/ | 52.74 | |||
| Financed by: MDRI Trust | 20.19 | |||
| Remaining HIPC resources | 32.55 | |||
| II. Debt Relief by Facility (SDR million) | ||||
| Delivery Date | GRA | PRGT | Total | |
| January 2006 | N/A | 52.74 | 52.74 | |
Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
Safeguards Assessments:
An update safeguards assessment of the Banque Nationale du Rwanda (BNR) was finalized in November 2016. Previous assessment was completed in 2007. The 2016 assessment found that the Banque Nationale du Rwanda (BNR) had strengthened its safeguards framework. The bank has undertaken an organizational restructuring, adjusted its financial reporting and auditing practices with international standards, and modernized its IT systems. Progress has been notable with many initiatives still underway, including increasing bank-wide staff capacity, resolving IT implementation issues, subjecting the internal audit function to an external assessment, and enhancing Board and audit committee composition. Recommendations were made to enhance the safeguards framework, including aspects of external audit arrangements.
Exchange Rate Arrangement:
The currency of Rwanda is the Rwandan franc. On December 1998, Rwanda accepted the obligations under Article VIII, Sections 2, 3 and 4 of the IMF and maintains a system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. As of June 15, 2017, the exchange rate against the US dollar was RWF 821. Since end-July 2015, the exchange rate has depreciated 14.5 percent against the US dollar, 9.9 percent in NEER terms, and 4.4 percent in REER terms. The de facto exchange rate regime has been reclassified retroactively to a “crawl-like” arrangement from “other managed,” effective March 4, 2015, because daily fluctuation of the Rwandan franc remained within +/- 2 percent against the US dollar relative to a trend over a six-month period. The de jure exchange rate regime is classified as floating.
Article IV Consultation:
Rwanda is on the 24-month consultation cycle. The Executive Board discussed the staff report for the 2014 Article IV consultation (IMF Country Report No. 14/343) on December 8, 2014.
Technical Assistance and Future Priorities:
| List of Technical Assistance Missions (2014–2017) | Year of Delivery |
|---|---|
| FAD: | |
| Public investment management | 2016 |
| Improving the collection and management of tax arrears | 2016 |
| Developing a framework & guidelines for monitoring & managing compliance in telecom | 2016 |
| Revenue administration | 2016 |
| Tax compliance | 2015 |
| Fiscal decentralizion | 2014 |
| Corporate risk management | 2014 |
| Taxation on agriculture, mining and immovable properties | 2014 |
| Revenue forecasting | 2014 |
| MCM: | |
| Risk based solvency | 2017 |
| Modernization of the monetary policy framework and FX operations | 2016 |
| Supervisory framework for foreign exchange bureau | 2016 |
| Stress testing | 2016 |
| Implementation of Basel II/III | 2014–15 |
| Bond markets developments | 2015 |
| FX market operations | 2014 |
| Consolidated supervision | 2015 |
| Capital and liquidity framework | 2014 |
| STA: | |
| National accounts and price statistics | 2015–17 |
| Government finance statistics | 2015–16 |
| Balance of payments | 2014–16 |
| Monetary and financial statistics | 2016 |
| LEG: | |
| Banking law | 2015 |
| AML/CFT Supervisory Tools and Practices | 2015 |
| RES/ICD: | |
| Building a Forecasting an Policy Analysis System | 2014–2017 |
| List of Technical Assistance Missions (2014–2017) | Year of Delivery |
|---|---|
| FAD: | |
| Public investment management | 2016 |
| Improving the collection and management of tax arrears | 2016 |
| Developing a framework & guidelines for monitoring & managing compliance in telecom | 2016 |
| Revenue administration | 2016 |
| Tax compliance | 2015 |
| Fiscal decentralizion | 2014 |
| Corporate risk management | 2014 |
| Taxation on agriculture, mining and immovable properties | 2014 |
| Revenue forecasting | 2014 |
| MCM: | |
| Risk based solvency | 2017 |
| Modernization of the monetary policy framework and FX operations | 2016 |
| Supervisory framework for foreign exchange bureau | 2016 |
| Stress testing | 2016 |
| Implementation of Basel II/III | 2014–15 |
| Bond markets developments | 2015 |
| FX market operations | 2014 |
| Consolidated supervision | 2015 |
| Capital and liquidity framework | 2014 |
| STA: | |
| National accounts and price statistics | 2015–17 |
| Government finance statistics | 2015–16 |
| Balance of payments | 2014–16 |
| Monetary and financial statistics | 2016 |
| LEG: | |
| Banking law | 2015 |
| AML/CFT Supervisory Tools and Practices | 2015 |
| RES/ICD: | |
| Building a Forecasting an Policy Analysis System | 2014–2017 |
Resident Representative:
Mr. Alun Thomas. assumed his duties as Resident Representative in August 2015.
Joint World Bank–Fund Work Program, 2017
| Title | Products/Activity | Timing of mission (if relevant) | Expected delivery date |
|---|---|---|---|
| I. Mutual Information on Relevant Work Program | |||
| Bank Work Program | A. Strategy and Analytical Work | ||
| Completed After January 2014 | |||
| TA | Rwanda Strength. Fin. Stability-Part1 | January 2014 | |
| TA | Rwanda Open Data and Transform Africa | January 2014 | |
| TA | Review of RW Energy Generation Investment | April 2014 | |
| Country Assistance Strategy | June 2014 | ||
| Ongoing | |||
| EW | Economic Geography and Urbanization | ||
| TA | Rwanda Report on the Observance of Standards and Codes | ||
| TA | Great Lakes Trade Facilitation Project | ||
| EW | Agriculture Policy Note, Rwanda Land Sector Study | ||
| EW | Strengthening Financial Stability | ||
| B. Ongoing and New Projects | |||
| PFM operation | FY2019 | ||
| Urbanization phase 2 | FY2018 | ||
| Social protection Project | FY2018 | ||
| Energy DPO | FY2018 | ||
| Transformation of Agriculture Sector Program Phase 3 | FY 2017 | ||
| Economic Landscape Approach to Forest Restoration and Conservation | August 2014 | ||
| Transformation of Agriculture Sector Program Phase 3 | October 2014 | ||
| Public Sector Governance Program for Results | December 2014 | ||
| Electricity Access (Additional Financing) | February 2013 | ||
| Second Support to Social Protection Systems | March 2013 | ||
| Third Support to Social Protection Systems | March 2014 | ||
| Feeder Roads Development Project | March 2014 | ||
| Third Rural Sector Support Project (Additional Financing) | March 2014 | ||
| Decentralized Service Delivery | May 2013 | ||
| Statistics for Results Project | March 2012 | ||
| Governance and Competitiveness TA Project | January 2012 | ||
| Economic Empowerment of Young Women | May 2011 | ||
| Skills Development Project | March 2011 | ||
| Second Emergency Demobilization and Reintegration Project (Additional Financing) | April 2014 | ||
| Land Husbandry, Water Harvesting, and Hillside Irrigation | December 2013 | ||
| Rwanda Electricity Access Scale-up and Sector-wide approach Project | October 2009 | ||
| Transport Sector Development Project | August 2007 | ||
| Regional Rusumo Hydroelectricity Project | August 2013 | ||
| L. Victoria Environment Management Project (Ph. 2) | June 2011 | ||
| East Africa Public Health Laboratories Networking Project | May 2010 | ||
| Regional Communications Infrastructure Project II | September 2008 | ||
| East Africa Trade and Transport Facilitation Project | January 2006 | ||
| IMF Work Program | A. Missions | ||
| Eighth PSI Review and Third SCB Review | October 2017 | January 2018 | |
| Tenth PSI Review | March 2018 | July 2018 | |
| B. Analytical Work | |||
| Investment strategy to foster structural transformation in Rwanda | June 2017 | ||
| Staying the reole model: advancing gender equality in Rwanda | June 2017 | ||
| Macrofinancial dimensions in Rwanda: Stability, inclusion and development | June 2017 | ||
| II. Request for Work Program Inputs | |||
| Bank Request to Fund | Sharing macro-framework updates | As needed | |
| Fund Request to Bank | Assessment of key infrastructure projects undertaken by the government. | As needed | |
| III. Agreement on Joint Products | |||
| Joint products | Debt Sustainability Analysis | Ongoing | |
| Title | Products/Activity | Timing of mission (if relevant) | Expected delivery date |
|---|---|---|---|
| I. Mutual Information on Relevant Work Program | |||
| Bank Work Program | A. Strategy and Analytical Work | ||
| Completed After January 2014 | |||
| TA | Rwanda Strength. Fin. Stability-Part1 | January 2014 | |
| TA | Rwanda Open Data and Transform Africa | January 2014 | |
| TA | Review of RW Energy Generation Investment | April 2014 | |
| Country Assistance Strategy | June 2014 | ||
| Ongoing | |||
| EW | Economic Geography and Urbanization | ||
| TA | Rwanda Report on the Observance of Standards and Codes | ||
| TA | Great Lakes Trade Facilitation Project | ||
| EW | Agriculture Policy Note, Rwanda Land Sector Study | ||
| EW | Strengthening Financial Stability | ||
| B. Ongoing and New Projects | |||
| PFM operation | FY2019 | ||
| Urbanization phase 2 | FY2018 | ||
| Social protection Project | FY2018 | ||
| Energy DPO | FY2018 | ||
| Transformation of Agriculture Sector Program Phase 3 | FY 2017 | ||
| Economic Landscape Approach to Forest Restoration and Conservation | August 2014 | ||
| Transformation of Agriculture Sector Program Phase 3 | October 2014 | ||
| Public Sector Governance Program for Results | December 2014 | ||
| Electricity Access (Additional Financing) | February 2013 | ||
| Second Support to Social Protection Systems | March 2013 | ||
| Third Support to Social Protection Systems | March 2014 | ||
| Feeder Roads Development Project | March 2014 | ||
| Third Rural Sector Support Project (Additional Financing) | March 2014 | ||
| Decentralized Service Delivery | May 2013 | ||
| Statistics for Results Project | March 2012 | ||
| Governance and Competitiveness TA Project | January 2012 | ||
| Economic Empowerment of Young Women | May 2011 | ||
| Skills Development Project | March 2011 | ||
| Second Emergency Demobilization and Reintegration Project (Additional Financing) | April 2014 | ||
| Land Husbandry, Water Harvesting, and Hillside Irrigation | December 2013 | ||
| Rwanda Electricity Access Scale-up and Sector-wide approach Project | October 2009 | ||
| Transport Sector Development Project | August 2007 | ||
| Regional Rusumo Hydroelectricity Project | August 2013 | ||
| L. Victoria Environment Management Project (Ph. 2) | June 2011 | ||
| East Africa Public Health Laboratories Networking Project | May 2010 | ||
| Regional Communications Infrastructure Project II | September 2008 | ||
| East Africa Trade and Transport Facilitation Project | January 2006 | ||
| IMF Work Program | A. Missions | ||
| Eighth PSI Review and Third SCB Review | October 2017 | January 2018 | |
| Tenth PSI Review | March 2018 | July 2018 | |
| B. Analytical Work | |||
| Investment strategy to foster structural transformation in Rwanda | June 2017 | ||
| Staying the reole model: advancing gender equality in Rwanda | June 2017 | ||
| Macrofinancial dimensions in Rwanda: Stability, inclusion and development | June 2017 | ||
| II. Request for Work Program Inputs | |||
| Bank Request to Fund | Sharing macro-framework updates | As needed | |
| Fund Request to Bank | Assessment of key infrastructure projects undertaken by the government. | As needed | |
| III. Agreement on Joint Products | |||
| Joint products | Debt Sustainability Analysis | Ongoing | |
Statistical Issues
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings; but is broadly adequate for surveillance (case B). The quality of national accounts, government finance and monetary statistics is high in Rwanda and the country makes good use of technical assistance support from the IMF. The country has one of the most frequent base year updates among SSA countries and coordinates the base year update with a new household survey to get a better sense of home production and the informal sector. The government released its latest five-year plan in the fall of 2013 advocating the need for greater resources to improve capacity and help monitor the yardsticks embedded in the government’s latest Economic Development and Poverty Reduction Strategy. | |
| National Accounts and Price Statistics: Annual and quarterly GDP estimates in current and 2014 constant prices are compiled and disseminated by NISR, based on the 2008 System of National Accounts concepts. Commendable efforts have been made to improve the GDP estimates, with technical assistance being provided by the East AFRITAC and DFID. NISR has been disseminating quarterly GDP estimates from 2010 and released the latest estimates consistent with the 2014 base year revision in March 2017. Annual agricultural surveys have recently been introduced making use of GPS territory data and this should help improve agricultural production estimates over time. The absence of a comprehensive economy-wide business survey precludes a reliable benchmark of economic activities in the private sector. Proxy indicators such as monthly VAT turnover data cover the formal sector and financial data reported by a limited number of large companies are used to estimate the production. Economic activities in the informal sector are estimated in the household surveys released every three years, the latest household survey was published in 2014. On the expenditure side, estimates of government consumption, gross capital formation, and trade in goods and services are compiled from data sources including government budget reports and balance of payment estimates, but private consumption and changes in inventories are estimated as the gap between the sum of these components and a total GDP estimate from the production approach. |
|
| Government Finance Statistics: Rwanda is transitioning to GFSM 2014 to meet EAC requirements. The authorities’ nearly complete efforts to automate IFMS to produce annual and high-frequency GFSM 2014-compliant data for all budgetary central government (BCG), most extrabudgetary units (EBUs), and all local governments (LGs) on a timely basis. However, efforts should continue to add remaining EBUs, social security funds (SSFs), and development projects to IFMS, and to finalize bridging from a GFSM 1986 to a GMFS 2014 framework. | |
| Monetary Statistics: The balance sheet of the NBR and detailed data on money market transactions are transmitted to AFR on a weekly basis with a lag of one week, while the monetary survey and the consolidated balance sheet of commercial banks are transmitted on a monthly basis with a lag of about five weeks. | |
| Balance of Payments: The BNR has made important improvements to the balance of payments compilation, adopting the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) presentation and also expanding data coverage by implementing the results of the Foreign Private Capital Survey (FPC) and launching various new services surveys. The FPC is used to collect flows, positions, and income data in an integrated survey instrument for both financial assets and liabilities. Direct investment liabilities are to be well measured, in part because they are sourced from the Rwanda Development Board (RDB). On remittances, data are available for formal transfers through banks and Money Transfer Operators (MTOs) but informal estimates are less reliable and are being cross-checked with the 2011 Integrated Living Costs Survey. The coverage of external aid remains a cause of concern. Data produced by the CEPEX does not include offshore payments, direct payments to contractors, and technical assistants, nor does it capture aid from important UN agencies and from certain countries. Only the external aid registered in the Government budget is fully covered. Concerning the NGO sector, the data should result from the survey of NGOs, but its coverage is insufficient. Databases on external public debt are maintained by both MINECOFIN and the NBR. A committee, composed of staffs from the ministries of finance and economic planning, foreign affairs, and the NBR, is responsible for collecting, harmonizing, and monitoring the data |
|
| II. Data Standards and Quality | |
| Rwanda has subscribed to the GDDS since 2009 but the dissemination of the sector pages has been spotty. As part of a current review the authorities have indicated that they will update the pages on national accounts statistics, CPI and producer price index and submit to the IMF by end November 2014. The pages for External Trade and Balance of Payments are also being updated. | The quality of the national accounts data in Rwanda is one of the highest in Sub-Saharan Africa with annual agricultural surveys now well integrated into the calculation of output. The updating of base years is also done on a frequent basis and household survey releases are now more frequent than any other country in Sub-Saharan Africa. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings; but is broadly adequate for surveillance (case B). The quality of national accounts, government finance and monetary statistics is high in Rwanda and the country makes good use of technical assistance support from the IMF. The country has one of the most frequent base year updates among SSA countries and coordinates the base year update with a new household survey to get a better sense of home production and the informal sector. The government released its latest five-year plan in the fall of 2013 advocating the need for greater resources to improve capacity and help monitor the yardsticks embedded in the government’s latest Economic Development and Poverty Reduction Strategy. | |
| National Accounts and Price Statistics: Annual and quarterly GDP estimates in current and 2014 constant prices are compiled and disseminated by NISR, based on the 2008 System of National Accounts concepts. Commendable efforts have been made to improve the GDP estimates, with technical assistance being provided by the East AFRITAC and DFID. NISR has been disseminating quarterly GDP estimates from 2010 and released the latest estimates consistent with the 2014 base year revision in March 2017. Annual agricultural surveys have recently been introduced making use of GPS territory data and this should help improve agricultural production estimates over time. The absence of a comprehensive economy-wide business survey precludes a reliable benchmark of economic activities in the private sector. Proxy indicators such as monthly VAT turnover data cover the formal sector and financial data reported by a limited number of large companies are used to estimate the production. Economic activities in the informal sector are estimated in the household surveys released every three years, the latest household survey was published in 2014. On the expenditure side, estimates of government consumption, gross capital formation, and trade in goods and services are compiled from data sources including government budget reports and balance of payment estimates, but private consumption and changes in inventories are estimated as the gap between the sum of these components and a total GDP estimate from the production approach. |
|
| Government Finance Statistics: Rwanda is transitioning to GFSM 2014 to meet EAC requirements. The authorities’ nearly complete efforts to automate IFMS to produce annual and high-frequency GFSM 2014-compliant data for all budgetary central government (BCG), most extrabudgetary units (EBUs), and all local governments (LGs) on a timely basis. However, efforts should continue to add remaining EBUs, social security funds (SSFs), and development projects to IFMS, and to finalize bridging from a GFSM 1986 to a GMFS 2014 framework. | |
| Monetary Statistics: The balance sheet of the NBR and detailed data on money market transactions are transmitted to AFR on a weekly basis with a lag of one week, while the monetary survey and the consolidated balance sheet of commercial banks are transmitted on a monthly basis with a lag of about five weeks. | |
| Balance of Payments: The BNR has made important improvements to the balance of payments compilation, adopting the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) presentation and also expanding data coverage by implementing the results of the Foreign Private Capital Survey (FPC) and launching various new services surveys. The FPC is used to collect flows, positions, and income data in an integrated survey instrument for both financial assets and liabilities. Direct investment liabilities are to be well measured, in part because they are sourced from the Rwanda Development Board (RDB). On remittances, data are available for formal transfers through banks and Money Transfer Operators (MTOs) but informal estimates are less reliable and are being cross-checked with the 2011 Integrated Living Costs Survey. The coverage of external aid remains a cause of concern. Data produced by the CEPEX does not include offshore payments, direct payments to contractors, and technical assistants, nor does it capture aid from important UN agencies and from certain countries. Only the external aid registered in the Government budget is fully covered. Concerning the NGO sector, the data should result from the survey of NGOs, but its coverage is insufficient. Databases on external public debt are maintained by both MINECOFIN and the NBR. A committee, composed of staffs from the ministries of finance and economic planning, foreign affairs, and the NBR, is responsible for collecting, harmonizing, and monitoring the data |
|
| II. Data Standards and Quality | |
| Rwanda has subscribed to the GDDS since 2009 but the dissemination of the sector pages has been spotty. As part of a current review the authorities have indicated that they will update the pages on national accounts statistics, CPI and producer price index and submit to the IMF by end November 2014. The pages for External Trade and Balance of Payments are also being updated. | The quality of the national accounts data in Rwanda is one of the highest in Sub-Saharan Africa with annual agricultural surveys now well integrated into the calculation of output. The updating of base years is also done on a frequent basis and household survey releases are now more frequent than any other country in Sub-Saharan Africa. |
Table of Common Indicators Required for Surveillance
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on 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.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on March 12, 2004 and based on the findings of the mission that took place during October 8–22, 2002) for the dataset corresponding to the variable in each row. 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); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Table of Common Indicators Required for Surveillance
| Date of latest observation (all dates in table use mm/dd/yy format) | Date received | Frequency of Data7/ | Frequency of Reporting7/ | Frequency of Publication7 | Memo Items:8/ | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness9/ | Data Quality – Accuracy and reliability10/ | ||||||
| Exchange rate | 06/14/17 | 06/14/17 | D,M | D,M | D,M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1/ | 06/07/17 | 06/12/17 | D,M | D,M | M | ||
| Reserve/Base Money | 06/07/17 | 06/12/17 | D,M | D,M | M | LO, LO, LO, LO | LO, O, O, O, LO |
| Broad Money | 04/30/17 | 06/07/17 | M | M | M | ||
| Central Bank Balance Sheet | 04/30/17 | 06/07/17 | D | D | D | ||
| Consolidated Balance Sheet of the Banking System | 04/30/17 | 06/07/17 | M | M | M | ||
| Interest Rates2/ | 04/30/17 | 07/06/17 | M | M | M | ||
| Consumer Price Index | 31/05/17 | 06/12/17 | M | M | M | O, LO, O, LO | LNO, LNO, LNO, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3/ – General Government4/ | 03/31/17 | 05/02/17 | Q | Q | Q | LNO, LNO, LNO, LO | LO, O, O, LO, O |
| Revenue, Expenditure, Balance and Composition of Financing3/– Central Government | 03/31/17 | 05/02/17 | Q | Q | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5/ | 03/31/17 | 05/02/17 | Q | Q | Q | ||
| External Current Account Balance | 12/31/16 | 05/02/17 | A | A | A | LO, LO, LO, LO | LO, LNO, O, LNO, LNO |
| Exports and Imports of Goods and Services | 12/31/16 | 05/02/17 | M | M | M | ||
| GDP/GNP | 12/31/16 (A) 12/31/16 (Q) |
03/25/17 03/25/17 |
Q,A | Q,A | Q,A | LO, LO, LO, LO | LNO, LNO, O, LO, LO |
| Gross External Debt | 12/31/16 | 03/25/17 | M | M | M | ||
| International Investment Position6/ | NA | NA | NA | NA | NA | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on 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.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on March 12, 2004 and based on the findings of the mission that took place during October 8–22, 2002) for the dataset corresponding to the variable in each row. 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); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Table of Common Indicators Required for Surveillance
| Date of latest observation (all dates in table use mm/dd/yy format) | Date received | Frequency of Data7/ | Frequency of Reporting7/ | Frequency of Publication7 | Memo Items:8/ | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness9/ | Data Quality – Accuracy and reliability10/ | ||||||
| Exchange rate | 06/14/17 | 06/14/17 | D,M | D,M | D,M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1/ | 06/07/17 | 06/12/17 | D,M | D,M | M | ||
| Reserve/Base Money | 06/07/17 | 06/12/17 | D,M | D,M | M | LO, LO, LO, LO | LO, O, O, O, LO |
| Broad Money | 04/30/17 | 06/07/17 | M | M | M | ||
| Central Bank Balance Sheet | 04/30/17 | 06/07/17 | D | D | D | ||
| Consolidated Balance Sheet of the Banking System | 04/30/17 | 06/07/17 | M | M | M | ||
| Interest Rates2/ | 04/30/17 | 07/06/17 | M | M | M | ||
| Consumer Price Index | 31/05/17 | 06/12/17 | M | M | M | O, LO, O, LO | LNO, LNO, LNO, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3/ – General Government4/ | 03/31/17 | 05/02/17 | Q | Q | Q | LNO, LNO, LNO, LO | LO, O, O, LO, O |
| Revenue, Expenditure, Balance and Composition of Financing3/– Central Government | 03/31/17 | 05/02/17 | Q | Q | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5/ | 03/31/17 | 05/02/17 | Q | Q | Q | ||
| External Current Account Balance | 12/31/16 | 05/02/17 | A | A | A | LO, LO, LO, LO | LO, LNO, O, LNO, LNO |
| Exports and Imports of Goods and Services | 12/31/16 | 05/02/17 | M | M | M | ||
| GDP/GNP | 12/31/16 (A) 12/31/16 (Q) |
03/25/17 03/25/17 |
Q,A | Q,A | Q,A | LO, LO, LO, LO | LNO, LNO, O, LO, LO |
| Gross External Debt | 12/31/16 | 03/25/17 | M | M | M | ||
| International Investment Position6/ | NA | NA | NA | NA | NA | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on 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.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on March 12, 2004 and based on the findings of the mission that took place during October 8–22, 2002) for the dataset corresponding to the variable in each row. 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); not observed (NO); and not available (NA).
Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Formerly PRGF.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004 which remains outstanding at the time the member qualifies for such debt relief. The MDRI is financed by bilateral contributions and the Fund's own resources, as well as the resources already disbursed to the member under the HIPC Initiative (see Section VII above).