Being indebted represents significant risks associated with global financial instability in a world where financial stability hangs precariously between debt and economic growth. The International Monetary Fund (IMF) casts a critical eye over countries navigating the perilous seas of fiscal...

Three years of war have taken a staggering social, humanitarian, and economic toll. Efforts to end the war, and potential changes to international support retain the exceptionally high uncertainty to the outlook. Yet, the authorities' commitment to reforms and fulfillment of all necessary Fund...

The fifth review of a three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded on July 10, 2024. Resilient activity in the non-hydrocarbon sector supported economic growth in 2024, while oil production continued to surprise on the downside....

Economic recovery has continued, but growth remains subdued. Structural and governance weaknesses, ongoing internal conflicts and security concerns, social tensions around presidential elections in October 2025, and climate hazards continue to hinder the growth outlook, which is also unfavorably...

Political uncertainty remains high with another change of government in July 2024-the fifth since the beginning of the Fund-supported program. Substantial flooding and landslides in September 2024 further weighed on sluggish domestic demand, though conversely helping strengthen the external...

Real GDP growth stabilized at 4.2 percent in 2024. Led by food and energy prices, year-on-year inflation persisted, rising from 7.3 percent in March 2024 to 8.6 percent in December 2024 as deteriorating road and electricity infrastructure continued to weigh on transportation and production...

El Salvador has recovered well from the pandemic, supported by robust remittances and buoyant tourism flows, amid a sharp improvement in the country's security situation. Inflation has fallen and the external imbalances have narrowed more recently, consistent with a gradual improvement in public...

Sri Lanka underwent a political transition with presidential and parliamentary elections in late 2024. The new authorities expressed commitment to the program. Reform efforts are bearing fruit with growth recovering, low inflation, increased revenue collection, and reserves accumulation. By...

This paper highlights the First Review under the Staff-Monitored Program (SMP). The SMP takes into account Haiti's fragility and capacity constraints, linked to security. Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both...

This paper presents Republic of Kosovo's Fourth reviews under the Stand-By Arrangement and the Arrangement under the Resilience and Sustainability Facility. Kosovo's economic performance continues to be strong. In 2024, growth was 4.4 percent, driven by household consumption, supported by strong...

This paper presents Pakistan's First Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of Performance Criteria, and Request for an Arrangement under the Resilience and Sustainable Facility (RSF). The IMF Executive Board completed the first...

This paper presents Mali's Request for Disbursement under the Rapid Credit Facility (RCF) and Request for a Staff-Monitored Program (SMP). Mali's economy faces climate shocks amid security and humanitarian crisis, and tight financing. Recent flooding damaged infrastructure and agriculture,...

We construct a unique dataset by collecting macro-financial commitments data using textual analysis of the Memorandum of Economic and Financial Policies (MEFPs), a document outlining, inter-alia, policy commitments by member countries, in the context of an IMF-supported program. We combine this...

This Handbook provides guidance to staff on the IMF's facilities available to countries eligible to obtain concessional financing from the Fund under the PRGT, namely low-income countries (LICs). It updates the previous version of the Handbook that was published in March 2023 by incorporating...

This paper presents Suriname's Ninth Review Under the Extended Arrangement under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review. The objectives of the program have been broadly achieved. The economy is growing,...

This paper highlights Argentina's Request for an Extended Arrangement under the Extended Fund Facility. Building on the authorities' strong track record, the arrangement supports the transition to a new phase of their stabilization and growth plan to entrench macroeconomic stability, strengthen...

This paper presents Morocco's Request for an Arrangement under the Flexible Credit Line (FCL) and Cancellation of the Current Arrangement. The Moroccan economy has shown sustained track record of implementing very strong policies and remarkable resilience to recent shocks, although a succession...

This paper presents Côte d'Ivoire's 2024 Article IV Consultation, Third Reviews under Extended Arrangement under the Extended Fund Facility and the Arrangement under the Extended Credit Facility, Request for Modification of a Quantitative Performance Criterion, and Second Review under the...

This paper focuses Morocco's 2025 Article IV Consultation and Third Review under the Arrangement under the Resilience and Sustainability Facility. The Moroccan economy continued to show resilience despite another year of drought, with real gross domestic product growth projected to slow modestly...

This paper presents Burkina Faso's Second Review under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review. Burkina Faso's performance under the program has been satisfactory. The authorities met all quantitative performance criteria, all indicative targets but one,...

Legislative elections in January 2025 widened the ruling party's majority. Economic activity softened during 2024, but with signs of year-end recovery that have continued in the first months of 2025. Real GDP growth in 2024 is estimated at 3.3 percent. Inflation has been persistent, averaging 5...

The authorities' implementation of the home-grown economic recovery and transformation (BERT 2022) plan and ambitious climate agenda has remained strong, supported by the IMF's Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. Economic activity was...

Armenia's economic outlook is broadly favorable. Real GDP growth remains strong, gradually decelerating from its previous highs as temporary external drivers have continued to dissipate. Inflation has picked up in recent months but remains moderate, around the CBA's target. The current account...

Economic momentum remains strong, and inflation is slowly coming down. Despite strong revenue collection efforts, fiscal performance in 2024 was weaker than anticipated due to unbudgeted spending pressures and faster execution of foreign financed capital projects. The foreign exchange market...

The summer 2024 uprising has significantly disrupted the IMF-supported program, necessitating a recalibration. Massive protests led to the ousting of the previous government, the formation of an interim cabinet, and the replacement of Bangladesh Bank's Governor. While some stability has...

Economic growth for Seychelles in 2024 is estimated at 2.9 percent. Year-on-year inflation reached 1.7 percent as of December, driven by an increase in utility prices and pass-through effects of currency depreciation. Fiscal performance in 2024 was tighter than budgeted, driven mainly by...

CAR's ECF-supported program has helped support crucial governance and transparency reforms, aided by improvements in the security environment. Nonetheless, fiscal pressures persist, as revenue mobilization has not kept pace with rising spending and debt service. Particularly, fuel supply...

Papua New Guinea (PNG) is navigating a wide range of macroeconomic and social challenges. The economy was beset by a series of exogenous shocks over the past decade, including low commodity prices, droughts, earthquakes, and the COVID-19 pandemic, which adversely affected growth, contributed to...

Economic resilience continues, and the recalibration of monetary and exchange rate policies initiated in 2024 is bearing fruit, with the economy rebalancing, inflation contained, international reserves strengthening, and foreign exchange market conditions improving. Progress under the...

Despite a challenging external environment, Rwanda's economy grew by 8.9 percent in 2024, driven by robust performances in services, construction, and food crop production. Inflation stabilized within the central bank's target range, underpinned by a combination of tight monetary policy and...

An impressive reform track record has simultaneously spurred GDP growth and reduced public debt, economic fundamentals are very strong, and the economic outlook remains favorable. The authorities are committed to maintaining their very strong policies and frameworks

Bolivia's chronic macroeconomic imbalances have reached acute levels, exacerbated by a structural decline in gas production, sociopolitical tensions, and climate shocks. Fiscal deficits are large and are predominantly being financed by the central bank. Usable foreign exchange (FX) reserves have...

This paper evaluates the transition from X12-ARIMA to X13-ARIMA-SEATS for the seasonal adjustment of Armenia's quarterly national accounts (QNA). We analyze the methodological advancements and their impact on key economic indicators, focusing on the precision and reliability of seasonally...

Liberia continues to face substantial long-term development challenges. Resource constraints and substantial gaps in infrastructure and human capital have hindered Liberia's growth prospects and the authorities' efforts to improve living standards. Addressing these challenges will require...

Cabo Verde's recent strong economic growth is driven by tourism, exports, private consumption, and remittances, but hampered by slow government investment. The government has maintained macro-financial stability but faces risks from global uncertainties, supply chain issues, and commodity price...

Economic activity has slowed reflecting falling natural gas production, lower public investment execution, financial volatility, and disruptions due to socio-political tensions. Bolivia's inflation rate remains one of the lowest in the region, sustained by price controls and costly subsidies....

The Board approved Ethiopia's request for a four-year arrangement under the Extended Credit Facility (ECF arrangement) in July 2024 to support the authorities' Homegrown Economic Reform Agenda. The Fund-supported program addresses macroeconomic imbalances, aiming to restore external debt...

Niger remains trapped in high levels of fragility and conflict, which are exacerbated by climate shocks. This year, flooding combined with heavy rain affected more than 1.5 million people. The socio-political environment remains challenging. Political instability and sanctions following the...

The authorities have requested a three-month extension of the Extended Credit Facility (ECF) arrangement set to expire on January 20, 2025. The three-year arrangement was approved by the Executive Board on January 21, 2022, with access of SDR 324.0 million (200 percent of quota). The extension...

The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF)

This gap-filling paper provides granular advice on how to design quantitative and structural conditionality of IMF-supported programs in six expenditure policy areas: social assistance, energy subsidies, pension spending, health spending, education spending, and wage bill management. Such...

Recent developments. Haiti is facing exceptionally challenging circumstances. The deteriorating security environment, which reached crisis proportions in the first few months of 2024, has continued to worsen, disrupting supply chains (particularly energy and basic services) and feeding...

The authorities' commitment to a range of policy reforms continues to strengthen macroeconomic stability. The economy is growing, inflation is receding, donor support is increasing, the public debt is declining, and international bond spreads are at historic lows. The Final Investment Decision...

Following the shocks of recent years, fiscal expansion has helped preserve robust economic growth but has also pushed up Togo's public debt and contributed to vulnerabilities in the West African Economic and Monetary Union (WAEMU). Further, despite the fiscal expansion, Togo's progress towards...

The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024-the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the...

On March 25, 2022, the IMF Executive Board approved a 30-month arrangement for Argentina supported by the Extended Fund Facility (2022 EFF). Amounting to US$44 billion (1,001 percent of quota), it was the second largest non-precautionary arrangement in the Fund's history after the 2018 Stand-by...