This paper presents Republic of Serbia’s Second Review under the Policy Coordination Instrument and Request for Modification of Quantitative Targets. Serbia’s growth has slowed amid rising domestic and external headwinds. Growth in 2025 is expected to be around 2 percent, before recovering...

Jordan’s economy continues to show resilience despite persistent headwinds from regional conflicts and global economic uncertainty. Thanks to the authorities’ pursuit of sound economic policies and reforms, aided by strong international support, Jordan’s economic activity continues to...

Haiti continues to face exceptional challenges amid a deteriorating security environment and institutional fragility. Gang violence has intensified, undermining state authority and disrupting economic activity. Uncertainty persists over the political transition and the feasibility of holding...

The Managing Director welcomes the Independent Evaluation Office’s assessment of IMF fiscal policy advice over the past 15 years. The evaluation highlights the Fund’s evolution from a narrow focus on debt sustainability to a more balanced framework that integrates output stabilization,...

Papua New Guinea (PNG) is a fragile state with acute development needs, unstable social and political environment, and limited capacity. In the past decade, it faced multiple shocks, including natural disasters, that adversely affected growth, contributed to a sharp increase in public debt, and...

Economic activity remained resilient in 2025. However, the outlook is shadowed by the deepening impact of foreign aid cuts and high uncertainty. These are exacerbated by the challenging domestic security situation and political tensions, as well as climate shocks

This paper examines the effect of IMF staff and executive board announcements on sovereign bond spreads across emerging and developing economies during economic uncertainty. We derive testable predictions from a stylized model in which IMF announcements serve as a signal to ambiguity-averse...

Continued strong policy implementation has helped Pakistan weather several shocks this year. Growth was stronger than anticipated in FY25, but the recent floods moderately dampen the outlook for FY26. Financial conditions and external balances have remained favorable, with Pakistan posting its...

This evaluation reviews the evolution of fiscal advice by the International Monetary Fund (IMF) from 2008 to 2023, analyzing its responsiveness to shifting economic conditions and changing member priorities. Its findings highlight the IMF’s prominent role in shaping global fiscal policy by...

The authorities of Nepal are requesting an extension of the Extended Credit Facility (ECF) arrangement to May 11, 2026. The ECF arrangement is currently due to expire on January 11, 2026. It was approved by the Executive Board on January 12, 2022 for the equivalent of SDR 282.42 million (180...