Country Reports
2025
May 21, 2025
Republic of Kosovo: Fourth Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
Description: This is the final review under the Stand-by Arrangement (SBA) and the Resilience and Sustainability Facility (RSF). The SBA has supported macroeconomic stability, provided insurance against shocks, and guided fiscal and financial reforms. The RSF has helped advance the authorities’ strategic objectives to increase renewable energy generation, boost energy efficiency, and enhance regional cooperation. Growth accelerated in 2024, driven by private consumption, while inflation has declined sharply. The fiscal deficit was low in 2024, and public debt further declined. However, the current account deficit widened with higher imports and lower remittances growth. Following the February 9 parliamentary elections, a new coalition government has yet to be formed. The outlook is favorable, but risks include escalation of trade tensions, higher commodity prices, weaker activity in advanced Europe, and tensions in northern Kosovo.
May 19, 2025
West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union
Description: Economic growth continues to be strong in the WAEMU, while inflation has fallen back to its target range. An appropriately tight monetary policy, along with progress in reducing external imbalances, is supporting a strong recovery in reserves back above the lower end of the adequacy range. However, there is significant divergence among WAEMU member states in macroeconomic performance, policies, and resilience. In addition, public debt ratios have been significantly increasing in recent years and are particularly high in some member states. The region remains vulnerable to potential shocks, notably delays in oil production, falls in commodity prices (notably cocoa and gold), and constraints on external financing.
May 19, 2025
West African Economic and Monetary Union: Selected Issues
Description: 2025 Selected Issues
May 17, 2025
Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria and Request for an Arrangement Under the Resilience and Sustainable Facility -Press Release; Staff Report; and Statement by the Executive Director for Pakistan
Description: The authorities’ policy efforts have continued to bear fruit. Financial and external conditions have continued to improve, with a current account surplus in the first eight months of FY25 and reserves exceeding program projections. Inflation has recently declined to historical lows, although core inflation remains elevated at around 9 percent. The economic recovery is continuing, although growth in FY25H1 was somewhat lower than anticipated.
May 13, 2025
St. Kitts and Nevis: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
Description: In the context of a moderation of growth following the post-pandemic rebound, the economy is facing significant challenges. The fiscal outlook has notably deteriorated against the background of structurally lower Citizenship-By-Investment (CBI) revenues, and the current account deficit has widened. Public banks are facing long-standing weaknesses, which may have important implications for financial stability and fiscal sustainability, while lending from private banks and credit unions is expanding rapidly.
May 13, 2025
Costa Rica: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica
Description: Costa Rica has achieved remarkable economic progress through private sector-led growth and the sustained implementation of institutional and supply side reforms. The economic outlook is expected to remain favorable in the near term. Further institutionalizing the progress made under the IMF-supported reform programs will help sustain long-run growth and raise living standards.
May 9, 2025
Mali: Request for Disbursement Under the Rapid Credit Facility and Request for a Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Mali
Description: Following an unprecedented heatwave in April 2024, Mali experienced extreme flooding of a one-in-fifty-year magnitude between July and November 2024. This caused significant damage to public infrastructure and loss of livelihoods, exacerbating already-elevated food insecurity and internal displacement of people against a backdrop of ongoing conflict, a continued electricity supply crisis and heightened policy uncertainty.
May 8, 2025
Eastern Caribbean Currency Union: 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report
Description: The currency union has been providing a strong anchor for macroeconomic stability in a shock-prone region, highlighted by the impact of Hurricane Beryl last year. Tourism-backed post-pandemic growth has been strong, and inflation has moderated in tune with global trends. Public debt has modestly declined but remains high. The financial system is stable, though continues to face challenges from balance sheet weaknesses, weak bank lending conditions, and non-banking sector vulnerabilities. Medium-term GDP growth is projected to moderate as most of the region nears full tourism capacity, with weak productivity growth, subdued investment, and rapid population ageing weighing on the outlook. Key downside risks stem from the unpredictable external environment, uncertain Citizenship-by-Investment (CBI) inflows, and natural disasters (NDs).
May 7, 2025
Guyana: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana
Description: Guyana’s economy has grown rapidly over the past two decades, progressing from low-middle-income to high-income status—the only Heavily Indebted Poor Countries (HIPC) Initiative participant to achieve this milestone. Oil production is fast ramping up and, together with strong non-oil growth and large-scale infrastructure investment, it is supporting the highest real GDP growth rate in the world at a recorded average of 47 percent in 2022–24. The government is making significant investments, funded by oil revenue, to promote inclusive and sustainable development while striving for resilient growth. Fundamentals remain strong, with no clear signs of overheating, amid substantial accumulation of the oil revenue windfall in the Natural Resource Fund (NRF).