Brazil 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Brazil
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 84 |
| Release | : 2021-09-22 |
| Genre | : Business & Economics |
| ISBN | : 1513594915 |
Economic performance has been much better than expected, in part due to the authorities’ forceful policy response. Nevertheless, Brazil’s long-standing challenges of low growth, high debt, and elevated levels of poverty and inequality have been exacerbated by the pandemic. Tragically, more than 550,000 Brazilians have died from COVID-19.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2021-08-04 |
| Genre | : Business & Economics |
| ISBN | : 1513593056 |
Following the October 2020 election, the new administration moved to tackle the devastating human and economic effects of the COVID-19 pandemic. The economy shows signs of recovery from its 8.8 percent contraction in 2020. However, fiscal imbalances have increased and international reserves continue to fall. On February 12, Bolivia repurchased the 240.1 million SDR purchase under the Fund’s Rapid Financing Instrument (that was approved by the Fund’s Executive Board in April 2020).
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 85 |
| Release | : 2022-01-25 |
| Genre | : |
| ISBN | : |
2021 Article IV Consultation--Press Release; Staff Report; and Statement by the Executive Director for Uruguay
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 89 |
| Release | : 2021-10-15 |
| Genre | : Business & Economics |
| ISBN | : 1513598929 |
The ongoing COVID-19 pandemic has created a prolonged health crisis. Economic activity was slowing prior to the pandemic. Two COVID-19 waves have resulted in a deep and broad-based economic downturn with the potential for a longer lasting impact. The authorities have responded with fiscal policy, including scaled-up support to vulnerable groups, monetary policy easing and liquidity provision, and accommodative financial sector and regulatory policies. Despite the pandemic, the authorities have continued to implement structural reforms.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 114 |
| Release | : 2022-01-28 |
| Genre | : Business & Economics |
| ISBN | : |
The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 104 |
| Release | : 2021-06-03 |
| Genre | : Business & Economics |
| ISBN | : 1513573020 |
A nascent recovery is underway in Thailand following the COVID-19 downturn. Ample policy buffers, underpinned by judicious management of public finances, allowed the authorities to implement a multipronged package of fiscal, monetary, and financial policies to mitigate the COVID-19 impact on households, businesses, and the financial system. This, together with rigorous containment measures, led to a successful flattening of the infection curve during most of 2020. Nevertheless, the pandemic has taken a large toll on the economy, potentially inducing long-term scarring and increasing inequality.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 78 |
| Release | : 2021-07-15 |
| Genre | : Business & Economics |
| ISBN | : 1513594435 |
Germany’s economy contracted by just under 5 percent in 2020, outperforming most European peers. But renewed waves of infections and associated lockdowns caused economic activity to plunge again in the first quarter of this year. While the pace of mass vaccination has picked up and the economy has started to reopen, the recovery path is beset with risks, particularly with respect to the progress of the pandemic and supply shortages in major industries. The authorities have maintained appropriately accommodative fiscal and financial policies, and most measures supporting households and firms have been extended through 2021.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 82 |
| Release | : 2021-07-30 |
| Genre | : Business & Economics |
| ISBN | : 1513588141 |
After over two decades of unprecedented economic expansion, Panama’s economy contracted sharply in 2020 amidst challenges from the COVID-19 pandemic. As conditions rapidly deteriorated, Panama requested financial support under the Rapid Financing Instrument (RFI) for 100 percent of quota equivalent to US$0.5 billion (SDR 0.4 billion) to address immediate balance of payments needs, which the IMF Executive Board approved on April 15, 2020. Subsequently, uncertainties magnified, and Panama requested a two-year arrangement under the Precautionary and Liquidity Line (PLL) for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.9 billion), as insurance against extreme external shocks, which was approved by the IMF Executive Board on January 19, 2021.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 127 |
| Release | : 2022-02-11 |
| Genre | : Business & Economics |
| ISBN | : |
South Africa’s subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 104 |
| Release | : 2021-10-05 |
| Genre | : Business & Economics |
| ISBN | : 1513595512 |
The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality. Debt sustainability challenges precluded Fund financial assistance during the pandemic, and the Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review. Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices. However, the risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks. The authorities are actively negotiating the resolution of pending external arrears. Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”
