Vanuatu 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Vanuatu

Available via the Internet: https://www.imf.org/en/News/Articles/2021/03/22/pr2173-marshall-islands-imf-staff-completes2021-article-iv-mission ______, 2021b, “Samoa: 2021 Article IV Consultation,” IMF Country Report No.

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

ISBN: 9781513597171

Category: Business & Economics

Page: 94

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Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive economic damage in 2020. In the context of a continued loss of correspondent banking relationships (CBRs) in the Pacific, Vanuatu also lost a key CBR at end-June 2021. Air Vanuatu, one of the state-owned enterprises (SOEs), is in the process of being restructured.
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Brazil 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Brazil

FOR IMMEDIATE RELEASE Washington, DC – September 22, 2021: On September 10, 2021, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Brazil. Economic performance has been better than ...

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

ISBN: 9781513594910

Category: Business & Economics

Page: 83

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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.
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Kuwait 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Kuwait

2021. Article. IV. Consultation. with. Kuwait. FOR IMMEDIATE RELEASE WASHINGTON, DC – March 14, 2022: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Kuwait.1 The authorities ...

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9798400205736

Category: Business & Economics

Page: 66

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Sustained political gridlock has hobbled reforms and increased macroeconomic vulnerabilities, but a new high-level effort offers hope for resolving the impasse. The authorities have been preparing a comprehensive reform plan which, if adopted by parliament, would pave the way to address the structural and fiscal imbalances in the economy and promote sustainable and inclusive growth. The authorities responded swiftly and decisively to the COVID-19 crisis with social distancing restrictions and fiscal, monetary, and financial policy support measures. In 2021, a high rate of vaccination was achieved, although there has been a major surge in infections with the recent arrival of the Omicron variant. A nascent economic recovery is underway, supported by higher oil prices and some relaxation of mobility restrictions. However, substantial uncertainties to the economic outlook underscore the importance of phasing out COVID-19 relief measures at a measured pace as the economy recovers, and of accelerating the reform momentum to limit risks and rebuild buffers. Banks entered the crisis from a position of strength and have remained well capitalized and highly liquid.
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Singapore 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Singapore

FOR IMMEDIATE RELEASE Washington, DC – July 16, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Singapore. Singapore entered the COVID-19 pandemic with sizable policy space ...

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9781513586038

Category: Business & Economics

Page: 82

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Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout. Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021, underpinned by a recovery in domestic demand and a positive contribution from net exports. The uncertainty surrounding the outlook is larger than usual.
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Republic of Fiji 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of Fiji

FOR IMMEDIATE RELEASE Washington, DC – December 3, 2021: On November 29, 2021, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Fiji. Fiji has been hard hit by the COVID-19 ...

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

ISBN: 9781616356149

Category: Business & Economics

Page: 65

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Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.
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Belize 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Belize

FOR IMMEDIATE RELEASE Washington, DC – June 2, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Belize. The COVID-19 pandemic has hit Belize hard.

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9781513573113

Category: Business & Economics

Page: 56

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Belize has been hit hard by the COVID-19 pandemic, which led to a deep recession and worsened fiscal and external positions from already weak levels. The opposition People’s United Party won the November 2020 elections by a wide margin, which gives the new government a unique opportunity to jump start much needed reforms to reduce large imbalances and anchor strong and inclusive growth.
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Algeria 2021 Article IV Consultation Press Release and Staff Report and Statement by the Executive Director for Algeria

2021. Article. IV. Consultation. with. Algeria. FOR IMMEDIATE RELEASE Washington, DC – November 19, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Algeria.

Author: International Monetary Fund. Middle East and Central Asia Dept.

Publisher: International Monetary Fund

ISBN: 9781616357948

Category: Business & Economics

Page: 85

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The concomitant Covid-19 pandemic and oil price shock in 2020 have taken a heavy toll on the Algerian economy and the population. The authorities’ response helped mitigate the social and economic impact of the crisis. Nevertheless, the crisis exacerbated the Algerian economy’s vulnerabilities, making even more urgent the need for a new, more inclusive and sustainable, growth model. A recovery is underway in 2021, but the outlook remains challenging. While the recent rebound in hydrocarbon prices should buoy the recovery and ease immediate financing constraints, addressing long-standing structural challenges will help to realize Algeria’s vast growth potential for the benefit of its population.
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Federated States of Micronesia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Federated States of Micronesia

FOR IMMEDIATE RELEASE Washington, DC – November 1, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with the Federated States of Micronesia (FSM) on October 27, 2021.

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9781616350932

Category: Business & Economics

Page: 80

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The COVID-19 pandemic and related containment measures have put severe strains on the economy. The economic policy response has been strong and generally appropriate, helping counter the negative effects of the pandemic. Nevertheless, as the international borders remain shut, the economic contraction is likely to deepen in FY2021. A slow recovery is expected for FY2022 driven by a gradual border reopening. The FSM is facing significant medium-term uncertainty, owing to the possible expiration of grants and other assistance provided under the Compact Agreement with the United States. The FSM is also highly vulnerable to climate change-induced natural disasters.
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India 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for India

FOR IMMEDIATE RELEASE Washington, DC – October 15, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with India. India was among the fastest-growing economies in the world in the ...

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9781513598925

Category: Business & Economics

Page: 88

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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.
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Republic of Serbia 2021 Article IV Consultation and Request for a 30 Month Policy Coordination Instrument Press Release Staff Report and Statement by the Executive Director for Republic of Serbia

Washington, DC – June 18, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Republic of Serbia and approved a new 30month Policy Coordination Instrument (PCI).2 Serbia has ...

Author: International Monetary

Publisher: International Monetary Fund

ISBN: 9781513583181

Category: Business & Economics

Page: 106

View: 662

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Recent economic developments. Supported by a large policy package, Serbia’s economy rebounded quickly from the initial COVID-19 shock, recording a 1 percent contraction of real GDP in 2020. Job losses have mostly been contained to the informal sector, thanks to policy measures aimed at preserving formal employment. A supplementary budget for 2021 was adopted in April boosting capital expenditure and extending policy support to households and corporates, against the background of third and fourth waves of infections and related containment measures, as well as a weaker-than-expected economic recovery in key trading partners. Inflation remains low. After rising again in late February, infections tapered, helped by new containment measures and the rapid vaccine rollout.
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