United Arab Emirates: 2021 Article IV Consultation-Press Release; and Staff Report
United Arab Emirates: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-17

Total Pages: 67

ISBN-13:

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A swift policy response helped mitigate the economic impact of the twin COVID-19 and oil price shocks and contain the initial spread of the virus. A gradual recovery driven by the non-oil sector is underway, following a deep recession in 2020. Fiscal and external balances have improved with recent oil price increases. The UAE is among the world leaders in delivering vaccinations, with nearly 85 percent of the population fully vaccinated as of October 2021.

Arab Republic of Egypt: 2021 Article IV Consultation, Second Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt
Arab Republic of Egypt: 2021 Article IV Consultation, Second Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-22

Total Pages: 108

ISBN-13: 1513592041

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The economic and social impact of the COVID-19 pandemic over the past year has been well-managed by the authorities. Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock. Sound economic policies helped deliver macroeconomic stabilization, safeguard debt sustainability, and preserve investor confidence. While growth is expected to rebound in FY2021/22, the outlook is still clouded by uncertainty related to the pandemic and the pace of vaccinations. High public debt and large gross financing needs leave Egypt vulnerable to external shocks or changes in financial market conditions for EMs. Near-term fiscal and monetary policies should thus continue to support the recovery without accumulating undue imbalances.

Global Waves of Debt
Global Waves of Debt

Author: M. Ayhan Kose

Publisher: World Bank Publications

Published: 2021-03-03

Total Pages: 403

ISBN-13: 1464815453

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The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-10-05

Total Pages: 104

ISBN-13: 1513595512

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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.”

International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021

Author: International Monetary Fund. Secretary's Department

Publisher: International Monetary Fund

Published: 2021-10-04

Total Pages: 74

ISBN-13: 1513568817

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A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

Norway: 2021 Article IV Consultation-Press Release; Staff Report; and Staff Statement
Norway: 2021 Article IV Consultation-Press Release; Staff Report; and Staff Statement

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-10

Total Pages: 71

ISBN-13: 1513573128

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Norway’s key challenge is to get the right balance of support for recovery and adjustment until the crisis is firmly in its past. The authorities intend to continue exceptional policy support into 2021, adjusted to reflect the rebound in economic activity and pace of vaccinations in the second half of the year, and with better targeting to affected sectors. This will support the expected closing of the output gap by 2023 and help mitigate scarring, while also facilitating reallocation of capital and labor.

Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-05-25

Total Pages: 62

ISBN-13: 1513573004

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The pandemic is inflicting much suffering, which has been met with swift, substantial, and well-coordinated policy responses. The anti-crisis measures have helped preserve jobs, provide liquidity to companies and income support to the vulnerable groups. They averted a larger decline in output and kept unemployment under control. After contracting by 5.5 percent in 2020, real GDP is projected to grow by 3.9 percent in 2021 and 4.5 percent in 2022, as vaccinations help achieve herd immunity. However, risks to the outlook are large and tilted to the downside, given the epidemiological situation.

The Revised EBA-Lite Methodology
The Revised EBA-Lite Methodology

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2019-07-03

Total Pages: 58

ISBN-13: 1498324371

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The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability

United Arab Emirates
United Arab Emirates

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

Publisher: International Monetary Fund

Published: 2023-06-26

Total Pages: 69

ISBN-13:

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Economic growth is strong, driven by non-hydrocarbon activity, timely support measures, and the benefits of earlier reforms. Inflation has risen with global trends, while high oil prices support large surpluses in the fiscal and external balances. Banks are adequately capitalized overall, but nonperforming loans remain elevated, albeit down from recent peaks, and real estate prices have risen sharply in some segments. Long-term vulnerabilities from global decarbonization efforts are being addressed through commitments to climate initiatives and a balanced approach to energy transition.