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IMF Country Reports Open in your browser Principality of Andorra: Selected Issues May 4, 2026 2026 Selected Issues READ MORE YOU MAY ALSO BE INTERESTED IN: COUNTRY INFO IMF VIDEOS DATA TOOL NEWS AND INTERVIEWS IMF BLOG F&D MAGAZINE EVENTS PODCASTS NEWSLETTER FOLLOW US ON: This email has been sent to theworldbanka...@googlegroups.com Make changes to your subscription, unsubscribe or add more items here.

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Principality of Andorra: 2026 the Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Principality of Andorra May 4, 2026 Andorra’s small open economy continues to grow above potential driven by external demand and a prospering financial services industry. Inflation is edging upwards after a period of moderation amidst a labor market operating near full employment. Cautious fiscal management continues to drive overall budget surpluses and reinforce fiscal buffers. Banks are profitable with ample capital, however, the size of their consolidated assets – at more than 5 times GDP – presents a systemic risk. The war in the Middle East will weigh on growth and put upward pressure on inflation in the near term while challenges including low productivity, lack of affordable housing, capacity limitations, and impact of climate change on winter tourism will put downward pressure on growth over the medium term and aging will strain public finances. The European Union Association Agreement (EUAA) offers the opportunity to deepen the integration into the EU’s single market and diversify Andorra’s sources of growth, but there will be transition costs and the exact timeframe for ratification remains uncertain. Reforms to the public pension and healthcare systems are needed to make them sustainable. READ MORE

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Federated States of Micronesia: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Federated States of Micronesia May 5, 2026 The Federated States of Micronesia (FSM) is progressing to achieve development goals, under challenging circumstances. Medium-term growth prospects remain subdued, with inflation gradually moderating. Risks are tilted to the downside; further delays in executing public investment amidst intensifying climate change would depress growth, which exacerbates emigration and skills shortages, leading to a negative feedback loop. READ MORE

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Austria: Detailed Assessment Report on Anti-Money Laundering/Combating the Financing of Terrorism May 6, 2026 This report provides a summary of the anti-money laundering and counter-terrorist financing (AML/CFT) measures in place in Austria as at the date of the on-site visit June 16–July 2, 2025. This report analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the effectiveness of Austria’s AML/CFT system and provides recommendations on how this system could be improved. READ MORE

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St. Kitts and Nevis: 2026 Article IV Consultation-Press Release; and Staff Report May 8, 2026 A windfall from Citizenship by Investment (CBI) Program revenues between 2021 and 2023 led to a significant increase in current spending. Following a sharp decline in CBI revenues since 2024, the authorities have implemented reforms primarily to streamline current expenditure and taken steps to mobilize revenue and to further strengthen the integrity and sustainability of the CBI program. Nevertheless, the fiscal deficit remains high, and reduced fiscal buffers limit the government’s capacity to respond to external shocks and meet development needs. The current account deficit also remains wide despite resilient tourism activity. Financial soundness has improved but vulnerabilities persist, particularly among public banks. Amid higher oil prices linked to the war in the Middle East, growth is still projected to rebound in 2026—albeit less than expected before the outbreak of the war—while inflation is projected to increase moderately. Potential growth has weakened over the past decades, constrained by low contributions from physical and human capital, while the economy is highly exposed to natural disasters (NDs). Near-term risks for growth are tilted to the downside, while inflation risks are tilted to the upside amid high global uncertainty. READ MORE

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Angola: Financial Sector Assessment Program-Financial System Stability Assessment May 8, 2026 The FSAP takes place as the economy shows signs of recovery, but lingering concerns remain over liquidity pressures, given the fragile fiscal position and looming sizable external debt service. Angola’s oil-dependent economy recovered in 2024; yet sovereign and private financing conditions remained tight. The bank-dominated financial sector is small and appears adequately capitalized on average, but certain vulnerabilities persist, including high non-performing loans, a substantial sovereign-bank nexus, and exposure to foreign exchange and climate-related financial risks. Liquidity indicators are high, with the bulk of banks’ funding coming from residents’ deposits. READ MORE

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Angola: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola May 8, 2026 A significant decline in oil production weakened fiscal and external positions. Overall growth held up in 2025, partly supported by public spending. Inflation eased from its peak, partly due to tight monetary policy, but remained at double digits. Despite a pickup in non-oil economic growth in recent years, non-oil revenues remained constrained while oil revenues declined sharply. Angola’s access to international markets has improved but elevated fiscal financing needs continued to crowd out social spending and private credit while further weakening the external position. The 2026 budget envisages fiscal consolidation and reaffirms a commitment to prudent debt management to preserve macroeconomic stability while addressing critical spending needs. READ MORE

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Angola: Selected Issues May 8, 2026 2026 Selected Issues READ MORE

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Kiribati: Selected Issues May 15, 2026

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Kiribati: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati May 15, 2026 Kiribati is pursuing an ambitious development agenda amid structural challenges due to its remoteness, limited landmass, and exposure to weather shocks. The government priorities are to accelerate growth, by maximizing returns from its vast ocean territory, and to enhance human development, by improving health, education, and access to infrastructure. Growth has been resilient, supported by consumption and public investment projects. The government is primarily funded by fishing license revenues which have declined as a share of GDP. Coupled with the recent expansion of social benefits and subsidies, this contributed to persistent fiscal and current account deficits, which might limit the ability to address new shocks and weigh on long‑term development and debt sustainability. READ MORE

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Spain: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain May 22, 2026 The Spanish economy has continued to outperform euro area peers, as a pickup in domestic demand has offset subdued exports. Notwithstanding the impact from the war in the Middle East, growth is projected to remain robust in the near term before slowing further as labor force gains, which have fueled growth in recent years, taper. Risks are predominantly to downside. READ MORE

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Spain: Selected Issues May 22, 2026 2026 Selected Issues READ MORE

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Argentina: 2026 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Argentina May 22, 2026 Argentina: 2026 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Argentina READ MORE

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Argentina: Selected Issues

May 22, 2026 2026 Selected Issues

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The Republic of Azerbaijan: Staff Report for the 2026 Article IV Consultation May 27, 2026 Economic momentum waned in 2025, coming off elevated growth in 2024. Inflation rose, driven by food prices, but remains within the target band. The war in the Middle East has heightened uncertainty, even as it potentially augments Azerbaijan's buffers. Addressing any inflationary pressures as well as—given falling hydrocarbon reserves—sustained fiscal consolidation and economic diversification are the main challenges. READ MORE

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Greece: Financial System Stability Assessment May 27, 2026 The first Financial Sector Assessment Program (FSAP) of Greece since 2006 has found risks to financial stability were low prior to the start of the war in the Middle East and remain manageable. The Greek financial system has experienced significant consolidation since the Greek Sovereign Crisis and is dominated by four systemically important (SI) banks. These banks underwent major asset cleanups through the securitization and sales of non-performing loans (NPLs) since 2019. They now enjoy strong balance sheets, profitability, and liquidity on the back of low-cost deposit bases and loans to domestic non-financial corporates (NFCs). However, mortgage and SME lending markets remain limited, partly due to the slow pace of resolution of the large stock of NPLs now managed by credit servicers (approximately 2.9 million loans from 2.4 million borrowers out of a population of 10.4 million people). Other non-bank financial institutions (NBFIs) play only a limited role in the Greek financial system. READ MORE

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Greece: Selected Issues May 27, 2026 Selected Issues READ MORE

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Greece: 2026 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Greece May 27, 2026 The energy price shock from the war in the Middle East is a considerable headwind, but strong investment and ongoing reforms in the context of the Next Generation EU (NGEU) are supporting growth. Public sector balance sheets continue to improve, with the public debt-to-GDP ratio declining rapidly, creating some policy space to meet external challenges. However, private sector balance sheet repair is incomplete and structural impediments—low overall investment, sluggish productivity growth, and unfavorable demographics—weigh on medium-term growth and external balances. READ MORE

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Sri Lanka: Fifth and Sixth Reviews under the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka May 27, 2026 Gains from the reform program enabled a swift response to Cyclone Ditwah and the Middle East conflict, and helped preserve economic resilience. The final year of the Extended Fund Facility program focuses on consolidating gains and strengthening growth foundations. Uncertainties from the Middle East conflict and global trade policy have increased downside risks to macroeconomic and social stability. READ MORE

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Peru: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru May 29, 2026 Peru is benefiting from its most favorable terms of trade since the 1950s, driven by high metal prices, which have buoyed domestic demand and strengthened the fiscal and external positions. Despite political uncertainty and recent energy price shocks, very strong macroeconomic policy frameworks have helped sustain market confidence, lower financial volatility, and preserve market access on favorable terms. READ MORE

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People's Republic of China-Hong Kong Special Administrative Region: 2026 Article IV Consultation Discussions-Press Release; and Staff Report June 1, 2026 Growth in 2025 proved stronger than expected, buoyed by tech exports, the return of tourism, and a faster recovery in private consumption. Capital markets and business services benefitted from stronger demand, building on the role of Hong Kong SAR as a super-connector between the Chinese mainland and the rest of the world. However, deeper integration with the Mainland also increases exposure to related risks and competition, while weak private investment and lower labor force participation underscore remaining structural headwinds. In response, the authorities are advancing efforts to develop new growth drivers anchored in long-term investment in the Northern Metropolis to promote innovation and technology. READ MORE

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People's Republic of China-Hong Kong Special Administrative Region: Selected Issues June 1, 2026 Selected Issues READ MORE

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Costa Rica: Report for the 2026 Article IV Consultation and Review under the Flexible Credit Line Arrangement-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Costa Rica June 1, 2026 Costa Rica continues to weather well the effects of external shocks as it now faces new uncertainties linked to the Middle East war. The authorities have been proactive in accumulating buffers which will provide important insurance in the event of a more adverse-than-expected external environment. The medium-term outlook for the country remains favorable. READ MORE

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Trinidad and Tobago: Selected Issues June 5, 2026 Selected Issues READ MORE

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Trinidad and Tobago: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago June 5, 2026 Trinidad and Tobago’s economy has been slowly recovering toward pre-pandemic levels with low inflation. The financial system appears well-capitalized and profitable with adequate liquidity and low non-performing loans. The current account balance remains in surplus, but the external position has weakened, and international reserves, while still at adequate levels, have declined. The fiscal position has deteriorated in recent years due to lower energy revenues and increased current spending, and public debt has risen. In April 2025, Trinidad and Tobago held general elections, and the opposition United National Congress (UNC) won a parliamentary majority. READ MORE

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Republic of North Macedonia: Selected Issues June 8, 2026 Selected Issues READ MORE

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Republic of North Macedonia: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of North Macedonia June 8, 2026 North Macedonia is facing headwinds from the global energy shock, which is weighing on growth while increasing inflation pressures. At the same time, weak productivity gains constrain medium‑term growth prospects. Despite the challenges, the authorities are well-positioned to advance EU accession, safeguard macroeconomic stability, and advance structural reforms to accelerate income convergence with the EU. READ MORE

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Nepal: 2026 Article IV Consultation and Seventh Review under the Extended Credit Facility Arrangement-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Nepal June 8, 2026 The growth momentum that strengthened in FY2024/25 was disrupted by two successive shocks in FY2025/26—one domestic and one external. Economic activity slowed in H1 FY2025/26 caused by the September 2025 unrest which heightened uncertainty, weakened business confidence, and delayed private investment decisions. In H2 FY2025/26, spillovers from the war in the Middle East will likely weaken domestic demand further. As a result, growth in FY2025/26 is revised down to 3 percent, well below potential. Going forward, the smooth transition of power to a single-majority government following the March 5 elections, is expected to reduce uncertainty and boost confidence. Inflation is expected to pick-up from current low levels but will remain around the Nepal Rastra Bank’s (NRB) target of about 5 percent. The external buffers will remain strong due to robust growth in exports, buoyant remittances, and strong tourism in H1 FY2025/26 which will more than offset projected higher imports and lower remittance growth in H2 FY2025/26. Non-performing loans have continued to rise, eroding bank capital. The financial health of the savings and credit cooperatives (SACCOs) remains challenging. READ MORE

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Nepal: Selected Issues

June 8, 2026 Selected Issues

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Nigeria: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria June 9, 2026 Strong reforms over the past 3 years have yielded improved macroeconomic outcomes and built resilience. Higher global fuel, food and fertilizer prices will improve exports and fiscal revenues, but also give rise to inflationary pressures, likely aggravating poverty and food insecurity. The government aims to foster high and inclusive growth via improved productivity and ensuring that reform gains benefit all Nigerians. Presidential elections will take place in January 2027. READ MORE

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Suriname: Post-Financing Assessment Discussions-Press Release; and Staff Report June 10, 2026 Following successful completion of a Fund-supported program, economic growth has been robust, fiscal outturns have improved following the unwinding of pre-election excesses, and the sovereign has been able to tap global debt markets to fund liability management operations. However, efforts to contain reserve money growth have been insufficient and inflation has risen into double digits. READ MORE

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Papua New Guinea: Sixth Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Extended Credit Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea June 10, 2026 Despite a fragile socio-political environment, the Papua New Guinea’s (PNG) authorities have steadily implemented their homegrown reform agenda, demonstrating strong commitment to the program objectives. Fiscal repair has proceeded as planned through greater revenue mobilization and expenditure rationalization; the overvaluation of the Kina has greatly narrowed, contributing to the easing of foreign exchange (FX) shortages; and the Bank of PNG’s (BPNG) governance and autonomy have been strengthened. Reforms to address weakness in governance and mitigate balance of payments risks posed by climate change have advanced as well. While the outlook is subject to a high degree of uncertainty, economic prospects are projected to remain favorable and largely supported by the resilience of the non-resource sector. READ MORE

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Peru: Selected Issues June 11, 2026 Selected Issues READ MORE

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Namibia: Selected Issues

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Namibia: 2026 Article IV Consultation-Press Release; and Staff Report June 11, 2026 The war in the Middle East poses the most immediate risk to Namibia's economy, with higher fuel prices and weaker global demand as the main transmission channels. While Namibia has been relatively resilient to global trade tensions, they have further compounded the existing slump in diamond prices driven by lab-grown competition. Namibia has, however, benefited from higher prices for its two other key commodity exports, gold and uranium, which are likely to remain elevated amid global uncertainties. International oil companies continue to explore oil and gas investment opportunities, bringing in significant foreign direct investment (FDI). The administration, which took office in March 2025, is prioritizing job creation in the face of persistent high unemployment. A sharp decline in Southern African Customs Union (SACU) transfers has contributed to a weaker fiscal balance in FY25/26 and elevated public debt. Improving government expenditure efficiency and reducing the wage bill is essential to ease the debt-service burden and place public debt on a downward path. Meanwhile, the Bank of Namibia has brought its policy rate close to that of the South African Reserve Bank, with the rate currently 25 basis points below. READ MORE

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Republic of Serbia: Third Review Under the Policy Coordination Instrument; Press Release and Staff Report June 15, 2026 The Serbian economy has shown resilience despite headwinds from energy supply disruptions, a weak harvest, domestic protests, global trade tensions, and the war in the Middle East. Looking ahead, the war is expected to keep energy sector risks elevated, constraining growth even as rising real incomes and EXPO-related activity provide support. The approaching electoral cycle could weaken policy discipline and delay structural reforms, further weighing on medium-term growth constrained by slowing capital accumulation and modest productivity gains. READ MORE

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Greece: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis June 18, 2026 The Greek economy has experienced a strong post-COVID recovery and much improved sovereign sustainability. Growth rebounded, outperforming most Euro Area peers, and the unemployment rate steadily declined to single digits. Substantial fiscal consolidation on the back of strong growth has reduced public debt-to-GDP and the medium-term risk of sovereign stress is assessed as moderate. The country regained an investment grade rating from all major rating agencies by early 2025 with the sovereign spread currently in line with euro area peers. READ MORE

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Greece: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools June 18, 2026 Overall Greece has been proactive and effective in its use of macroprudential policy, but interagency coordination should be formalized. The Bank of Greece (BoG) has been active in its role as the designated macroprudential authority and has introduced a positive neutral (PN) countercyclical capital buffer (CCyB) and borrower-based measures (BBMs) to guard against future risks. The BoG should further enhance its risk surveillance capabilities and be ready to adjust its macroprudential toolkit as risks evolve. Though informal collaborations dating back to the crisis era have worked well, interagency coordination should be formalized through regular meetings of the national interagency Systemic Stability Council (SSC). This is important to prepare for a greater role of non-bank financial institutions as Greek financial markets evolve. READ MORE

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Greece: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions June 18, 2026 Supervision of less significant institutions (LSIs) is effective in Greece. The Bank of Greece (BoG) approach to LSI supervision is thorough, systematic and intrusive. The core of the supervisory approach is the Supervisory Review and Evaluation Process (SREP), an EU framework that BoG uses with adaptations for Greece, its local risks and environment. The process is transparent internally and to the LSIs themselves, with risks clearly identified and reflected in both supervisory actions and Pillar 2 capital add-ons. BoG benefits from robust independence and an ability to attract and retain staff with the desired skills and experience, as illustrated during the last recruitment process, and has increased resources to reflect changing needs (such as DORA implementation). However, there is a need for some medium-term resource planning and continued vigilance on emerging risks, such as Information Communication Technologies (ICT) and cyber, to ensure they are adequately resourced. Collaboration and coordination with other parties are effective, both internally (such as the AML supervisors) and externally (with other supervisors and authorities). One area where processes could be tighter and the framework better calibrated is the enforcement and sanctioning regime, where penalties might better reflect the offence and provide the right level of deterrence. READ MORE

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Greece: Financial Sector Assessment Program-Technical Note on Insolvency and Creditor Rights and Workout of Distressed Debt by Credit Servicers June 18, 2026 This note provides an overview of the insolvency and creditor rights’ regime in Greece and analyzes select relevant aspects in the context of an overall assessment of the Greek financial sector. It focuses on two key areas: (i) the issues affecting mortgage enforcement in Greece; and (ii) the reorganization options available to large corporations. Mortgage enforcement was considered particularly relevant given the very high level of non-preforming loans (NPLs) in the Greek financial system, of which residential mortgages make up a third of the NPLs now held primarily by non-bank institutions and serviced by the Greek credit servicers. Hence mortgage enforcement is critical to the process of legacy NPL resolution. Corporate restructuring options were also considered particularly relevant from a forward-looking perspective given the observed high concentration of bank lending to large corporates. This analysis has been conducted against the international insolvency standard (the “Standard”).2 READ MORE

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Cyprus: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus June 23, 2026 Recent Developments and Outlook: Growth remained strong in 2025, supported by robust domestic demand and services exports. Inflation fell last year, reflecting favorable supply-side developments. But following the war in the Middle East, inflation has rebounded on higher energy prices; activity is expected to moderate. Since labor market tightness limits further gains from employment, sustaining longer-term growth will depend on investment and productivity enhancing reforms—especially improving judicial efficiency, strengthening skills and digital/AI readiness, and advancing energysector reforms and infrastructure. READ MORE