Honduras: 2023 Article IV Consultation and Requests for an Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras

Country Report No. 2023/337

IMF Staff Completes Staff-Level Agreement with Somalia on the Sixth Review under the Extended Credit Facility (ECF)

“Somalia has continued to make important progress in rebuilding its economy and institutions, but challenges remain significant. Notwithstanding the resumption of rainfall in 2023Q1, economic activity has been weighed down by the lingering effects of drought, recent floods, and subdued remittances. Food insecurity remains a concern and the security situation is challenging in some parts of the country. Near-term risks are elevated, including a worsening of food insecurity if healthy rainy seasons do not persist or if there is a global food shock.

IMF Staff Concludes Visit to Lebanon

“Lebanon has not undertaken the urgently needed reforms, and this will weigh on the economy for years to come. The lack of political will to make difficult, yet critical, decisions to launch reforms leaves Lebanon with an impaired banking sector, inadequate public services, deteriorating infrastructure, worsening poverty and unemployment conditions, and a further widening of the income gap. Inflation remains in triple digits, further compressing real incomes, and foreign exchange (FX) reserves continued to decline in the first half of the year, including due to Banque du Liban's (BdL’s) financing of quasi-fiscal operations and the large current account deficit.”

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