Papua New Guinea: Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea

Country Report No. 2023/126

IMF Staff Reaches Staff-Level Agreement with Seychelles on a Resilience Sustainability Fund (RSF) Program and a new Extended Fund Facility (EFF) Arrangement

“The Seychellois authorities and an IMF staff team reached a staff-level agreement on policies and reforms under a new 36-month Extended Fund Facility arrangement and a Resilience and Sustainability Faciity program, with a requested access of 185 percent of quota under the EFF (SDR 42.36 million) and 150 percent of quota under the RSF (SDR 34.35 million). The new EFF would support the authorities in their efforts to build on the progress in macroeconomic, fiscal, and financial reforms started under the EFF that was approved in July 2021. The RSF financing will help the authorities advance their efforts in building resilience against climate change. The agreement is subject to approval by the IMF Management and Executive Board. Consideration by the Board is tentatively scheduled for May 2023.

Cyprus: Staff Concluding Statement of the 2023 Article IV Mission

1. Cyprus’s economy has proved resilient to the fallout from Russia’s invasion of Ukraine, but surging energy prices pushed up inflation. Output grew by 5.6 percent in 2022 as consumption recovered on the back of post-COVID pent-up demand, tourist arrivals rebounded (despite the impact of the war on arrivals from Russia and Ukraine), and the ICT sector continued expanding supported by an influx of new companies. Employment has recovered to pre-COVID levels and unemployment has dropped to a post-financial-crisis low. However, high energy prices contributed to a pickup of inflation, transmitting to other prices amid the tight labor market.

Subscribe to