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IMF Executive Board Concludes 2025 Article IV Consultation and Completes Fifth Review Under the Extended Credit Facility with Zambia
August 5, 2025
From Micro to Macro: Leveraging Microdata to Address Macroeconomic Issues
August 5, 2025
The Banco de la República, the Latin American Reserve Fund (FLAR), the International Monetary Fund, and the IMF Economic Review are inviting paper submissions for their joint conference on “From Micro to Macro: Leveraging Microdata to Address Macroeconomic Issues” to be held in person in Bogotá, Colombia, on August 5-6, 2025.
Zambia: 2025 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
August 5, 2025
Zambia’s economy has stabilized, with average per capita income growth of about
2 percent over 2022–24, supported by continued reform efforts. Inflationary pressures are
gradually subsiding. In 2024, real GDP growth is estimated at 4 percent—well above earlier
projections—underpinned by stronger mining and services performance and prioritizing
electricity access to productive sectors. The authorities’ commitment to reform is yielding
dividends: macroeconomic stability is improving, fiscal consolidation is progressing, and
reserve buffers are strengthening. However, poverty and inequality remain high, and the
economic outlook is vulnerable to external shocks, climate events, and domestic political
pressures ahead of the 2026 elections.
Republic of Tajikistan: Customs Diagnostic and Needs Assessment Mission
August 5, 2025
In December 2022, the IMF’s Fiscal Affairs Department (FAD) and the Caucasus, Central Asia and Mongolia Regional Capacity Development Center (CCAMTAC) initiated CD assistance to formulate a Medium-Term Revenue Strategy (MTRS) at the request of the Minister of Finance (MOF). This initial phase identified essential tax administration reforms to support the future MTRS, with a recommendation to include customs reform as a critical component of the strategy.
Republic of Equatorial Guinea: Staff Report for the 2025 Article IV Consultation and First and Second Reviews Under the Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Equatorial Guinea
August 4, 2025
A decade of steady decline in hydrocarbon production has put fiscal and
external accounts under strain and heightened the need for economic diversification.
Fund Management approved a 12-month Staff Monitored Program (SMP) in June 2024
to establish the reform track record required for a potential IMF financing arrangement.
Saudi Arabia: 2025 Article IV Consultation-Press Release; and Staff Report
August 4, 2025
As its economic diversification advances, Saudi Arabia has shown strong
resilience to external shocks. Non-oil economic activities continue to expand, inflation is
contained, and unemployment has fallen to record-low levels. While lower oil proceeds
and investment-linked imports led to the emergence of twin deficits, the country
maintains ample external and fiscal buffers.
IMF Staff Completes Article IV Mission to Colombia
August 1, 2025
Domestic Revenue Mobilization in Guinea-Bissau
August 1, 2025
This paper quantifies Guinea-Bissau’s tax potential using a stochastic frontier model and investigates the underlying sources of untapped revenue. Beyond benchmarking performance against structural peers, it tackles the complex drivers of low revenue mobilization, including high informality, administrative inefficiencies, a fragmented tax system, and weak enforcement. The analysis distinguishes between structural constraints and policy or institutional gaps, offering a nuanced diagnosis of where reforms can yield the greatest returns. It finds that Guinea-Bissau has significant scope to increase domestic revenue by broadening the tax base, enhancing compliance, and strengthening core tax functions. Targeted, sequenced reforms in administration and policy could help close the tax gap and support more sustainable, resilient public finances.