Power Hungry: How AI Will Drive Energy Demand
Working Paper No. 2025/081
2025 Handbook of IMF Facilities for Low-Income Countries
Policy Paper No. 2025/010
Uzbekistan: Staff Concluding Statement of the 2025 Article IV Mission
The economy has continued to perform strongly. Real GDP growth was robust at 6.5 percent in 2024, supported by strong domestic demand. The external current account deficit narrowed by 2.6 percentage points of GDP to 5.0 percent in 2024 on the back of strong remittances, high commodity prices, rapidly growing non-gold exports, and the winding down of a one-off increase in imports in 2023. International reserves remain ample. The consolidated government deficit (CGD) fell by 1.7 percentage points of GDP to 3.2 percent in 2024, largely reflecting a reduction in energy subsidies and better-targeted social expenditure, with higher gold prices mitigating lower VAT revenues from high VAT refunds. However, the reduction in domestic demand from the smaller deficit was dampened by higher spending in the broader public sector, including from SOEs, facilitated by an increase in the external borrowing ceiling. Inflation remains elevated, with a headline reading of 10.3 percent year-on-year (y/y) in March 2025, reflecting last year’s needed increases in energy tariffs and other administered prices, as well as spillovers into other prices.
Transcript of April 2025 Fiscal Monitor Press Briefing
Transcript of April 2025 Fiscal Monitor Press Briefing
IMF Staff Reaches Staff Level Agreement with Armenia on the Fifth Review of the Stand-By Arrangement
IMF staff and the Armenian authorities have reached a staff-level agreement on the fifth review under the 3-year Stand-By Arrangement (SBA), which the Armenian authorities treat as precautionary. The SBA aims to support the government’s policy and reform agenda to maintain macroeconomic stability and foster sustainable and inclusive growth.
2025 Annual Evaluation Review
Sound project design, robust monitoring systems, and strategic digital innovation are crucial to enhance the Asian Development Bank’s (ADB) development effectiveness, according to the 2025 Annual Evaluation Review (AER). Published by the Independent Evaluation Department (IED), the AER provides an independent, high-level summary of ADB’s operational performance and development effectiveness.
New Development Bank
The Independent Evaluation Office (IEO) of the New Development Bank conducts evaluations to improve the NDB’s development effectiveness and to further the achievement of the Bank’s mandate. Independent evaluation plays a central role to drive quality and development impact of the Bank.
The IEO is responsible for independently evaluating the Bank’s policies, strategies, processes, initiatives and operations. The IEO will also contribute and provide oversight to improve the effectiveness of the Bank’s quality assurance and self-evaluation activities.