IMF Executive Board Concludes 2023 Article IV Consultation Discussions with the Kingdom of the Netherlands—Curaçao and Sint Maarten

Context. Curaçao and Sint Maarten continue to recover from major shocks. Both countries have had two years of robust growth driven by a strong rebound of tourism, although the benefits of recovery have not reached all sectors. The recovery in tourist arrivals was among the fastest in the Caribbean and the current outcomes are above the pre-pandemic levels. Sint Maarten has further to go to reach levels seen before hurricane Irma in 2017. Similar to other countries, Curaçao experienced a strong bout of inflation, which affected the vulnerable. The international reserves of the monetary union of Curaçao and Sint Maarten remain at a comfortable level despite the elevated external current account deficit, which was due in part to higher import prices. The banking system remains well-capitalized and liquid.

IMF staff and the Argentine Authorities Reach Staff-Level Agreement on the Combined Fifth and Sixth Reviews of the Extended Fund Facility Arrangement

• The Argentine authorities and IMF staff have reached staff-level agreement on the combined fifth and sixth reviews under Argentina’s 30-month Extended Fund Facility (EFF) arrangement. The agreement is subject to the continued implementation of agreed policy actions and approval by the IMF Executive Board, which is expected to meet in the second half of August. Upon completion of the fifth and sixth reviews, Argentina will have access of about US$7.5 billion. The next review is expected to take place in November.

IMF Executive Board Discussed First Review under Malawi’s Staff-Monitored Program with Executive Board Involvement

The Executive Board of the International Monetary Fund (IMF) discussed the first review of the Staff-Monitored Program with Executive Board Involvement (PMB) for Malawi. Malawi has been affected by a series of shocks— including an outbreak of cholera and Cyclone Freddy, which caused significant loss of life and damage to infrastructure—since the approval of the PMB on November 11, 2022.

Serbia: First section of the Peace Highway opened

The first 5.5 km section of the Niš-Merdare highway was opened today by Republic of Serbia President Aleksandar Vučić and the Ambassador of the European Union to Serbia Emanuele Giaufret, in the presence of representatives of EIB Global, the European Bank for Reconstruction and Development (EBRD) and Serbian ministers. The contract for this first section of the highway was signed in September 2021 during the visit of European Commission President Ursula von der Leyen.

Subscribe to