Category: Russian Finance

Source: IMF – News in Russian

June 24, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

• Vietnam’s economy started 2025 strongly, with 6.9% year-on-year growth in the first
• quarter. However, the outlook is more challenging amid global trade tensions and high uncertainty.
• There is room for greater support by fiscal policy to cushion the impact of global shocks if needed. Allowing more flexibility in the exchange rate and strengthening the financial system will be important.
• Implementation of the ambitious reform agenda encompassing institutional overhauls, private sector strengthening, and infrastructure improvements present an opportunity to raise medium-term growth. Further reforms to boost productivity, strengthen governance, and improve the business environment are also critical.

Hanoi: An International Monetary Fund (IMF) team, led by Mr. Paulo Medas, held discussions for the 2025 Article IV consultation with the Vietnamese authorities from June 11-24, 2025. The team exchanged views with Deputy Prime Minister Ho Duc Phoc, senior officials of the State Bank of Vietnam (SBV), the Ministry of Finance, the National Assembly, and other government agencies. It also met with representatives from the private sector, think tanks, and other stakeholders.

At the conclusion of the mission, Mr. Medas issued the following statement:

“The Vietnamese economy rebounded strongly in 2024, growing at 7.1 percent backed by robust exports, resilient foreign direct investment (FDI), and supportive policies. This momentum continued into the first quarter of 2025, with economic activity expanding by 6.9 percent (y/y). Inflation remained contained. The current account surplus reached a record 6.6 percent of GDP in 2024.

“The outlook is heavily dependent on the outcome of trade negotiations and is constrained by elevated global uncertainty on trade policies and economic growth. Our projections, in line with the IMF April 2025 World Economic Outlook, assumes high tariffs take effect in the third quarter. In such a scenario, economic growth is projected to slow to 5.4 percent in 2025 and decelerate further in 2026.  However, if global trade tensions subside, the economic outlook would improve significantly.

“Downside risks are high. A further escalation in global trade tensions or a tightening of global financial conditions could weaken further exports and investment. Domestically, financial stress could re-emerge from tighter financial conditions and high corporate indebtedness. On the upside, achieving nondiscriminatory trade agreements and successfully implementing planned infrastructure and structural reforms could significantly boost medium-term growth.

“Given the uncertain outlook, policy priorities should focus on preserving macro-financial stability while navigating economic adjustments. Fiscal policy, supported by low level of public debt, should take the lead in cushioning the near-term impact especially under downside scenarios. Accelerated implementation of public investment and strengthening social safety nets would be important.

“Monetary policy has much more limited room and should be decisively focused on anchoring inflation expectations. Allowing the exchange rate flexibility will be critical as the economy adjusts to the external shock. Some monetary easing could be considered if global interest rates decline as expected and inflation falls. Vigilance is needed to monitor and act against inflation pressures arise, including due to external shocks. These challenges underscore the importance of modernizing the monetary policy framework to enhance its effectiveness and anchor stability, including by replacing credit growth limits with an improved prudential framework.

“Further efforts are needed to strengthen financial sector soundness. To bolster banking system resilience, priorities include strengthening bank supervision, build liquidity and capital buffers, and further improving the bank resolution framework.

“The government’s plans for an ambitious reform agenda are very welcome and could boost medium-term growth, but implementation will be key. The government’s focus on institutional reforms to enhance efficiency, strengthen private sector development, and plans to scale up public investment is a major step forward. It will be important to develop and implement concrete reforms to improve key infrastructure (e.g., logistics, energy), functioning of capital markets, education and training, and productivity.  To maximize the return on large investments, it is critical to strengthen public investment management and adopt a sound macro-fiscal strategy to preserve the health of public finances. Efforts to strengthen economic governance are essential, including strengthening the AML/CFT regime, and efforts in this regard are welcome. Vietnam’s rapid economic growth is outpacing the development of its economic statistics and urgent efforts are needed to close data gaps to support effective policymaking and risk management.

“The team is grateful to the authorities for their warm hospitality and the candid and insightful discussions.”

https://www.imf.org/en/News/Articles/2025/06/24/pr-25214-vietnam-imf-staff-completes-2025-article-iv-mission

MIL OSI

Source: IMF – News in Russian

Faster investment approvals, greater labor force participation, public-private R&D collaboration and steps to harness critical minerals and renewable energy can support higher growth

https://www.imf.org/en/News/Articles/2025/06/24/cf-chile-can-grow-faster-but-it-wont-be-like-its-the-1990s-again

MIL OSI

Source: IMF – News in Russian

June 24, 2025

• The IMF Executive Board completed today the fourth review under the Extended Credit Facility Arrangement with the Union of the Comoros. Approval of the fourth review enables an immediate disbursement of SDR 3.56 million (about US$ 4.87 million).
• Program performance remains broadly on track despite setbacks in 2024 linked to a lengthy political transition and external shocks. The authorities have reaffirmed their commitment to the ECF-supported reform agenda and are determined to demonstrate stronger program ownership in the period ahead.
• Economic conditions remain broadly stable, supported by adequate external buffers and continued program engagement, despite persistent inflationary pressures. Implementation of the ECF-supported program is helping to safeguard macroeconomic stability, advance critical structural reforms, and mobilize concessional financing to address Comoros’s significant development and financing needs.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the fourth review under the Union of the Comoros’ Extended Credit Facility (ECF) arrangement. The Executive Board’s decision allows for an immediate disbursement of SDR 3.56 million (about US$ 4.87 million), bringing the total disbursements so far under the arrangement to about $23.7 million. The 4-year ECF arrangement was approved on June 1, 2023 (See Press Release No. 23/194) with an access of SDR 32.04 million (about US$ 43 million).  

In completing the review, the Executive Board also approved the authorities’ requests for (i) waivers of nonobservance of the quantitative performance criteria (QPCs) on tax revenue and the domestic primary balance at end of 2024 and the continuous QPC on the non-accumulation of external arrears and (ii) modifications to the end of December 2025 QPCs on tax revenue and domestic primary balance to reflect corrective actions for missing these QPCs at end-2024.

While there is considerable progress towards the achievement of program objectives, significant and continued effort is required to maintain the reform momentum. The authorities have reiterated their strong commitment to the ECF-supported program and despite recent setbacks. Two of five QPCs were met as of end of December 2024 and 8 of the 11 structural benchmarks (SBs) expected between end of November 2024 and end of May 2025 were also met. 

Comoros’ economic reform program supported by the ECF arrangement seeks to reduce fragility and increase economic resilience by building fiscal buffers, reducing debt vulnerabilities, strengthening the financial sector, and enhancing governance. Key policy priorities for the program remain unchanged and include: (i) mobilizing domestic revenue through reforms to strengthen tax and customs administration and streamline tax exemptions; (ii) stabilizing the financial sector including through the restructuring of the state-owned postal bank SNPSF and enhancing the Central Bank’s banking supervision and resolution capacities; and (iii) strengthening governance through PFM and anti-corruption reforms.

Economic conditions remain broadly stable, though risks persist. Growth is estimated at 3.3 percent in 2024 and projected to rise to 3.8 percent in 2025, supported by public investment and recovering private sector credit. Inflation averaged 5 percent in 2024 and reached 7.3 percent (y/y) in March 2025, driven by food price pressures linked to cyclone-related supply disruptions and strong seasonal demand. As a result, average inflation for 2025 has been revised upward from 1.8 to 3.8 percent. Fiscal consolidation was weaker than expected in 2024 largely due to revenue shortfalls, but a stronger adjustment is planned for 2025, supported by corrective measures. The external position remains stable, with the current account deficit estimated at 2.2 percent of GDP and international reserves covering 7.4 months of imports in 2024. Reserves are projected to exceed 8.5 months over the program period.

Following the Executive Board’s discussion, Mr. Nigel Clarke, Deputy Managing Director, and Acting Chair, issued the following statement:

“The Comorian authorities remain committed to their reform agenda under the Extended Credit Facility-supported program, despite setbacks in 2024 linked to a lengthy political transition and external shocks. While the external position remains stable—supported by continued reserve accumulation—economic momentum softened amid elevated food inflation and cyclone-related supply shocks. These challenges highlight Comoros’s structural vulnerabilities as a small, fragile island state with limited fiscal space, weak diversification, and exposure to external and climate risks.

“Fiscal policy continues to focus on a medium-term consolidation agenda to safeguard debt sustainability. Although 2024 fiscal outturns were weaker than expected driven largely by underperformance in tax revenue, the authorities are addressing the revenue shortfalls through corrective measures aimed at strengthening customs enforcement, improving taxpayer compliance, and recovering tax arrears.

“Monetary policy remains focused on preserving external stability through the euro peg, alongside gradual improvements in liquidity management. While inflation remains elevated, the BCC stands ready to tighten its stance if inflation or reserve pressures persist. The central bank has expanded liquidity absorption capacity and begun publishing its operations calendar, with further reforms planned. Progress in financial supervision, resolution planning, and recapitalization—and sound operationalization of the new postal bank (BPC)—will be key to reinforcing financial sector resilience.

“Governance and institutional reforms are progressing, though unevenly. Key achievements include operationalizing the Anti-Corruption Chamber, enhancing fiscal transparency, and adopting budget management regulations. Nonetheless, challenges persist in liquidity forecasting and cash management, accuracy in budget execution reporting, and reform implementation capacity. Strengthening the Treasury Committee, improving SOE oversight, and sustaining the PFM reform strategy remain essential to bolstering fiscal credibility.

“Program implementation has regained momentum following a slowdown in late 2024. Continued engagement with the IMF and donor partners will be essential to safeguard macroeconomic stability, advance reforms, catalyze grants and concessional financing, and address capacity gaps.”

https://www.imf.org/en/News/Articles/2025/06/24/pr25215-comoros-imf-completes-the-fourth-review-under-the-extended-credit-facility-arrangement

MIL OSI

Source: IMF – News in Russian

June 23, 2025

• The IMF Executive Board concluded the combined third and fourth reviews of Bangladesh’s arrangements under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) and approved an extension, augmentation and rephasing of access. This decision provides Bangladesh with immediate access to about US$884 million.
• The IMF Executive Board also concluded the combined Third and Fourth Reviews of Bangladesh’s arrangement under the Resilience and Sustainability Facility (RSF), making available about US$453 million to support the Bangladesh economy’s resilience to climate change.
• Bangladesh’s program performance has been broadly satisfactory despite the difficult political and economic context and increased downside risks. Advancing the reform agenda is critical to restoring economic stability, protecting the vulnerable, and supporting inclusive and environmentally sustainable growth.

Washington, DC: The Executive Board of the International Monetary Fund completed the combined Third and Fourth Reviews of Bangladesh’s arrangements under the Extended Credit Facility (ECF), the Extended Fund Facility (EFF), and the Resilience and Sustainability Facility (RSF). The Executive Board also approved an augmentation of SDR 567.19 million (53.2 percent of quota) for the ECF/EFF arrangements and a six-month extension. Completion of these reviews allows the authorities to immediately withdraw SDR 650.5 million (about US$884 million) under the ECF/EFF, and SDR 333.3 million (about US$453 million) under the RSF.[1]

Further, the IMF Executive Board approved a modification of performance criteria and granted a waiver for the non-observance of the performance criterion related to the non-imposition and non-intensification of exchange restrictions, based on the temporary nature of the non-observance and the implementation of corrective measures.

Bangladesh’s arrangements under the ECF/EFF/RSF  were approved on January 30, 2023, in an amount equivalent to SDR 2.5 billion (154.3 percent of quota or about US$3.3 billion) under the ECF/EFF and SDR 1 billion (93.8 percent of quota or about US$1.4 billion) under the RSF (PR no. 23/25)

The augmentation approved by the Executive Board today brings the total financial assistance under the ECF and EFF arrangements to SDR 3,035.65 million (about US$ 4.1billion), alongside concurrent RSF arrangements of SDR 1 billion (about US$1.4 billion). The enlarged enhanced ECF/EFF is aimed at restoring macroeconomic stability, promoting inclusive growth, and protecting the vulnerable. The RSF arrangement has secured fiscal space needed to build resilience against climate risks.

Bangladesh’s macroeconomic challenges have increased since the popular uprising in the summer of 2024, which led to the ouster of the previous government. The timely formation of an interim government has helped stabilize political and security conditions, fostering a gradual return to economic stability. However, the economic outlook has worsened due to persistent political uncertainty, continuation of tighter policy mix, rising trade barriers, and increasing stress in the banking sector.

Program performance for the third and fourth reviews remains broadly satisfactory despite the difficult political and economic context. The authorities are fully committed to implementing necessary policies under the program and have recently pressed forward with critical reforms to increase exchange rate flexibility and boost tax revenues.

The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

Executive Board Assessment[3]

Following the Executive Board’s discussion, Mr. Nigel Clarke, Deputy Managing Director, and Acting Chair, made the following statement:

“Bangladesh’s economy continues to navigate multiple macroeconomic challenges. Despite a difficult environment, program performance has remained broadly on track, and the authorities are committed to implementing necessary policy actions and reforms. The IMF-supported programs are helping safeguard macroeconomic stability and protect the most vulnerable, while accelerating reforms to support resilient and inclusive growth.

“Near-term policies should prioritize rebuilding external resilience and reducing inflation. The authorities’ recent steps to implement a new exchange rate regime and include revenue-enhancing measures in the FY2026 budget are welcome. A balanced policy mix—anchored in maintaining a tight monetary policy stance, greater exchange rate flexibility, and revenue-based fiscal consolidation—will support efforts to restore both external and internal balances.

“Efforts to raise tax revenues and rationalize expenditures—including through subsidy reduction—are critical for creating the fiscal space needed to strengthen social, development, and climate initiatives. Sustained progress in reducing government subsidies to a fiscally sustainable level, along with enhanced public financial management, is essential to improving spending efficiency and mitigating fiscal risks.

“Financial sector policy should prioritize safeguarding stability and addressing rising vulnerabilities. Developing a comprehensive, sequenced strategy to guide reforms is an immediate priority, followed by the swift implementation of the new legal frameworks to enable orderly bank restructuring while protecting small depositors.

“Sustained structural reforms are essential for Bangladesh to achieve its goal of attaining upper middle-income status. Key priorities include diversifying exports, attracting greater foreign direct investment, strengthening governance, and enhancing data quality.

“Building resilience to natural disasters is essential for achieving high and inclusive growth. The RSF’s focus on strengthening institutions and policy coordination as well as on enhancing the efficiency of climate-related spending remains critical, including in helping mobilize climate finance.”

[1] SDR figures for the disbursed are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

[2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/bangladesh page.

[3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

https://www.imf.org/en/News/Articles/2025/06/23/pr-25213-bangladesh-imf-concludes-combined-3rd-and-4th-reviews-under-the-ecf-eff-and-rsf

MIL OSI

Source: IMF – News in Russian

June 23, 2025

An International Monetary Fund (IMF) mission led by Mr. Alexander Culiuc visited Guatemala City during June 10-20, 2025 for the 2025 Article IV consultation. At the end of the visit, the mission issued the following statement:

• Prudent macroeconomic management has supported Guatemala’s resilience, delivering low inflation, robust policy buffers and a sustained current account surplus. With rising external uncertainty and mounting risks, stronger, more inclusive growth and poverty reduction can be achieved by accelerating reform implementation and enhancing policy coordination.
• Raising private investment from current low levels requires complementary public inputs—infrastructure, educated and healthy labor force, security—which can only be adequately delivered by simultaneously raising public spending and improving its quality.
• Improving quality and efficiency of spending entails better budget formulation, targeting, execution and control, and swift implementation of the anti-corruption agenda. We welcome the authorities’ efforts in this regard.
• In the short term, existing fiscal space enables financing higher levels of spending with debt, with greater reliance on domestic borrowing.
• In the medium term, raising revenues—primarily via comprehensive tax policy reform—would revert deficits to around 2 percent of GDP to preserve debt sustainability while maintaining priority spending at adequate levels.
• Other structural and governance reforms pursued by the authorities, including in the financial and labor sectors—particularly urgent in the case of the AML/CFT law—will help support private sector growth. Continued commitment to dialogue and consensus-building can sustain progress on key legislative initiatives.

Recent Economic Developments, Outlook, and Risks

Guatemala’s economy remains resilient despite rising external risks and domestic challenges. Real GDP grew by 3.7 percent in 2024, supported by strong private consumption. Inflation has eased significantly, with headline inflation falling to 1.7 percent in May 2025, while core inflation remains near 4 percent, and inflation expectations are well anchored. The current account surplus narrowed to 2.9 percent of GDP in 2024 as imports picked up, while remittances stabilized at 19 percent of GDP and international reserves reached US$27.1 billion. Public debt remains low—under 27 percent of GDP—and Guatemala is now only one notch below investment grade. Banguat kept its policy rate unchanged at 4.5 percent since the 25bps cut in November 2024.

Guatemala endeavors an investment-biased fiscal expansion. The August 2024 supplementary budget prioritized infrastructure and social spending and targeted a deficit of 2.7 percent of GDP; the realized deficit was significantly lower at 1 percent of GDP. The 2025 budget continues this expansionary approach, with a further increase in infrastructure and social allocations. While the original budget targeted a deficit of 3.2 percent of GDP, a supplementary budget, specifying carryovers from 2024 and one-off pension payments, raised the budget deficit to a notably high 3.8 percent of GDP.

The outlook for 2025 is encouraging; sustaining the growth momentum over the medium term will require steadfast policy implementation. Real GDP growth is projected at 3¾ percent in 2025, with the fiscal impulse expected to help cushion the effects of softening global demand and high uncertainty. Beyond 2025, growth is projected to slightly exceed 3½ percent, although an acceleration in public infrastructure execution and structural reforms could push both actual and potential growth higher in the outer projection years. Headline inflation is expected to gradually converge toward the monetary policy target, while the fiscal deficit is projected to remain elevated by historical standards at just below 3 percent of GDP through the medium term. The current account surplus is expected to narrow and eventually close, while public debt is projected to climb above 30 percent of GDP in the medium term.

The balance of risks is tilted to the downside. On the domestic front, there is a risk that ongoing political tensions could impede progress on legislative initiatives. Nonetheless, important progress has been made over the past year—including the approval of the 2025 budget and the competition law—demonstrating the capacity for reform even in a complex environment. Externally, intensified and/or protracted global trade disputes would weigh further on investment sentiment, although Guatemala is somewhat better positioned to weather additional trade shocks than some regional peers. Further changes in U.S. migration policy—including the proposed 3.5 percent excise tax on remittances—could disrupt remittance-supported consumption. On the upside, lower net emigration also offers a window to boost domestic employment if accompanied by targeted efforts to expand job opportunities in the formal private sector.

Fiscal Policy

The 2025 expansionary fiscal stance is appropriate, as private demand is projected to soften in the remainder of the year. Structural bottlenecks and recently strengthened anti-corruption controls are likely to limit the execution of capital spending, with the deficit projected at around 2½ percent of GDP, well below the revised budget of 3.8 percent. The historically high (1.3 percent of GDP) transfers to Departmental Development Councils (CODEDEs) require close oversight and monitoring amidst concerns of elevated risks of misallocation and inefficient use. The authorities’ ongoing multi-institutional efforts to strengthen the transparency, accountability, monitoring of CODEDEs transfers and capacity of municipalities are welcome and should be sustained.

A combination of revenue and expenditure reforms is needed in the medium term. Authorities should seek ways of reverting fiscal deficits closer to historical levels (around 2 percent of GDP) without jeopardizing the much-needed surge in public infrastructure and social spending. The tax authority (SAT) has made commendable steps in strengthening compliance through the rollout of mandatory electronic invoicing, enhanced border enforcement to combat smuggling, and more robust audits of high-income individuals and large corporations. Efforts to improve mobilization—in line with the now-public 2024 TADAT report—should continue and be complemented in the medium term by comprehensive tax policy reforms. On the expenditure side, strengthening institutional capacity for systematic expenditure reviews and embedding the National Development Plan into annual and multi-year budgets would align public spending with strategic priorities. A new Public Procurement law—currently under consideration—could alleviate bottlenecks in the execution of capital spending. Improved targeting in social programs would further increase their effectiveness. Strengthening the Medium-Term Fiscal Framework and multiannual budget planning underpinned by realistic, sector-informed projections will bolster confidence—including of market participants—in fiscal sustainability.

A well-calibrated financing strategy would help the macro-policy mix. While solid creditworthiness enables the government to borrow externally on favorable terms, greater reliance on domestic financing under a sound medium term debt management strategy (MTDS) would (i) reduce real appreciation pressures (which already weigh on Guatemala’s external competitiveness), (ii) help develop the domestic financial market, (iii) reduce currency risks, and (iv) lower costs of monetary policy operation incurred by Banguat to maintain price stability. The mission also encourages the Ministry of Finance to consolidate domestic issuances, introduce shorter-maturity instruments to help develop the yield curve, and regularly publish the MTDS and annual borrowing plans.

Monetary and Exchange Policies

The current monetary policy stance is broadly appropriate, but there is scope to further strengthen monetary policy transmission. The ex-ante real policy rate is at 1 percent, within the estimated range for the neutral real rate (1–2 percent). Given prevailing uncertainty regarding the inflationary impact of recent U.S. tariff measures and potential disruptions to global supply chains, there’s scope in maintaining the current policy stance and waiting for greater clarity before making further adjustments. Estimated passthrough of the policy rate to deposit rates has recently increased. More can be done, including by advancing financial market development and competition and reducing reliance on reserve requirements for liquidity management. These efforts should be underpinned by improvements in the legal framework and market infrastructure supporting monetary policy operations.

Banguat’s response to large remittances inflows is appropriate and requires closer coordination with MinFin to address ensuing sterilization costs. Banguat’s FX participation rule delivers a reasonable balance between enabling higher consumption and maintaining external competitiveness. The resulting external position is stronger than fundamentals and desirable policies, but this positive current account gap should be closed by raising investment. On the flip side, Banguat’s policy necessarily relies on costly liquidity sterilization operations to keep inflation in check. While recent international financial conditions have been supportive of Banguat’s profitability, these costs could be further reduced through higher reliance on domestic debt to finance the budget, and closer coordination with MinFin on liquidity management. In the long term, ensuring Banguat’s financial strength will require consistent enforcement of legal provisions mandating budget to cover central bank losses.

Financial Sector

Maintaining financial stability requires continued close monitoring of the system. Guatemala’s banking system remains sound, with solid capital and liquidity buffers and strong profitability. The authorities have made important progress in bolstering the regulatory and supervisory framework through enhanced credit risk regulations, more robust stress testing, broader regulatory coverage, and the inclusion—on a voluntary basis—of savings and credit cooperatives in the Credit Risk Information System. These efforts should be reinforced by expanding risk-based supervision and strengthening oversight of fintech and digital financial services. Adopting revisions to the 2002 Law on Banks and Financial Groups, transitioning to International Financial Reporting Standards, advancing the draft Secondary Market Law, approving the e-money law and continued implementation of other elements of the financial inclusion strategy are needed.

Governance and Structural Agenda

Strengthening governance and advancing structural reforms are critical to fostering inclusive growth and restoring public trust. Key legislative priorities include the adoption of a revised AML/CFT Law aligned with international standards, the Beneficial Ownership Law, the Public Procurement Law and the Law for the Protection of Whistleblowers to ensure secure reporting channels and legal safeguards. With GAFILAT mutual evaluation expected in 2027, further delays with the AML/CFT law could complicate Guatemala’s path to investment grade. Institutional progress—such as the creation of the National Commission Against Corruption and the rollout of probity offices across executive institutions—should be consolidated through a medium-term anti-corruption strategy. Accelerating infrastructure investment through amendments to the law on Partnerships for Development of Economic Infrastructure, and a new law on ports is essential to close persistent gaps and crowd in private investment. Continued efforts to formalize the economy and improve the business environment will help prepare the economy for the impact of lower net emigration on the labor market.

The mission wishes to thank the Guatemalan authorities for their cooperation and openness in the exchanges throughout our visit and wishes them every success in their efforts to move the country towards a new equilibrium characterized by high, inclusive and sustainable growth.

Guatemala: Selected Economic Indicators

https://www.imf.org/en/News/Articles/2025/06/23/guatemala-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI