Newsletter Issue No. 123 | January 2019

IMF programme supports stable economic outlook

The cooperation with the IMF, which was resumed at the end of last year, has already borne fruit. Inflation is slowly declining; foreign exchange reserves have reached a multi-year high and public finances contin-ue to consolidate. The macroeconomic and financial situation is therefore stable, which is not a given in the light of the upcoming elections and a rather vola-tile global environment. Given the high external pub-lic debt interest and principal payments schedules for the current and upcoming year (USD 13.3 bn), there is no alternative to the cooperation with the IMF.

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