The macroeconomic outlook remains weak. Public debt remains
elevated, at around 100 percent of GDP, despite a recent debt restructuring agreement
with private external bondholders. Growth is projected at just under 2 percent over the
medium term. The envisaged tightening of the fiscal stance reflected in the budget for
FY2017/18, of 4 percentage points of GDP, is an important first step toward fiscal
consolidation, but would not be sufficient to put public debt on a decisive downward
trajectory. Withdrawal of Correspondent Banking Relationships (CBRs) and low capital
buffers, particularly in a systemic bank, are key threats to financial stability.
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