IMF/WB Spring Meetings, April 2025 – trip notes
Stuart Culverhouse
—
Chief Economist
30 Apr 2025
Focus on Angola, Gabon, Ghana, Mozambique, Senegal in SSA; Bolivia, Suriname in Latam; and Maldives
Main takeaways are signs of optimism on Senegal and Ghana, and Mozambique (albeit a bit less so)
Little new to report on Angola, Gabon; Bolivia and Maldives still unsustainable
We attended the IMF/WB Spring Meetings over 23-25 April last week, hosting a number of bilateral meetings with IMF mission chiefs, resident representatives and country teams – our meetings covered 35 countries in all.
In this report, we provide our key takeaways on the countries listed above. The views we set out are our own.
We make no changes to our existing recommendations: Buys on Ghana and Suriname bonds (hold on the VRI), Holds on Angola, Gabon, Mozambique, Senegal, Sell on Bolivia, Maldives.
In addition, we highlight two regional themes (i) the awkward time the IMF is having in SSA and (ii) funding pressures in the CFA zone.
Read the full report on the Tellimer App
Stuart has over 20 years’ experience as an economist in both the public and private sectors and has been covering EMs since 2000. He joined Tellimer in July 2006 and heads the team of macro and fixed-income analysts. Previously, he worked for the UK government Economic Service and as an Economic Adviser at the Export Credits Guarantee Department.