This paper examines Madagascar’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Nonobservance of Performance Criteria. Madagascar’s performance under the program was broadly satisfactory, taking into account...

The economic outlook remains clouded by regional and domestic security concerns. Real GDP growth and inflation were broadly in line with program projections in 2001–02. The balance of payments position unproved faster than expected. The budget deficit target for 2001–02 (as set...

Madagascar showed strong economic growth and low inflation under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and stressed the need to restore fiscal discipline, improve governance, strengthen the business climate to encourage...

The report provides the IMF's projections and estimates on Malaysia's federal government revenue and grants, and fiscal operations, 1998–2003, economic classification of federal government, labor market developments, operations of state and local governments during 1998–2003,...

Romania’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA) are discussed. The authorities have requested a new precautionary 24-month SBA to secure macroeconomic stabilization and keep European Union accession on track. Romania has preserved competitiveness, despite...

Tanzania showed commendable growth owing to its macroeconomic stability and structural reforms under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and agreed that debt relief under the enhanced Heavily Indebted Poor Countries...

This paper examines the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility for Dominica. The authorities were encouraged by the stronger-than-envisaged performance, but considered it premature to change the macroeconomic framework. The recent...

The first review of the three-year PRGF arrangement approved on May 2, 2001, has been delayed to give the authorities time to rectify weaknesses in program execution during a four-month consolidation period by meeting specified revenue and expenditure targets set for that period. The medium-term...

This paper presents Romania’s First Review Under the Stand-By Arrangement and a Request for Waiver and Modification of Performance Criteria. Output growth remains favorable and disinflation is proceeding. The current account deficit is in line with the program’s target, and the...

Already in precarious shape, the financial health of India’s states took a turn for the worse in the late 1990s when state deficits and debt rose sharply. While India is among the world’s most decentralized economies, greater decentralization is not the root cause of this situation. Panel...