Significant progress has been made in macroeconomic stabilization under two successive SBAs but the economic recovery remains fragile. Growth is expected to remain subdued in the near term and to only gradually recover over the medium term, with risks to the outlook mostly on the downside. With...

This paper presents key findings of the Second Review for the Kyrgyz Republic under the Extended Credit Facility. Buoyant revenue collection and significant shortfalls in external financing led to a lower-than-programmed fiscal deficit for 2011. The overall health of the banking sector continued...

Tanzania’s economy experienced adverse supply shocks in 2011. The Fourth Review under the policy support instrument (PSI) discusses that tighter fiscal and monetary policies are addressing the inflationary impact of the drought/energy shock. Performance under the PSI-supported program has...

Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to...

This paper discusses findings of the Fourth Review of Armenia’s economic performance under a program supported by Extended Fund Facility and Extended Credit Facility Arrangements. Adherence to the policies agreed under the IMF-supported program has played an important role in helping...

This 2012 Article IV Consultation highlights that despite a difficult economic and social context, Burundi has made steady, though uneven, progress in implementing its Extended Credit Facility (ECF)-supported economic reforms. Real GDP growth is estimated to have increased to 4.2 percent in...

This paper discusses key findings of the Eighth Review under the Extended Credit Facility for Liberia. Economic activity in Liberia remains on a solid upward trend. Inflation has nudged higher owing to rising international fuel prices and elevated food prices. The authorities’ immediate...

This paper presents key findings of the Third Review for Uganda under the policy support instrument. Monetary policy has been tightened significantly to reduce core inflation, supported by a contractionary fiscal stance. All but one of the seven quantitative assessment criteria were met at...

Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the...

The staff report for St. Kitts and Nevis’ first review under the Stand-By Arrangement and the Financing Assurances Review is presented. Economic activity is estimated to have been flat in 2011, as continued weakness in the construction sector offset the moderate recovery in tourism and...