This paper examines Zambia’s 2003 Article IV Consultation and Ex Post Assessment of Performance Under IMF-Supported Programs. Zambia’s economic performance has improved significantly in the last four years. After more than two decades of economic decline and inflation averaging...

Botswana’s 2003 Article IV Consultation reports that Botswana’s core economic database is largely adequate for surveillance, although the quality and timeliness of national accounts and key trade data need to be improved. Financial sector reforms, including a partial privatization...

This Selected Issues paper for the Kingdom of the Netherlands—Netherlands underlies recent fiscal developments. Fiscal deterioration during economic slowdowns is not unusual and can be justified on economic grounds. Although the real spending ceilings were largely adhered to, procyclical...

This paper examines Zambia’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Through end-March, most of the key quantitative benchmarks and six of the eight structural benchmarks under the Staff-Monitored Program (SMP) were observed. The...

The staff report for the Second Review Under the Poverty Reduction and Growth Facility on Ghana highlights economic developments and policies. Efforts to consolidate the fiscal position continued, and there was no net domestic financing of the budget in 2003, implying a sharp reduction of...

This paper presents an update to the Report on the Observance of Standards and Codes—Fiscal Transparency Module for the Czech Republic. The paper reports on key developments in fiscal transparency since the last update in August 2003. It discusses that since the last update, the fiscal...

Overall, the program's macroeconomic targets have been broadly met. The program embodies a renewed emphasis on the non-oil revenue mobilization effort and continuation of a prudent expenditure stance. Reversing the deterioration of the financial operations of the public companies and the...

In 2003, Guinea's macroeconomic management deteriorated significantly, and the prospects for 2003 are uncertain at best. Performance under the 2002–03 poverty reduction and growth facility (PRGF)-supported program is weak. The main challenge is to promote and sustain the strong private...

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication...

Malawi has made satisfactory economic progress under the Poverty Reduction Growth Facility (PRGF) arrangement. Executive Directors commended fiscal consolidation, structural reforms, and monetary policy, and stressed the need to maintain macroeconomic stability. They welcomed the Malawi Poverty...