This Article IV Consultation highlights that Senegal is pursuing its macroeconomic policies within an economic program supported by the IMF’s Policy Support Instrument (PSI). Executive Directors noted that signs of a recovery have become visible, and emphasized that prudent domestic...

This paper presents Indonesia’s 2005 Article IV Consultation and Third Post-Program Monitoring discussions. The economic strategy has produced positive results over time. Economic growth has gained momentum year by year, inflation has been substantially reduced, and the external position has...

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes-in terms of the debt relief provided by...

Fiscal rules are being increasingly used by both emerging and developed economies. This paper analyzes two alternative fiscal policy rules in terms of their impact on debt sustainability: a rule that fixes the ratio of primary surplus to GDP (""fixed surplus rule"") and one that sets the primary...

Cameroon showed incipient signs of recovery from the global financial crisis. Although growth performance remained constrained under the Poverty Reduction Growth Facility (PRGF), tax and customs administrations were strengthened, macroeconomic stability was preserved, and debt relief under the...

Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected. The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 11⁄4 percentage points relative to spring forecasts. Substantially higher capital requirements...

The importance of safeguarding fiscal sustainability is outlined. Steps taken by authorities to improve the tax system are discussed. Implementation of the financial sector assessment program (FSAP) is welcomed. The importance of securing approval of the legislation to enhance consolidated...

After the 2009 crisis, policies have improved markedly, backed by substantial foreign assistance. Notably, fiscal adjustment has reduced the large budget imbalance, monetary policy has tamed inflation, and structural reforms have spurred strong export expansion. These reforms led to impressive...