This paper examines Azerbaijan Republic’s 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility. A long-term oil revenue management strategy has been adopted by the authorities, targeting a path of non-oil deficits over the medium term that seeks...

The staff report for the 2005 Article IV Consultation on Portugal highlights economic developments and outlook. Private consumption has proven resilient, reflecting low interest rates and lengthening tenors on bank lending, while investment and export growth remained weak. Executive Directors...

Burkina Faso’s Second and Third Reviews Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria are examined. Fiscal policy for 2005 aims at preserving social sector outlays while ensuring that the external debt burden falls....

This paper focuses on Niger’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Authorities’ reform program for 2005–07 focuses on fiscal consolidation; public and financial sector reforms; and development of social and priority...

The staff report for the 2004 Article IV Consultation on Denmark focuses on economic developments and policies. Labor market reforms led to a sustained increase in structural employment, while careful fiscal policy in the context of a clear medium-term sustainability strategy delivered budget...

This report presents an Ex Post Assessment of Albania’s Longer-Term-Program Engagement with the IMF. Albania has been engaged in a series of IMF-supported programs since the beginning of transition. This report provides an overview of economic developments and the overall role of the IMF...

This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding...

This report summarizes the sixth review of the economic program of Mali under the Poverty Reduction and Growth Facility (PRGF) and assesses the progress made in adjusting the economy. The Malian authorities continued to make good progress in implementing the IMF program, under difficult...

This Selected Issues paper for Romania reports that the practice of nonpayment and arrears accumulation has been widespread in Romania. Managers of enterprises that remain in the pipeline for privatization for long periods of time have little incentive to reduce arrears. The state contributed to...

Poverty in Nepal remains pervasive owing to insufficient growth and inadequate targeting under the poverty alleviation programs. Executive Directors stressed the need to implement strong fiscal and monetary policies and accelerate structural reforms. They welcomed the Poverty Reduction Strategy...