This paper examines Madagascar’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Madagascar’s performance under the program in 2004 has been broadly satisfactory, particularly in light of the difficult economic environment that...

This paper examines Mozambique’s First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Mozambique’s performance in 2004 relative to the main macroeconomic objectives of the PRGF-supported program was satisfactory. The fiscal...

The Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria for Rwanda are analyzed. The implementation of policies improved considerably in 2004, although economic performance has been adversely affected by exogenous shocks....

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 focuses on Rwanda’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Nonobservance of Performance Criteria. Macroeconomic performance of Rwanda remains broadly on track. Real growth in 2004 is...

This paper presents an Ex Post Assessment of Long-Term Program Engagement for Armenia. The quality of program implementation was uneven at the early stages of IMF engagement, but it has improved in recent years. Implementation of some key structural reforms suffered delays, reflecting in part...

This paper assesses Armenia’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Under the previous PRGF-supported program, Armenia accomplished macroeconomic stability, rapid growth, and a significant reduction in poverty. To consolidate these...

Madagascar showed satisfactory performance under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors agreed that the crisis has undermined the timely achievement of the program, requiring the government to redouble its efforts. They welcomed the 2003 budget and stressed...

This paper presents Post-Program Monitoring Discussions for Indonesia. Macroeconomic and financial market developments were on the whole favorable in 2004. Inflation, after a temporary increase, peaking at 7¼ percent (y/y) in July, edged back down, ending the year at 6½ percent. External...

This paper examines Tajikistan’s Third Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criterion. Performance under the PRGF has been generally satisfactory. All quantitative performance criteria, two of...