Benin’s Fifth Review under the Poverty Reduction and Growth Facility and request for waiver of Nonobservance of Performance Criteria are discussed. The main challenge ahead is to limit inflation pressures from higher food and fuel prices while sustaining medium-term fiscal consolidation and...

Tajikistan’s growth potential is constrained by government interference in markets, and poor energy and transport infrastructure. The report focuses on Tajikistan’s combined 2009 Article IV Consultation, final review under the Staff-Monitored Program, and request for a Three-Year Arrangement...

This paper presents findings of the Third Review under the poverty reduction and growth facility arrangement for Kenya. The sharp spending increase budgeted for 2007/08 could exert pressures on domestic prices and compromise project quality, but the authorities are taking steps to mitigate these...

Burkina Faso's sustained adjustment effort has been supported by the IMF under successive programs since 1991. Macroeconomic performance was favorable in 1999. Monetary policy is conducted at the regional level by the Central Bank for West African States and remained prudent. In 1999 and early...

A considerable degree of macroeconomic stability was achieved by Bolivia, and by the steadfast implementation of structural reforms, most of the distortions that adversely affected the economy in the early 1980s were removed. The Bolivian authorities are committed to fighting poverty. Executive...

Economic activity continues to be robust in 2007, driven by foreign investment in tourism-related construction and services. The central bank (BCSTP) strengthened its efforts to control liquidity growth. Progress on structural reforms has been mixed. The authorities intend to accelerate public...

There has been progress in strengthening public financial management; however, improving budget execution and strengthening public finances is required. The tax and custom administration reforms will help bolster private sector-led growth and meet the ambitious revenue target to finance priority...

Zambia’s 2005 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility are discussed. Expenditure restraint, including on the wage bill, has helped to put the fiscal operations of the government on a sustainable course and contributed to the attainment of the...

Satisfactory progress has been made so far under the first-year poverty reduction and growth facility and the program is on track. Turning this progress into faster and lasting growth requires deeper reform to improve the investment climate and credible action to strengthen governance. The...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Madagascar. Program performance has been generally good. The authorities have continued to implement sound fiscal and monetary policies that have resulted in good macroeconomic...