A very ambitious fiscal adjustment effort is under way. Fiscal institutional and sectoral reforms have been elaborated for a more durable adjustment. Greece’s determination toward a comprehensive modernization of the health sector, beginning with a far-reaching reform of state enterprises...

This paper discusses key findings of the Second Review Under the Policy Support Instrument for Nigeria. All assessment criteria through end-September were met except for one civil service-related measure. Remedial measures have prevented the civil service reform program from being compromised....

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

In 2011, the economy of Mali is expected to stay on a robust growth trajectory with low inflation. Fiscal performance has been consistent with program targets during the first half of 2011. Money supply increased more than GDP during the first nine months of 2011. The authorities intend to...

This First Review Under the Policy Support Instrument (PSI) for Nigeria reports that structural reforms are proceeding in line with the National Economic Empowerment and Development Strategy. The authorities’ commitments under the PSI primary objectives of the economic reform program...

St. Lucia showed strong growth performance owing to its strong investment in tourism infrastructure. Executive Directors commended the prudent public debt management and sound banking system. They underscored the need for fiscal consolidation and steps to promote domestic investment and labor...

In this study, Armenia’s financial challenges observed in the global crisis are discussed, and also the development processes initiated by Armenia are analyzed. Short- and medium-term outlooks, and risks are also outlined. Fiscal, monetary, and banking sector policies play important roles...

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...

The current cyclical upswing underscores the potential of the Polish economy with regard to EU accession and in the face of favorable global growth prospects. The current juncture offers good opportunities to lock in improved economic performance. Uncertainties remain regarding reducing the...

Tonga’s economy has become increasingly vulnerable. Fiscal discipline has weakened, undermining macroeconomic stability and external viability. Medium-term prospects have deteriorated. Moreover, there are other serious downside risks to the fiscal outlook. Further monetary tightening in...