The global financial crisis has slowed the Burundian economy and a significant decline in inflation. Against the background of the East African Community (EAC) integration, the Article IV Consultation discussions focused on three fundamental themes. IMF staff and authorities agreed on the need...

Angola’s economy was badly buffeted by the sharp drop in global oil prices. Policy discussions for the review focused on the 2011 budget, the handling of the arrears problem, monetary and exchange rate policies, and key elements of the authorities’ administrative and policy reform agenda....

Poland’s macroeconomic performance was strong during the global crisis, supported by sound economic policies. The previous Flexible Credit Line (FCL) arrangements served the Polish economy well and provided adequate insurance against negative spillover risks. Executive Directors emphasized the...

In this study, economic performance remained robust throughout the global downturn, and shows signs of further strengthening. In 2010, the external position improved significantly, as fiscal surpluses raised official foreign assets, and the Highly Indebted Poor Countries (HIPC) debt relief...

As a result of the Enhanced Highly Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), Mali’s stock of external debt has declined significantly. The central feature of Mali’s medium- and long-term macroeconomic outlook is the steady decline of annual...

Mozambique continues to show a strong economic performance. The inflation expectations require a tightening of the macroeconomic policy mix. Executive Directors commended the role of government in sustaining economic growth by accelerating the public investment program. Engaging development...

Guinea-Bissau remains fragile, after nearly a decade of conflict and political instability. Fiscal performance has improved markedly since the new government implemented its emergency fiscal plan. The focus of the government on stabilizing public finances and improving economic management and...

Recent performance suggests further economic stabilization in the Central African Republic, but uncertainties remain related to the general elections. The fiscal program aims at supporting domestic demand, financing the peace process and the elections, and mobilizing more revenue. Structural...

Lesotho’s fiscal and external balances have deteriorated as a result of the global economic downturn and a surge in spending. Undertaking key fiscal adjustments to restore macroeconomic stability is necessary for raising Lesotho’s growth potential. Executive Directors commend the measures...

The Moldovan economy is recovering steadily following the recession triggered by the global crisis. The key challenge is to ensure fiscal, financial, and external sustainability while igniting new engines of growth. Monetary policy strikes the right balance between keeping inflation low and...