This Selected Issues paper on the Republic of Congo analyzes the challenges of sustainable growth in the Republic of Congo. The paper highlights that it is paramount for the authorities to avoid repeating the experience of the 1980s, particularly in light of the projected decline in oil...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Petroleum is now by far Timor-Leste’s largest source of income. If well harnessed, Timor-Leste’s petroleum wealth offers the potential for a more prosperous future. This Selected Issues paper provides an overview of how Timor-Leste’s Petroleum Fund functions. It considers...

The staff report for Chad’s 2008 Article IV Consultation presents economic developments and policies. The global economic crisis has affected the budget and reserves through lower oil prices. Chad’s limited financial and trade integration has insulated it from the financial crisis...

Economic growth in Equatorial Guinea recovered sharply in 2007. The opening of a new oil field in late 2006 and a liquefied natural gas facility in mid-2007, supported by increased public infrastructure spending, lifted 2007 economic growth to an estimated 21.4 percent. Executive Directors have...

This 2007 Article IV Consultation highlights that despite recent progress in poverty reduction, Yemen remains far from achieving the Millennium Development Goals. Oil production has been declining since 2000, and in the absence of major discoveries, proven oil reserves could be depleted in some...

This paper examines key findings of the Republic of Equatorial Guinea’s 2010 Article IV Consultation. Real GDP has increased fortyfold since 1995, and large oil revenues have allowed the government to embark on an ambitious infrastructure investment program while amassing foreign savings....

Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the...

The completion of the Second Review Under the Poverty Reduction Growth Facility Arrangement was delayed to address important governance and transparency concerns. Macroeconomic performance was strong in the year 2005. Policy discussions focused on improving macroeconomic management against the...