Morocco’s sound economic performance has been challenged by domestic and external shocks. The Precautionary and Liquidity Line (PLL) program is on track, and its design remains adequate. The fiscal consolidation and efforts to rebuild buffers and address medium-term challenges taken up by...

This paper highlights Morocco’s Second Review Under the Precautionary and Liquidity Line. The IMF report analyzes that the 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework. Core inflation has...

Jordan’s external vulnerabilities, arising mainly from the energy sector, increased during the last decade. Aided by exceptionally large grants, fiscal policy accommodated the social impact of these shocks. Concerns about social tensions at the beginning of the year put on hold the needed...

Fiscal consolidation, additional reserve buildup, and higher growth are key program objectives for the Jordanian authorities. Despite the socially difficult elimination of the fuel subsidy, program performance was mixed. Initiatives to strengthen banking supervision and develop capital markets...

The Swaziland economy continues to suffer from the global economic crisis and an overvalued real exchange rate. The fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well capitalized and profitable. The 2011–12 budget...

Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and...

This 2004 Article IV Consultation highlights that monetary policy of Kenya has been expansionary since 2003/04 to promote economic growth. This has, however, contributed to the recent rise in inflation. Executive Directors have observed the progress that has been made under the Poverty Reduction...

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) for Niger. Growth prospects for 2007 are favorable, particularly because of strong agricultural production and buoyant investments. Inflation remains low. Growth prospects for the medium...