The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...

This 2011 Article IV Consultation reviews Côte d’Ivoire’s economic condition. Côte d’Ivoire is emerging from a decade-long sociopolitical crisis that has held back its economic growth. In 2009, Côte d’Ivoire adopted an economic and financial program supported by a three-year Extended...

This paper discusses key findings of the Sixth Review under Poverty Reduction and Growth Facility (PRGF) for Benin. The macroeconomic outlook is weaker for 2009–10, reflecting the impact of the crisis. Real GDP growth is expected to slow down to about 3–4 percent in 2009–10....

This paper on the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC) for the Republic of Congo explains medium-to-long-term strategy for poverty reduction. Emerging from a conflict situation, and starting from a low base, Congo has made significant progress in implementing...

The economic and financial pressures facing Ireland are intense. The banking sector is at the fulcrum of Ireland’s problems. The program, therefore, aims to restore the banking system. It will address structural problems and restore confidence. A leaner and more robust banking sector is...

Tanzania’s fiscal policy has been tightened owing to the deteriorating financing climate and rising inflation. The Bank of Tanzania has tightened its reserve money program for 2011/12, and domestic interest rates have risen sharply since mid-2011. The authorities are expanding...

This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible...

Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to...

The staff report for the 2004 Article IV Consultation on Greece focuses on economic developments and policies. Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption, while increased profitability spurred investment spending, especially...

This paper discusses the Kyrgyz Republic’s First Review Under the Poverty Reduction and Growth Facility. The current account deficit remained broadly unchanged because of a significant increase in workers’ remittances, mainly from Russia and Kazakhstan. Large negative errors and...