Madagascar is one of the poorest countries in sub-Saharan Africa, ranking 146 out of 177 on the United Nations Human Development Index. The country has one of the lowest tax revenue-to-GDP ratios in the world (10.1 percent in 2005). To address these challenges, the authorities are requesting a...

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 2009 Article IV Consultation highlights that the Zambian economy has performed well in recent years and showed some resilience to the recent global recession. Growth in 2009 is now projected at 5.3 percent, in line with the average for recent years, as the slowdown in the tertiary sector...

Gabon showed robust economic growth, low inflation, and large fiscal savings from high oil revenue, underpinned by prudent macroeconomic policies and structural reforms under the Stand-By Arrangement (SBA). Executive Directors suggested that stronger fiscal discipline is essential to keep the...

This paper discusses an assessment of Comoros’s performance Under the Program Supported by the Emergency Post-Conflict Assistance (EPCA). Overall performance under the EPCA-supported program has been broadly satisfactory. Nearly all EPCA performance indicators for end-March 2009 were...

Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004,...

Zambia’s nonperforming loans are expected to increase and banks have become more cautious in their lending. The staff report for the Zambia’s first and second reviews of the Three-Year Arrangement under the Poverty Reduction and Growth Facility and request for Waivers of...

Thailand is recovering from a challenging year marked by natural disasters of historic magnitude. This 2012 Article IV Consultation highlights that positive signs of a recovery are already under way with sharp improvements seen in high frequency indicators since December 2011. Executive...

This 2006 Article IV Consultation highlights that strong macroeconomic conditions and sound domestic policies have significantly improved Israel’s growth performance and prospects, notwithstanding political uncertainties and the hostilities in the north during the summer of 2006....

This paper discusses key findings of the Third Review Under the Poverty Reduction and Growth Facility (PRGF) for Togo. The PRGF-supported program remains on track despite the shocks. All quantitative and structural performance criteria through end-June 2009 were met. All targets for...