This paper addresses issues relating to the establishment and financial management of extrabudgetary funds (EBFs), a large group of government entities that on average accounts for 40 to 45 percent of central government expenditure-two-thirds of which represents social security funds-in...

The staff report for the 2013 Article IV Consultation on Guinea-Bissau highlights the economic development and policies. Guinea-Bissau’s medium-term challenges are to diversify its economy, reduce widespread poverty, and generate employment opportunities. Recurrent internal conflicts have...

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

This Ex-Post Assessment of Longer-Term Program Engagement for Ghana explains its experience with particular attention to the IMF's role. Progress in structural reform was slow, but Ghana also avoided mistakes made by some countries that introduced reforms without enough public support....

This paper focuses on the Fourth Review for Burkina Faso under the Poverty Reduction and Growth Facility program. All quantitative performance criteria were met, notably the targets for the fiscal deficit, revenues, and social expenditure. The authorities reiterated their commitment to reforming...

The staff report for the Second Review under the Policy Support Instrument (PSI) of Cape Verde discusses the macroeconomic framework and recent developments. Cape Verde’s economic program under the PSI is designed to help the country prepare for the opportunities and challenges associated...

The recession is unfolding in line with expectations. Inflation is higher than expected from indirect tax hikes. The key challenges remain restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment. Staff and...

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,...

Congo’s economic program aims to enhance macroeconomic stability and advance reforms to bolster economic management and improve the supply response of the economy. Progress in implementing the program has been affected negatively by the continuation of conflict. Fiscal policy aims at...

Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion. In spite of generous grant inflows, Tonga remains at “high risk of debt distress†according to World Bank-IMF debt sustainability analysis. Executive Directors...