Togo has made significant progress in advancing economic and political reforms under the Staff-Monitored Program (SMP). Important fiscal governance reforms have boosted tax revenues and helped expenditure control. The I-PRSP is designed to preserve macroeconomic stability while reviving economic...

This papers discusses Benin’s third review under the Extended Credit Facility Arrangement. The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms. All performance criteria and most quantitative targets have been met, but...

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...

This 2009 Article IV Consultation on Timor-Leste highlights that the Timorese economy has posted high economic growth over the past two years, driven by rapid increases in government spending and a recovery in agriculture from a 2007 drought. Central government spending rose sharply in 2008,...

Benin’s Fifth Review under the Poverty Reduction and Growth Facility and request for waiver of Nonobservance of Performance Criteria are discussed. The main challenge ahead is to limit inflation pressures from higher food and fuel prices while sustaining medium-term fiscal consolidation...

This paper is an account of the economic conditions of the Solomon Islands. The macroeconomic situation has shown a considerable expansion in recent years with the external buffers intact. Although the Islands have shown good growth, the IMF staff expects only a moderate performance in 2013 and...

IMF engagement with Niger since 2005 has remained constructive. IMF-supported programs have contributed to the authorities’ goals of macroeconomic stability, growth, and human development progress. Development of Niger’s uranium and petroleum resources provides an important...

There has been progress in strengthening public financial management; however, improving budget execution and strengthening public finances is required. The tax and custom administration reforms will help bolster private sector-led growth and meet the ambitious revenue target to finance priority...

Solomon Islands’ economy has rebounded from the 2008–09 global financial crisis. An 18-month Standby Credit Facility has been approved in June 2010 and succeeded in restoring macroeconomic and financial stability. A new resource taxation regime is the key to reap the benefits from...

Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding...