This paper discusses Chad’s First Review Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), and Request for Modification of PC, and Augmentation of Access. Performance under the ECF supported program was broadly satisfactory...

KEY ISSUES Background. The Gambian economy is facing urgent balance of payments needs triggered mostly by the impact of the regional Ebola outbreak on tourism. Although the country remains Ebola free, the regional outbreak is expected to cut by more than half tourism receipts for the 2014/15...

The Burundian economy faced several adverse shocks. The government responded by allowing greater exchange rate flexibility and by tightening its monetary policy. The fiscal stance was in line with the program, and program implementation has been broadly satisfactory despite difficult...

The Comorian authorities have made steady progress in fiscal consolidation, reinvigorated their structural reform agenda, and gathered strong public support for sound macroeconomic policies. Macroeconomic developments have been largely positive, mostly thanks to improved policies. External...

Comoros remains in debt distress, pending the achievement of the completion point under the Highly Indebted Poor Country (HIPC) Initiative. The outlook for 2012 is broadly consistent with expectations under the Extended Credit Facility (ECF) arrangement. The IMF Executive Board has approved a...

Resilient growth is observed in 2012 in Seychelles. Weakness in tourism has been offset by increases from less-traditional markets. The current account and adjustments has administered prices in the second half of 2011, and a cycle of depreciation and inflation ensued. The fiscal accounts...

Uganda has benefited from international reserve accumulation. The fiscal stance is tighter mainly owing to delays in execution of a large hydropower project. A suspension of budget support owing to theft of donor funds has curtailed spending plans and hurt growth prospects. The authorities have...

The number of Malian refugees in Burkina Faso has increased, but the government’s contribution remains in line with earlier estimates. Growth for 2012 has been revised upward to 8 percent. The overall fiscal deficit is significantly lower than anticipated. The current account is expected to...

Benin has made significant progress in consolidating macroeconomic stability under the IMF-supported program. Its prudent fiscal policy has kept fiscal deficits at manageable levels and is projected to yield a basic primary surplus in 2012. The Executive Board of the International Monetary Fund...

Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to face...