KEY ISSUES Growth has continued to recover from the 2011/12 low. In an environment of declining inflation—recently halted by a drought-driven food price shock—the fiscal stimulus has been successful in driving economic activity, and a planned program of infrastructure investment is expected...

This Selected Issues paper focuses on the challenges of small middle-income countries (MIC) in sSub-Saharan Africa (SSA) comprising Cape Verde, Namibia, and the Kingdom of Swaziland. The IMF report summarizes the analytic underpinnings that support the IMF staff's advice on policies to...

Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic...

The discussions took place in Freetown during March 29–April 11, 2012; and in Washington (April 21–24, 2012). They focused on conditions for completing the fourth ECF review, corrective measures to be implemented to address fiscal slippages that had occurred in late 2011, and policies for the...

Ethiopia pursues a public sector-led growth strategy that focuses on promoting growth through high public investment supported partly by low nominal interest rates. While the strategy has contributed to robust economic growth in the past, recent developments indicate a buildup of vulnerabilities...

The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by...

Economic conditions in sub-Saharan Africa have remained generally robust despite a sluggish global economy. The near-term outlook for the region remains broadly positive, and growth is projected at 51⁄4 percent a year in 2012-13. Most low-income countries are projected to continue to grow...

Actions by the new government since taking office in April 2018 helped to stabilize macroeconomic conditions, but the situation remains challenging. Overall growth remained subdued. While elevated, inflation is tracking down. Program performance is broadly on track, though progress on structural...

This paper presents Sierra Leone's Eight Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review. Successive shocks and policy slippages contributed to a build-up in macroeconomic imbalances in...

This paper highlights Central African Economic and Monetary Community's (CEMAC) common policies in support of member countries reform programs. CEMAC benefited from favorable hydrocarbon prices in 2022. Economic recovery firmed up and the external position strengthened, with external reserves...