This Selected Issues paper focuses on the prospects of growth in Sao Tome and Principe (STP). This case study seeks explanations for STP's relative under-performance and draws lessons for the future. It compares past economic developments in the islands and recommends policies that could most...

The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages, flood-related damages at end-2021, and a sharp increase in global fuel and food prices caused by the war in Ukraine. These have put pressure on domestic...

São Tomé and Príncipe has maintained macroeconomic stability, despite many challenges. The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages and damages from the floods in end-2021. Growth declined in 2021...

Petroleum is now by far Timor-Leste’s largest source of income. If well harnessed, Timor-Leste’s petroleum wealth offers the potential for a more prosperous future. This Selected Issues paper provides an overview of how Timor-Leste’s Petroleum Fund functions. It considers...

This Selected Issues paper aims at discussing the impact of the oil windfall on Chad, with a focus on growth, poverty, competitiveness, and fiscal policy challenges posed by the oil revenue outlook. The paper discusses the reforms needed to remove structural factors that constraints the non-oil...

This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital...

This Selected Issues paper on Azerbaijan Republic reports that the government has made substantial progress in dealing with energy-related subsidies. The domestic market for oil products has been tightly regulated by the government since Azerbaijan gained independence. Azerbaijan is largely...

This 2005 Article IV Consultation highlights that monetary development in the Republic of Equatorial Guinea continues to be dominated by fiscal policy. Fiscal outcome was marked by an increase in the fiscal surplus in 2004 compared with 2003 on account of a stronger-than-expected revenue...

This Selected Issues and Statistical Appendix paper presents an assessment of Nigeria’s past economic reform efforts—in particular the program supported by the 2000–01 Stand-By Arrangement (SBA). The paper also reviews weaknesses in the current fiscal management framework in...