This paper on the First Review Under the Staff-Monitored Program (SMP) on Djibouti explains macroeconomic framework and policies. The policy discussions centered on the need to sustain the improvement in the country’s fiscal position in the remainder of the year and steadfast structural...

This report on the Russian Federation’s Observance of Standards and Codes reports on the fiscal transparency module. Russia has achieved considerable progress in fiscal transparency and financial management since 1999, although a number of important reforms remain to be undertaken. The...

This paper examines Paraguay’s 2004 Article IV Consultation and Second Review Under the Stand-By Arrangement and Requests for Waiver and Modifications of Performance Criteria. Paraguay’s economy has stabilized in 2004, but growth remains modest. A late season drought depressed output of soy,...

This paper assesses Uganda’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The fiscal program was broadly on track in 2003/04. Performance under the PRGF-supported program was mixed....

This report examines Sudan’s Final Review of the Staff-Monitored Program (SMP) for 2003 and 2004. Policy performance was in line with the program. All quantitative targets, except for that on contracting nonconcessional external debt, were met, and most structural benchmarks were...

This paper examines Armenia’s 2004 Article IV Consultation, Sixth Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria. Armenia’s strong economic performance has been continuing in 2004. In January–September, the...

Macroeconomic and financial vulnerabilities have intensified in recent years. Bolivia has adopted a program to stabilize the situation, and the program is broadly on track. Monetary policy is appropriately geared to support a gradual build-up of international reserves while ensuring needed...

The First Review Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Performance Criteria for Senegal are discussed. Economic activity in the first half of 2003 has been weaker than envisaged under the program. The impact of softer domestic demand, reflecting mainly the...

This paper on the Poverty Reduction Strategy Papers (PRSPs) on the Lao People’s Democratic Republic (PDR) explains macroeconomic, structural, and social policies in support of growth and poverty reduction, as well as associated external financing needs and major sources of financing. The...

This 2004 Article IV Consultation highlights that Benin’s economic performance over 2001–03 was strong. Real GDP growth averaged 5.3 percent, driven by growth in the cotton and services sectors. Inflation was low, averaging 2.6 percent per year. The external current deficit...