Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the...

This paper discusses key findings of the Seventh Review Under the Policy Support Instrument for Cape Verde. All assessment criteria were met with a margin, and all but three structural benchmarks were met. Growth is holding up at 4 percent in 2009, and inflation is low. The authorities have...

This paper discusses Senegal’s Sixth Review Under the Policy Support Instrument (PSI) and Request for Modification of an Assessment Criterion. GDP growth is on track to reach 4 percent in 2013 and is projected to increase to 4.6 percent in 2014. Inflation has been declining, following a...

The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is...

This report provides an assessment of fiscal transparency practices in Portugal against the requirements of the IMF Code of Good Practices on Fiscal Transparency. IMF staff observed that Portugal meets the requirements of fiscal transparency code in several areas. Significant progress has also...

This paper evaluates Tajikistan’s 2002 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Tajikistan’s previous IMF-supported program went off track in mid-2001 largely because of poor progress with structural...

This paper focuses on the Republic of Lithuania’s Third Review Under the Stand-By Arrangement. Program implementation has been good and all end-December 2002 quantitative performance criteria were met. Macroeconomic performance in 2002 was better than expected: real GDP grew by 5.9...

This paper examines Ukraine’s Request for a Stand-By Arrangement (SBA). The authorities have requested a 12-month SBA, which they intend to treat as precautionary. Their economic program for 2004 aims to sustain recent stabilization gains and advance some important structural reforms. Key...

This paper reviews Mali’s Poverty Reduction Strategy Paper (PRSP) Annual Progress Report. At the level of public finances and indebtedness, in recognition of the significant progress made by the government in implementing reforms, Mali has become the 7th country to reach the completion...