Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and...

Burundi’s economy has continued to grow at a slower pace than envisaged owing to the impact of food and fuel shocks on aggregate demand. The macroeconomic outlook remains broadly positive but subject to risks that emanate from the security situation and the external environment. The...

This paper examines Peru’s 2004 Article IV Consultation, Fourth Review Under the Stand-By Arrangement, and Request for Waiver of Nonobservance of Performance Criterion. In 2003, Peru’s real GDP grew by 4 percent, with inflation of 2.5 percent and a further strengthening of the...

This 2003 Article IV Consultation highlights that Morocco’s growth performance over the last decade has not been strong enough to reduce poverty. Growth has also been volatile because of the impact of recurrent drought conditions on agricultural output. Economic conditions improved in...

This paper examines Peru’s Request for a Stand-By Arrangement (SBA). Performance under the 2002–03 SBA was satisfactory. This performance provides a solid basis for continuing with policies aimed at maintaining macroeconomic stability. The authorities are requesting a 26-month SBA...

Jamaica has achieved considerable success in reducing inflation, restructuring the financial system after the crisis in 1995–96, and further liberalizing the economy through tariff reduction and privatization. The government is urged to strengthen its efforts to put the economy on a less...