Nicaragua's economic performance in 2010 was satisfactory. Real GDP grew, supported by strong consumption and investment. Bank credit started recovering while the financial system remained liquid and profitable. Exchange-rate and monetary policy have contributed to macroeconomic stability. The...

This papers discusses Benin’s third review under the Extended Credit Facility Arrangement. The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms. All performance criteria and most quantitative targets have been met, but...

The authorities announced a strategy to restore fiscal and debt sustainability, in conjunction with a transition out of sugar production. Discussions centered on restoring fiscal and debt sustainability, enhancing competitiveness and growth, and containing risks. However, policies need to be...

This 2007 Article IV Consultation highlights that Malta’s economic recovery is gaining traction, owing in large part to cyclical strength and some structural change. A public investment boom, financed largely by grants from the European Union, reignited growth in 2005. A modest recovery...

This paper on the Third Staff Review and Extension of the Staff-Monitored Program for the Union of the Comoros reports that important structural reforms have been implemented in the fiscal area, but progress is slow in other areas and institutional capacity remained low. The authorities’...

The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...

The staff report highlights that the economy of Kiribati showed resilience from the global crisis owing to infrastructure projects financed by foreign assistance. Executive Directors stressed the importance of preserving real per capita value of the Revenue Equalization Reserve Fund to ensure...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for the Democratic Republic of São Tomé and Príncipe. All quantitative performance criteria and structural benchmarks for end-December 2006 were met. Progress continues on structural...

Mauritania was one of the countries to reach the completion point under the enhanced Initiative for Heavily Indebted Poor Countries. The revised fiscal, balance of payments, and monetary data, including data on commercial banks, revealed that the main program parameters were missed by large...

The prolonged crisis and violent conflict led to considerable destruction of private and public property, loss of life, and many refugees and internally displaced persons. Dealing with the shocks and aftermath of the post-election political crisis and armed conflict is a serious challenge for...