This paper focuses on the increase in the external debt stock that reflects donor financing, including IMF and Bank lending to help Mongolia smooth its fiscal adjustment path after the major terms of trade shock. The fiscal deficit is expected to steadily decline until revenues from the Oyu...

This report of the Debt Sustainability Analysis (DSA) indicates that the envisaged strategy of a partial substitution of domestic debt by increased inflows of external grants and concessional loans, as well as a rescheduling of external debt by the Paris and London Clubs, would facilitate the...

Sudan has been adversely affected by the global crisis through a sharp decline in oil receipts. Executive Directors welcomed the Staff-Monitored Program (SMP), which aimed to reduce the fiscal deficit, tighten monetary stance, and increase exchange rate flexibility. Directors urged the...

This Article IV Consultation highlights that Senegal is pursuing its macroeconomic policies within an economic program supported by the IMF’s Policy Support Instrument (PSI). Executive Directors noted that signs of a recovery have become visible, and emphasized that prudent domestic...

Mauritania achieved substantial progress owing to its macroeconomic policies, budget formulation, governance, and transparency under the economic program. Executive Directors commended the program and emphasized the need for tight fiscal and monetary policies. Directors noted the implementation...

This 2009 Article IV Consultation highlights that Iraq’s longer-term economic outlook is strong as oil prices and production are projected to increase markedly in the coming years. However, based on conservative oil price assumptions, the external current account and the overall balance of...

This paper examines Rwanda’s 2002 Article IV Consultation and Requests for a New Poverty Reduction and Growth Facility (PRGF) Arrangement and for Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC). Rwanda’s performance under the 2001...

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 reform and...

This paper presents Indonesia’s 2005 Article IV Consultation and Third Post-Program Monitoring discussions. The economic strategy has produced positive results over time. Economic growth has gained momentum year by year, inflation has been substantially reduced, and the external position has...

This 2009 Article IV Consultation highlights that Tunisia has weathered the impact of the current crisis relatively well. Real GDP growth slowed down from an average of 4.6 percent in 2008 to 0.5 percent in the first quarter of 2009, reflecting mainly a fall in exports of manufactured goods to...