EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 573 million equivalent to $877 million has been disbursed. The pillars of the program...

EXECUTIVE SUMMARY Context. Sri Lanka’s economy has navigated recent market turbulence relatively well. Growth has remained solid, inflation is in mid-single digits, and the current account deficit has narrowed. From mid-May, the exchange rate came under pressure as market expectations of U.S....

KEY ISSUES Context and outlook: Angola’s recent economic developments have been positive, but softening oil revenue and limited proven oil reserves highlight the need to contain emerging fiscal deficits, preserve policy buffers, and continue diversifying the economy. Focus of consultation:...

Tuvalu is one of the smallest and most isolated countries in the world. With a population of some 11,000 people living on 26 square kilometers, Tuvalu is more than 3,000 kilometers away from its nearest major external market (New Zealand). The country faces tremendous challenges stemming from...

Sweden’s economy has re-gained speed, following supportive macroeconomic policies and strong household demand. Employment has been rising, but the labor force expanded even more, resulting in higher unemployment mostly among vulnerable groups. Inflation remains very low, driven by external and...

KEY ISSUES The economy is embarking on sustainable growth, but the main challenge will be to boost long-run growth by structural reforms and reorienting fiscal policy. Supply-side slowdowns in the energy sector are ending, while available evidence suggests non-energy growth is robust and...

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank’s foreign exchange intervention policy has helped stem deflationary pressures but inflation is still well below target. Following substantial fiscal adjustment over the past...

A conservative minority government took office in October 2013, ending eight years of Labor party-led governments. No major policy shift has taken place so far, but the government’s economic policy platform emphasizes lower taxes, more infrastructure investment, greater private ownership, and...

This paper discusses Niger's Second and Third Reviews Under the Extended Credit Facility (ECF) Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and for Extension of the Program Period and Arrangement. Fiscal performance was broadly in line with program targets. The...