KEY ISSUES Context: Moderate growth is continuing; however credit and wage growth are weak. The level of nonperforming loans (NPLs) remains high and public debt has risen sharply in recent years. Fiscal policy: Medium-term funding needs to roll over existing debt and to fund budget deficits are...

This 2014 Article IV Consultation highlights that Morocco has made important strides in maintaining macroeconomic stability in a difficult environment, but challenges remain to reduce fiscal and external vulnerabilities, strengthen growth, create jobs, and tackle poverty. Growth slowed in 2014...

This paper discusses Morocco’s First Review Under the Arrangement Under the Precautionary and Liquidity Line (PLL). Significant progress was made in implementing the reform agenda. The program remains broadly on track, and Morocco continues to meet the qualification criteria for a PLL. The...

This Selected Issues paper presents an overview of the cross-border expansion of Moroccan banks in sub-Saharan Africa (SSA). It discusses policies to minimize possible negative spillovers and address the main supervisory challenges. It builds on the analysis and main results of a Pan-African...

This Fiscal Transparency Evaluation report highlights that Mozambique's program of budget reforms has brought most aspects of its fiscal reporting and budgeting practices into line with basic and good practices, as defined under the IMF's Fiscal Transparency Code. The weaknesses on fiscal...

This 2014 Article IV Consultation highlights that inflation in Nigeria has remained in single digits for two years, and the banking sector, which has a strong capital base, is expanding credit. The trade surplus has been declining since the second quarter of 2013 on lower oil exports and...

This Selected Issues paper discusses promotion of economic transformation in Nigeria. Nigeria’s long-term potential is keyed on promoting economic transformation. This implies taking stock of initial conditions, assessing long-term financing capacity, and evaluating the policies and reforms to...

EXECUTIVE SUMMARY Extended Arrangement under the Extended Fund Facility (EFF): A 36 month, SDR 4,393 million (425 percent of quota) Extended Arrangement under the EFF was approved by the Executive Board on September 4, 2013 and the fourth and fifth reviews were completed on December 17, 2014,...

EXECUTIVE SUMMARY The recovery is addressing flow imbalances from past current account and fiscal deficits, but stock vulnerabilities from public, private, and external debt remain high. The unemployment rate has retreated from its crisis peak, growth has resumed, and the current account is...

The three year Fund-supported program that expired at end-June 2014 succeeded in stabilizing Portugal's economy and restoring access to sovereign debt markets. Following the deep downturn of 2011�12, the economy has expanded in six of the last seven quarters, albeit at a moderate pace. The...