This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). Sierra Leone has made considerable progress during the last PRGF-supported program toward macroeconomic stability. Macroeconomic performance was generally...

Zambia has achieved robust economic growth over the years, and poverty has begun to trend downward under the Poverty Reduction and Growth Facility Arrangement. Prudent fiscal policy has reduced the domestic financing need and facilitated the implementation of a firmer monetary policy. Executive...

Mozambique's economic program was originally supported by a three-year arrangement under the Enhanced Structural Adjustment Facility (ESAF). The Mozambican authorities are to be commended for a continued satisfactory performance under their Poverty Reduction Growth Facility (PRGF)-supported...

This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding...

Bosnia and Herzegovina’s 2005 Article IV Consultation reports that inflation has stabilized at industrial country rates, anchored by the currency board. About half of activity is accounted for by the private sector and banks have been almost completely privatized to nonresidents. The...

We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigate the issue of...

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv)...

The economy is on the right track, and program performance has been good. Fiscal adjustment is on track to restore fiscal sustainability. The adjustment plan appropriately focuses on reducing current spending while increasing investment and protecting the most vulnerable. The current monetary...

Benin has made significant progress in consolidating macroeconomic stability under the IMF-supported program. Its prudent fiscal policy has kept fiscal deficits at manageable levels and is projected to yield a basic primary surplus in 2012. The Executive Board of the International Monetary Fund...