Madagascar is one of the poorest countries in sub-Saharan Africa, ranking 146 out of 177 on the United Nations Human Development Index. The country has one of the lowest tax revenue-to-GDP ratios in the world (10.1 percent in 2005). To address these challenges, the authorities are requesting a...

The IMF’s Executive Board completed the first review under the Extended Credit Facility (ECF) arrangement in June 2010 and decided that the Democratic Republic of Congo (DRC) had reached the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. In 2010, an...

The economic recovery in the U.A.E. is gaining strength, but subject to increased regional uncertainty. The government should undertake cost-benefit analysis and implement projects that have high economic return. In order to reduce government-related entities (GRE) risks, the authorities should...

This paper discusses a request from Cameroon for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (RAC-ESF). Despite improvements, the economy of Cameroon remains vulnerable to commodity shocks, especially from oil; and reducing poverty is a challenge. The...

Economic recovery has gained momentum, and short-term prospects have improved. Program implementation is good. Fiscal consolidation is essential for Burkina Faso’s macroeconomic stability and debt sustainability. Structural reforms remain focused on a few priority areas supporting growth...

The Fifth Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility of the Republic of Mozambique explains macroeconomic performance. Growth has picked up, led by strength in the construction sector and a recovery in agricultural production. The strategy to...

A confluence of developments is creating a more favorable economic situation for Guinea-Bissau. The country has moved away from debt distress with the debt relief granted after the Highly Indebted Poor Countries completion point last year. Fiscal sustainability has improved considerably through...

The Joint Staff Advisory Note gives positive feedback on the elaborations made in Burundi’s Poverty Reduction Strategy Report (PRSR-II), and commends the measures taken to eliminate the implementation weaknesses and pitfalls of PRSR-I. The note puts forth guidelines to be followed by the...

This 2013 Article IV Consultation highlights that recent macroeconomic developments in The Federal Democratic Republic of Ethiopia are encouraging, with a significant deceleration in inflation and continued robust economic growth. Despite significant decline in coffee prices and supply...

The government of the Republic of Congo launched a program aimed at consolidating peace and promoting economic and social development. The objectives included improvement of governance and consolidation of peace and security, promotion of growth and macroeconomic stability, improvement of public...