This collection of papers reviews Malawi’s economic performance under a program supported by the Extended Credit Facility (ECF). Drought conditions in parts of the country have dampened the near-term outlook for growth and have resulted in food insecurity for nearly 2 million inhabitants....

Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to...

Guinea is making good progress in recovering from a long period of social unrest and military rule. Macroeconomic imbalances have been reduced, major structural reforms are under way, and long-neglected infrastructure is being rebuilt. However, the political transition process is still...

Bangladesh has made substantial progress in strengthening macroeconomic conditions and structural policies. Strong vigilance, guided by adherence to programmed deficit targets, is needed, however. The strengthening of debt management practices now under way will reinforce debt sustainability....

This paper discusses Rwanda’s Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional borrowing (NCB), all quantitative...

The discussions took place in Freetown during March 29–April 11, 2012; and in Washington (April 21–24, 2012). They focused on conditions for completing the fourth ECF review, corrective measures to be implemented to address fiscal slippages that had occurred in late 2011, and policies...

Mauritania successfully weathered several exogenous shocks during 2011–12. Political upheaval in neighboring countries has not had detrimental economic effects so far, but political uncertainty remains high. Resilient growth and a continued buildup of external and fiscal buffers...

The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and...

The Fifth Review under the Extended Credit Facility (ECF) Arrangement for the Union of the Comoros discusses macroeconomic policies and developments of the country. The performance under the ECF-supported program through end-December has been satisfactory. All performance criteria and indicative...