This paper focuses on 2004 Post Program Monitoring Discussions for the Philippines. The authorities are formulating a significant package of tax measures. IMF staff argued that the bulk of the additional revenues should be saved, thereby front-loading the medium-term deficit reduction effort....

The staff report for the Second Review Under the Stand-By Arrangement on the Former Yugoslav Republic (FYR) of Macedonia highlights economic developments and policies. FYR of Macedonia’s economic performance since independence has been marked by notable achievements in macroeconomic...

Bulgaria’s request for a 25-month precautionary Stand-By Arrangement (SBA) in an amount of SDR 100 million or 15.62 percent of quota is discussed. The SBA-supported program seeks to reduce increased external vulnerability and to achieve sustainable high growth through a tighter fiscal...

This paper describes economic developments in Malawi during the 1990s. Malawi’s economy began to deteriorate in late 1991 as a result of a series of exogenous shocks. These shocks included two major droughts, a severe weakening in the terms of trade, and a suspension of donor...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Bangladesh. Several quantitative and structural performance criteria have been missed for the fourth PRGF review. The nonobservance of these performance criteria largely reflects...

This 2004 Article IV Consultation highlights that the Central African Republic’s period since 2000 has been marked by poor economic performance, owing in large part to military disturbances, but also to weak administration and poor program implementation. The conflict that ended in March...

Uruguay's performance under the Stand-By Arrangement (SBA) has been favorable, and commendable progress has been achieved in containing the crisis and stabilizing the economy. Executive Directors welcomed this development, and stressed the need to implement policies in the fiscal, banking, and...

The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights economic developments and fiscal policy. The political transition process has advanced significantly in 2005, and further progress has been made in securing peace....

Macroeconomic performance continues to be strong, with double-digit real gross domestic product growth and low inflation. All quantitative and structural performance criteria have been met. Significant progress has been made in converting quasi-fiscal subsidies to fiscal subsidies. The...

Paraguay’s Fifth Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria are discussed. The overall fiscal position remains in surplus, the exchange rate weakened slightly with respect to the U.S. dollar, but considerably with respect to the Brazilian real,...