The staff report for the Request for a Three-Year Policy Support Instrument (PSI) on Senegal explains economic developments. Allocations for priority spending suffered, and cash-flow problems resulted in payment delays to the private sector. The authorities intend to tackle key policy challenges...

Improvements in macroeconomic conditions are encouraging, and the current macroeconomic framework for 2006 and 2007 remains valid in Paraguay. The strong fiscal performance has applied also to the rest of the public sector. The authorities have submitted a budget proposal for 2007 that preserves...

Pakistan has implemented some reforms, including improvements in tax administration, removal of some tax exemptions, and the introduction of an interest rate corridor. The macroeconomic policies are overly expansionary and fundamental reforms to resolve the economy’s structural problems...

This paper presents findings of the Fifth Review of Djibouti’s economic performance under the extended credit facility (ECF) arrangement. The drought in Djibouti has worsened water scarcity, reduced agricultural production and cattle stock, and accelerated refugee inflows. The authorities...

Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the...

In this study, economic recovery and growth of Macedonia are discussed. In the financial sector, nonperforming loans (NPLs) rose, and bank profitability declined as a result of the crisis. Executive Directors agreed with the thrust of the staff appraisal. Directors were encouraged by the overall...

The Gambian economy performed well in the face of external shocks under the Extended Credit Facility. Executive Directors welcomed the 2011 budget, which focuses mainly on revenue enhancement, limiting government’s domestic borrowing, and reduction of poverty. They agreed that IMF...

Kosovo is still in the process of building key social and economic institutions. Economic performance over the past decade has been robust, but growth has been tilted toward domestic demand, fuelled by transfers and non-debt creating capital inflows. The adoption of the euro provides a strong...

This paper examines the Maldives’ 2009 Article IV Consultation on economic developments and policies. The Maldivian economy is facing large external and fiscal imbalances, resulting from the severe impact of the global financial crisis and exacerbated by an unsustainable fiscal expansion....

This paper discusses Nicaragua’s 2005 Article IV Consultation and Seventh, Eighth, and Ninth Reviews Under the Three Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The economy continued to perform well, notwithstanding pressure from higher oil prices. Strong...