In this study, macroeconomic development, its performance, and outlook are reviewed. Narrowing of the infrastructure gap and public financial management (PFM) are focused to safeguard investment quality. Fiscal reform has been introduced to improve the design of the tax system and to strengthen...

This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled...

This paper examines Afghanistan’s Sixth Review under the arrangement under the Poverty Reduction and Growth Facility. The growth of currency in circulation has been carefully managed to support the decline in inflation from double-digit levels in 2008. Reserve money, however, has been...

This Selected Issues paper for the Solomon Islands reviews budget trends in the past decade and assesses medium-term budget prospects. Aid flows and revenue from import tariffs and logging are projected to decline. Spending pressures are likely to pick up considerably, owing to the need to...

The paper examines fiscal sustainability issues for the case of Eritrea but has wider implications for addressing fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators, followed by an assessment of the causes of fiscal deficits...

Armenia showed strong economic performance owing to its prudent macroeconomic policies and structural reforms, under the Poverty Reduction Growth Facility (PRGF) Arrangement. Executive Directors welcomed this development, and stressed the need to strengthen the tax system, structural reform...

This paper presents key findings of the Ex Post Assessment of Longer-Term Program Engagement for Bolivia. Bolivia is a country that is perceived as having one of the best structural reform records in Latin America but experienced sluggish per capita growth, and made virtually no progress in...

Uganda showed strong macroeconomic stability, low inflation, and poverty reduction under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended the monetary and exchange rate policies, and stressed the need to strengthen fiscal sustainability and maintain a...

This paper presents Mali’s First Review under the Poverty Reduction and Growth Facility, and requests for Waiver of Nonobservance of Performance Criteria. The food and fuel price shocks have begun to moderate, partly because of the authorities' supply-side measures and declining oil...

The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year-over-year real GDP growth of 3.2 percent through September, after...