This paper discusses a request from Angola for a Stand-By-Arrangement (SBA). The requested SBA aims to support orderly policy adjustments to restore macroeconomic balances and rebuild international reserves. This program also includes a focused reform agenda aimed at medium-term structural...

This Selected Issues paper for the Republic of Armenia shows that building up fiscal space during economic expansions is crucial for the effective implementation of stimulatory policies during downturns. Armenia’s tax revenue remains one of the lowest in the region, and significantly...

After a period of economic slowdown, the outlook for Sierra Leone appears more favorable. Development priorities and their financing while maintaining a competitive economy and a sustainable debt outlook will help. Structural reforms will focus on improving tax administration, strengthening...

The fiscal crisis in the Kingdom of Swaziland emanating from a decline in revenue from the Southern African Customs Union and one of the largest public wage bills in sub-Saharan Africa has reached a critical stage. Faced with revenue shortfalls associated with slowing economic activity,...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility for Burkina Faso. All quantitative performance criteria (PC) were met. The indicative floor on social expenditures was not achieved, mainly because of capacity weaknesses in implementing...

This paper presents the Democratic Republic of São Tomé and Príncipe’s first review under the Three Year Arrangement under the Extended Credit Facility Arrangement. After averaging 6 percent a year over several years, real GDP growth in 2009 is estimated at 4 percent, reflecting a decline...

Prior to the global crisis, Cambodia enjoyed a decade of high growth and relative stability. However, as a result of the global crisis, output collapsed, and longstanding structural vulnerabilities have been exposed. Discussions focused on the dual policy challenge to safeguard macroeconomic...

This 2007 Article IV Consultation highlights that the economic downturn of New Zealand that commenced in 2005 has proved to be short lived. In early 2006, the economy appeared to be cooling quickly, with quarterly growth dropping to zero and confidence and demand indicators deteriorating. Some...

Senegal achieved robust economic growth and low inflation under the economic program. Executive Directors emphasized the need to correct slippages in fiscal governance and transparency to ensure budgetary discipline and strengthen procurement rules and practices. They appreciated the action plan...

This 2008 Article IV Consultation highlights that Djibouti’s macroeconomic performance improved significantly, but inflation pressures are intensifying. Real GDP growth accelerated to 5.3 percent in 2007, driven mainly by foreign direct investment concentrated in the construction and port...