Cape Verde showed strong economic performance owing to its strong policies and macroeconomic stability under the Policy Support Instrument (PSI). Executive Directors appreciated the authorities' plan to consolidate macroeconomic stability, improve public sector financial management and tax...

This 2014 Article IV Consultation highlights that Grenada’s economy continues to face significant headwinds after a decade of natural disasters and economic shocks coalesced into a deep economic crisis by 2011–2012. Economic activity declined by more than 8 percent of GDP from peak...

Togo showed solid progress under the Extended Credit Facility (ECF)-supported economic program. Executive Directors appreciated its strong track record of policy, reform implementation, and commitment to sound reforms. In addition to maintaining macroeconomic stability, Togo has fully met all...

This Selected Issues paper outlines economic developments in the Republic of the Marshall Islands (RMI) since independence in 1986, focusing on the challenges posed by dependence on foreign grants, and progress toward achieving budgetary self-reliance. Like most other Pacific islands, the RMI...

Nicaragua’s Poverty Reduction Strategy Paper discusses several strategic policies for boosting medium-term economic growth. The role of the private sector as the main engine of growth through the stimulation of investment and exports is underscored. It also emphasizes the objective of...

This Selected Issues paper and Statistical Appendix on Botswana underlies that diamond reserves are not adequate to generate enough permanent revenue to support the current level of expenditure. Despite strong overall growth, in Botswana, a pattern of dependence on diamond revenue and high...

Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions. The staff report for Tonga’s 2009 Article IV Consultation highlights economic developments and policies. The reconstruction of the central business district and...

This paper discusses key findings of the assessment on observance of standards and codes on fiscal transparency for Thailand. The assessment reveals that Thailand meets requirements of the fiscal transparency code in many respects and exceeds them in a few cases. The legal framework underlying...

This paper presents Malawi’s First Review Under the Poverty Reduction and Growth Facility. The overvalued exchange rate has put external reserves under pressure, and the backlog of unpaid import invoices persists. The impact of the overvalued exchange rate on the value of donor inflows...

Mali’s economy is showing renewed momentum resulting from a strong 2005–06 cereal harvest and strengthening terms of trade. The fiscal program remained well on track through end-2005. Discussion of the macroeconomic outlook focused on production-side growth prospects, such as...