The Gambian authorities produced two Annual Progress Reports (APRs) covering implementation of the first Poverty Reduction Strategy Paper (PRSP) during 2002–03 and 2004, respectively. This addendum is organized around four of the main themes of the first PRSP: (i) macroeconomic stability...

The euro area recovered from the economic doldrums. Executive Directors welcomed the recovery, supported by strong financial conditions, global growth, and improved financial positions. They encouraged the reformed Stability and Growth Pact over fiscal policies, and underscored the need for...

This paper discusses the Republic of Armenia’s Sixth reviews under the Extended Fund Facility Arrangement, and the Extended Credit Facility Arrangement. The Central Bank of Armenia has kept the policy rate at 8 percent since 2011, and has narrowed the corridor around the policy rate from...

This Selected Issues paper focuses on U.S. potential growth in the aftermath of the crisis. It discusses recent productivity developments in the nonfarm business sector. The paper uses back-of-the envelope calculations to gauge the effect of diminished financial sector activity on GDP growth in...

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility for Georgia. Despite economic sanctions imposed by Russia in 2006, Georgia’s economic growth continues to be strong, and inflation has declined. Growth is expected to reach 9 percent in...

After five years of Paraguay’s high growth led, in part by agro-exporting sectors, the external environment has turned less favorable, with a sharp decline of export prices and a curtailment of external credit lines. The Selected Issues paper for Paraguay discusses economic development...

A range of indicators point to a competitiveness gap of 10–20 percent with respect to euro area competitors. Closing the competitiveness gap will require an extended adjustment period, even with a jump in total factor productivity (TFP) growth and strong wage moderation. This paper...

The paper presents the Annual Progress report on The Gambia’s Poverty Reduction Strategy Paper. This has enabled the government to substantially reduce the stock of domestic arrears that have been due to contractors, consultants, and suppliers and at the same time liquidate all loans owed...

The 2006 Article IV Consultation on the Republic of Tajikistan explains political and economic developments. Although Tajikistan’s external debt profile has improved significantly, total public and publicly guaranteed debt is projected to increase significantly, mainly because of large...

Sudan’s 2006 Article IV Consultation reports that growth has been robust, inflation has been kept at a single-digit level, and important reforms have been undertaken. There has been progress with financial sector reforms and trade liberalization, and the managed floating exchange rate...