This paper examines Uruguay’s Fourth Review Under the Stand-By Arrangement and Requests for Modification of the Arrangement. The macroeconomic framework is broadly on track, but progress with structural reform has lagged. With regard to the quantitative performance criteria, there was a...

For the past two years, the Democratic Republic of Congo has made considerable progress in consolidating its peace process, stabilizing its economic situation, and creating the conditions for sustainable economic growth and poverty reduction. The macroeconomic and fiscal performances under the...

Guinea has implemented an impressive policy shift toward macroeconomic stabilization under the economic program. Executive Directors commended this development and stressed the need for tight fiscal and monetary policies and welcomed the debt sustainability analysis and implementation of the...

The Islamic Republic of Mauritania’s macroeconomic developments have remained broadly positive, despite high international fuel and food prices and the near-term drought impact. Supported by a rapid growth in manufacturing industries, non-oil output is expected to grow by 4.8 percent in...

Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004,...

This paper reviews the request from the São Tomé and Príncipe authorities for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). In 2004, the economy continued to grow at a moderate pace, but inflation increased to 15 percent by year-end, as bank credit to the...

The Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria for Rwanda are analyzed. The implementation of policies improved considerably in 2004, although economic performance has been adversely affected by exogenous shocks....

The staff report for the Fifth and Sixth Reviews Under the Poverty Reduction and Growth Facility Arrangement discusses Zambia’s strong macroeconomic performance and budget execution. High copper prices and extensive debt relief helped to strengthen Zambia’s external position and...

This paper discusses the Republic of Mozambique’s 2007 Article IV Consultation and Sixth Review Under the Poverty Reduction and Growth Facility (PRGF). The post-conflict rebound has largely run its course, and first-generation reforms are completed; a second wave of reforms is needed to...

Albania’s macroeconomic performance over the past year has been good, with strong growth and a significant reduction in poverty under the Poverty Reduction and Growth Facility Arrangement. Executive Directors commended the new strategy for maintaining the macroeconomic stability,...