This paper discusses Rwanda’s Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional borrowing (NCB), all quantitative...

Armenia’s economy continues to perform strongly. Prudent fiscal and monetary policies and ongoing structural reforms have contributed to double-digit growth in a low-inflation environment, a continued reduction in poverty, and a notable improvement in tax performance. The Poverty...

As a result of the Enhanced Highly Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), Mali’s stock of external debt has declined significantly. The central feature of Mali’s medium- and long-term macroeconomic outlook is the steady decline...

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...

The Nicaraguan economy continued to post robust growth in the first half of 2011. The Seventh Review Under the Extended Credit Facility (ECF) and Financing Assurances Review highlights that all quantitative performance criteria for end-June 2011 were met and the structural agenda is broadly on...

Afghanistan has made substantial progress toward macroeconomic stability, but structural reforms need to be accelerated. The uncertainty affecting the fiscal outlook warrants a prudent expenditure policy. Monetary policy has been instrumental in reducing inflation and safeguarding external...

This paper discusses key findings of the financial system stability assessment (FSSA) on the Central African Republic. The assessment reveals that the liquidity position of the financial sector has improved in recent years. This reflects a more favorable economic environment following the end of...

This Selected Issues paper on the Republic of Mozambique reports key policy and institutional issues in the macroeconomic management of scaled-up aid and in promoting sustainable private-sector led growth. A further moderate scaling-up of foreign aid could continue to be fully spent and focus on...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Nepal. The PRGF-supported program is broadly on track. All quantitative performance criteria for the fourth review were met. A number of structural performance criteria and...

The economy is on the right track, and program performance has been good. Fiscal adjustment is on track to restore fiscal sustainability. The adjustment plan appropriately focuses on reducing current spending while increasing investment and protecting the most vulnerable. The current monetary...