Bangladesh achieved steady gross domestic product growth with manageable inflation, and improved social indicators, owing to prudent macroeconomic management and a renewal of structural reform. The proposed Poverty Reduction and Growth Facility-supported program builds on this record of policy...

Burundi is emerging from more than a decade of civil conflict that started with the 1993 coup d’état against its first elected government. Macroeconomic developments in 2005 were broadly in line with the Poverty Reduction and Growth Facility (PRGF) program, although growth was lower at about...

This paper examines Serbia and Montenegro’s Third Review Under the Extended Arrangement and Requests for Waiver of Performance Criterion. Serbia and Montenegro’s recent economic performance has been mixed, combining excellent progress in some areas with an uncomfortably large...

The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Republic of Armenia highlights economic developments and the macroeconomic framework. Armenia’s economy continues to perform strongly. Prudent fiscal and monetary...

The Fourth Review Under the Extended Arrangement, Financing Assurances Review, and Request for Waiver of Performance Criteria for Serbia and Montenegro are discussed. The agreed tighter fiscal, monetary, and incomes policies should cool off wage and credit growth, which are driving the demand...

This paper discusses Tajikistan’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criterion. The macroeconomic outcome in the first quarter of 2005 was satisfactory, but the deteriorating external environment will make it harder to...

This paper examines Tajikistan’s Third Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criterion. Performance under the PRGF has been generally satisfactory. All quantitative performance criteria, two of...

This paper assesses Serbia and Montenegro’s First Review Under the Extended Arrangement (EA). Serbia and Montenegro’s economic and policy performance has remained good under the current EA, but daunting challenges lie ahead. Macroeconomic policies need to be carefully calibrated to...

Raising growth on a sustainable basis and addressing widespread poverty are the main challenges for Paraguay. The macroeconomic program for 2007 aims at raising growth and reducing inflation. IMF staff recommends that the next Article IV Consultation continues within the 24-month cycle, and...