This paper discusses the Former Yugoslav Republic of Macedonia’s Second Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria and Rephasing of the Program. The 2007 fiscal deficit target increased modestly to 1 percent of GDP. Taxes were cut and budget...

São Tomé and Príncipe pursued economic reforms and tried to reduce poverty amidst macroeconomic imbalances under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors supported the authorities’ decision to sustain the process of fiscal consolidation, and stressed the...

This paper discusses key findings of the Third Review Under the Poverty Reduction and Growth Facility for São Tomé and Príncipe. Structural reforms are progressing. Five of six structural benchmarks through September 2006 were met. The authorities strengthened public financial management...

The continued decline in oil production and the absence of sustained adjustment policies have contributed to Gabon's uneven economic performance over the past three years. To strengthen further the track record before discussing a possible IMF-supported program, a staff-monitored program has...

Ghana’s macroeconomic performance has continued to improve, and the program’s objectives are being met. Progress has also been made toward achieving the Millennium Development Goals. Public expenditure and financial management has shown improvement. The medium-term outlook appears...

Cape Verde’s economic and policy performance remains sound under the Poverty Reduction and Growth Facility (PRGF) arrangement supported by Policy Support Instrument (PSI). Executive Directors commended the prudent macroeconomic policies and structural reforms. They emphasized the need for...

Monetary developments in the first half of 2003 were largely in line with expectations, except for credit to the private sector, which has accelerated significantly in recent months. The overall deficit of the consolidated government was 4.5 percent of GDP in 2002–03, lower than the...

Lao People's Democratic Republic (Lao PDR) showed commendable growth owing to its strong macroeconomic performance and structural reforms under the economic program. Executive Directors commended the fiscal performance, bank restructuring, and the private sector developments, and stressed the...