This 2004 Article IV Consultation highlights that Morocco’s macroeconomic conditions remained strong in 2003. Growth increased to 5.5 percent because of an exceptionally good cereal production, while non-agricultural growth showed signs of revival. Inflation was below 2 percent and the...

This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal stress periods, covering public debt default as well as near-default events. The...

Economic conditions are improving in Sri Lanka, and are likely to show strong growth. The current account remains strong, and tourism arrivals are rapidly improving. Monetary conditions are stable, and the central bank’s policy stance is appropriate. Reforming the board of investment will...

Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse. Credit continues to grow rapidly, particularly in foreign currency and based on strong inflows to banks. Inflation has come down sharply, reflecting...

The staff report for the Fourth Review on Nigeria highlights developments under the Policy Support Instrument (PSI). Robust non-oil sector growth significantly strengthened fiscal and external positions, reducing inflation that surpassed the original program goals. Fiscal risks have increased in...

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...

Growth in Romania is likely to moderate in 2012, weighed down by the euro area slowdown. The Fifth Review Under the Stand-By Arrangement highlights that Romania’s overall track record under the program continues to be strong. All performance criteria for the fifth program review were met,...

The staff report for the Second Review Under the Stand-By Arrangement (SBA) on the Republic of Croatia highlights fiscal policy and monetary and financial sector policies. The policy implementation under this SBA has yielded sizable fiscal consolidation and advances in structural reforms,...

Significant progress has been made in Haiti to safeguard macroeconomic stability after the January 2010 earthquake. However, the pace of the reconstruction has been slow and the business environment remains unattractive. Further development and strengthening social safety nets are essential. The...

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...