The three year Fund-supported program that expired at end-June 2014 succeeded in stabilizing Portugal's economy and restoring access to sovereign debt markets. Following the deep downturn of 2011�12, the economy has expanded in six of the last seven quarters, albeit at a moderate pace. The...

KEY ISSUES Recent Developments and Outlook. Solomon Islands held its parliamentary elections on November 19, 2014 and elected a new government led by Prime Minister Manasseh Sogavare, representing the Democratic Coalition for Change. The country’s Gold Ridge mine, its only gold mine, remains...

This paper discusses Jordan’s Sixth Review Under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria (PC), and Rephasing of Access. PC Program performance remains broadly on course. All end-March 2015 PCs are expected to be met. Structural performance saw...

This paper discusses Chad’s First Review Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), and Request for Modification of PC, and Augmentation of Access. Performance under the ECF supported program was broadly satisfactory...

KEY ISSUES Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, three purchases totaling the equivalent of SDR 94.2 million have been made, and another one equivalent to SDR...

Haiti’s recently completed arrangement under the Extended Credit Facility (ECF) helped to maintain macroeconomic stability after the 2010 earthquake. While Haiti has seen four consecutive years of growth, reducing poverty requires higher and sustained growth rates

Devastating Cyclone Pam hit Vanuatu on March 13, destroying a large share of housing, infrastructure, tourist facilities, crops, and livestock. Estimated damage and losses to the economy exceed 60 percent of GDP

In spite of the implementation of measures to strengthen public financial management during the last quarter of 2014, the performance criteria (PC) for end-2014 relating to gross tax revenue and bank and market financing of the government were not met owing to administrative weaknesses at the...

All but one performance criteria were met at end-April 2015 and structural benchmarks were largely completed, some with delays. However, there was non-observance of the continuous performance criterion on the ceiling on gross credit to government by Bank of Ghana (BoG) in April by a small margin...

The Executive Board approved on February 2, 2015 a 12-month Stand-By Arrangement (SBA) and an arrangement under the Standby Credit Facility (SCF), with combined access of SDR 488.52 million (180 percent of quota). The first tranche of SDR 379.96 million (140 percent of quota) was made available...