The staff report for the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Kyrgyz Republic highlights the economic developments and policies. To ensure that the external debt ratios fall, the program introduces a new indicative target for...

This paper examines Paraguay’s 2004 Article IV Consultation and Second Review Under the Stand-By Arrangement and Requests for Waiver and Modifications of Performance Criteria. Paraguay’s economy has stabilized in 2004, but growth remains modest. A late season drought depressed output of soy,...

This paper focuses on Pakistan’s 2004 Article IV Consultation, Ninth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria (PCs). Implementation of the PRGF program in Pakistan remains broadly on...

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

Armenia showed strong economic performance owing to its prudent macroeconomic policies and structural reforms, under the Poverty Reduction Growth Facility (PRGF) Arrangement. Executive Directors welcomed this development, and stressed the need to strengthen the tax system, structural reform...

Discussions on the Second Review Under the Poverty Reduction and Growth Ffacility (PRGF) arrangement took place in Dushanbe. The IMF-supported program concentrates on enhancing macroeconomic stability and implementing structural reform in the key areas of banking, energy, and agriculture. The...

The staff report for the combined consultation and 2005 Article IV Consultation on Gabon highlights economic developments and policies. Preparing Gabon for the post-oil era requires strengthening the efficiency of the public sector and providing a framework for private sector development to...

This 2004 Article IV Consultation highlights that following the near crisis in the first half of 2003, the authorities in Jamaica have succeeded over the past year in stabilizing the economy and restoring market confidence. The foreign exchange market stabilized in mid-2003, inflation has...

The Kyrgyz Republic has made good progress under the Poverty Reduction Growth Facility (PRGF)-supported economic program. Executive Directors commended the sound policies, low inflation, and poverty reduction. They appreciated the strong fiscal discipline, and monetary and exchange rate...