This Selected Issues paper on Algeria reports that the authorities have relied on an expansionary fiscal stance to stimulate growth and employment, but structural reforms have virtually stalled. Although the economy has recorded increasing growth, the nonhydrocarbon sector remains small and...

Statistical data and issues are discussed in this paper. Mauritania reached the completion point under the enhanced Initiative for Heavily Indebted Poor Countries. In July 2004, a new economic team took actions to tighten fiscal and monetary policies. The authorities intend to adopt sound...

The 2005 Article IV Consultation for the United Arab Emirates reports that the prices in real estate and stock markets, have soared aided by stronger economic fundamentals and investor optimism. An outward-oriented development strategy and prudent financial policies have resulted in impressive...

The paper aims to identify the optimal size, speed and composition of the medium-term fiscal adjustment in the context of Sudan's limited oil reserves. The permanently sustainable non-oil primary balance approach suggests the need for significant fiscal adjustment over the medium term, requiring...

This 2005 Article IV Consultation highlights that monetary development in the Republic of Equatorial Guinea continues to be dominated by fiscal policy. Fiscal outcome was marked by an increase in the fiscal surplus in 2004 compared with 2003 on account of a stronger-than-expected revenue...

This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second,...

The paper reviews the background and the existing institutional framework for oil sector development in São Tomé and Príncipe and the challenges faced in implementing transparency rules in all oil-related transactions. It provides a quantitative analysis of the impact of oil sector...

The paper employs a heuristic comparative approach suggested by Ismail (2009) to search for evidence of Dutch disease in oil-rich countries of the Central African Economic and Monetary Community (CEMAC). While these countries have benefitted from high international oil prices in recent years,...

Equatorial Guinea’s macroeconomic performance in the recent period has been broadly satisfactory. Despite the macroeconomic environment, however, progress in alleviating poverty and meeting the MDGs has been slow. Executive Directors welcome the government’s intention to prepare a...