The staff report for the 2005 Article IV Consultation on the People’s Republic of China highlights economic developments, policy discussions, and structural reforms. A larger external current account surplus, together with strong capital inflows, led to a further sizable increase in gross...

This paper focuses on Tajikistan’s Sixth Review Under the Poverty Reduction and Growth Facility (PRGF). The program for 2005 has been implemented satisfactorily. All quantitative and structural performance criteria and indicative targets for end-September 2005 were observed, and all...

Croatia continues to enjoy economic growth, price stability, and rising international reserves under the Stand-By Arrangement. Executive Directors commended this and stressed the need for prudent macroeconomic policies, structural reforms, fiscal consolidation, and tight monetary policy. They...

This paper examines Tajikistan’s Third Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criterion. Performance under the PRGF has been generally satisfactory. All quantitative performance criteria, two of...

The overall fiscal position improved and the reduction in domestic arrears was triple the program target. The direct impact of the global financial crisis on Djibouti has been limited. The financial system has not been affected by the global crisis, and capital adequacy has improved slightly...

Dominica showed a commendable progress under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors welcomed the strong macroeconomic performance, fiscal adjustment, and collaborative debt restructuring effort. They appreciated the introduction of a value-added tax (VAT)...

This paper examines Pakistan’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver and Modification of Performance Criteria. Although most reforms were broadly on track, there were setbacks in energy sector reforms,...

Liberia’s 2006 Article IV Consultation reports that the economy continues its modest recovery, driven by donor-related expenditure and the resumption of activity in rural areas. The government has endorsed the Governance and Economic Management Assistance Program that aims to strengthen...

Pakistan has implemented some reforms, including improvements in tax administration, removal of some tax exemptions, and the introduction of an interest rate corridor. The macroeconomic policies are overly expansionary and fundamental reforms to resolve the economy’s structural problems...