Madagascar is one of the poorest countries in sub-Saharan Africa, ranking 146 out of 177 on the United Nations Human Development Index. The country has one of the lowest tax revenue-to-GDP ratios in the world (10.1 percent in 2005). To address these challenges, the authorities are requesting a...

Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004,...

Madagascar showed strong economic growth and low inflation under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and stressed the need to restore fiscal discipline, improve governance, strengthen the business climate to encourage...

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania. Mauritania’s performance since the beginning of 2006 has been fully satisfactory. All quantitative targets and structural benchmarks under the SMP that covered the first six...

This paper discusses Nicaragua’s 2005 Article IV Consultation and Seventh, Eighth, and Ninth Reviews Under the Three Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The economy continued to perform well, notwithstanding pressure from higher oil prices. Strong...

This paper reviews the request from the São Tomé and Príncipe authorities for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). In 2004, the economy continued to grow at a moderate pace, but inflation increased to 15 percent by year-end, as bank credit to the...

This 2006 Article IV Consultation highlights that economic performance of Benin has been relatively subdued since 2003 after a decade of high growth. Slow economic growth has reflected limited progress in addressing core economic vulnerabilities and delays in implementing crucial...

This paper discusses a Request from Congo for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) program. Growth in Congo in 2008 was strong, but weakened by the onset of the global financial crisis during the second half of the year that resulted in a deterioration...

This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). Sierra Leone has made considerable progress during the last PRGF-supported program toward macroeconomic stability. Macroeconomic performance was generally...

The continued decline in oil production and the absence of sustained adjustment policies have contributed to Gabon's uneven economic performance over the past three years. To strengthen further the track record before discussing a possible IMF-supported program, a staff-monitored program has...