This paper discusses key findings of the First Review for Seychelles under the Stand-By Arrangement. Developments under the program at end-December 2008 were broadly satisfactory. Although growth was lower and inflation higher than targeted in 2008, the liberalization of the exchange regime and...

Despite severe economic, political, and natural setbacks in Benin in 2010, its economic growth has accelerated in 2011. The Executive Board of the International Monetary Fund (IMF) has appreciated Benin’s economic performance under the program supported by the Extended Credit Facility...

Zambia’s 2005 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility are discussed. Expenditure restraint, including on the wage bill, has helped to put the fiscal operations of the government on a sustainable course and contributed to the attainment of...

The staff report for the First Review Under the Stand-By Arrangement (SBA) on Gabon focuses on economic developments and policies. The economy is little diversified and heavily dependent on oil production, which is on a downward trend; the debt burden is high; and social indicators are weak. The...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility for Albania. The outlook for 2007 is positive, with growth projected at 6 percent. These developments owe much to good macroeconomic policies. All quantitative program targets were met. The...

The prolonged crisis and violent conflict led to considerable destruction of private and public property, loss of life, and many refugees and internally displaced persons. Dealing with the shocks and aftermath of the post-election political crisis and armed conflict is a serious challenge for...

This staff report examines the Kingdom of Lesotho’s 2012 Article IV Consultation and second and third reviews under the three-year arrangement under the Extended Credit Facility. Real GDP growth for 2010/11 is estimated at 5¾ percent, and inflation rose gradually in 2011, driven by...

The Mozambican economy recorded a strong performance in 2011, showing little sign of being affected by the global turmoil. Given the declining trend in foreign aid in the medium term, the government is tapping more into nonconcessional borrowing to close the infrastructure gap. To promote...

In 2011, the economy of Mali is expected to stay on a robust growth trajectory with low inflation. Fiscal performance has been consistent with program targets during the first half of 2011. Money supply increased more than GDP during the first nine months of 2011. The authorities intend to...

The macroeconomic stability of Sri Lanka is analyzed. Reflecting high domestic inflation relative to trading partners, the real effective exchange rate appreciated by 2 percent. Infrastructure development is a central element of the government’s medium-term development strategy. Further...