KEY ISSUES Background: Activity is slowly recovering after a cumulative decline of about 5 percent during 2008–10. Expansionary fiscal policies—largely to counteract the impact of the global slowdown and the two successive natural disasters—led to a deterioration in fiscal...

This 2013 Article IV Consultation highlights that growth in the Fijian economy increased to 2¼ percent in 2012, supported by income tax cuts, low interest rates, and the one-time payouts under the Fiji National Provident Fund (FNPF) reform, which offset the negative impact of the severe...

This article is a report of the IMF Executive Board’s program for Antigua and Barbuda. The Stand-By Arrangement program was developed as a response to the looming fiscal crisis, which resulted in large fiscal deficits and debts similar to the global crisis. The program is approved to...

KEY ISSUES Context: Kenya has embarked on major reforms in line with the 2010 constitution. The new government has started the process of devolution at a fast pace, introducing a reporting framework that allows for monitoring progress and challenges. Macroeconomic stability in a market-friendly...

A conservative minority government took office in October 2013, ending eight years of Labor party-led governments. No major policy shift has taken place so far, but the government’s economic policy platform emphasizes lower taxes, more infrastructure investment, greater private ownership,...

KEY ISSUES Context: Successful elections for a new Constituent Assembly and formation of a new government have stabilized the political situation. Macroeconomic situation and outlook: Nepal’s macroeconomic situation remains broadly favorable. Growth is projected to recover in 2013/14...

This 2014 Article IV Consultation highlights that after a sharp slowdown in 2013, growth in Mexico is projected to recover to 2.4 percent this year. The strong recovery in the United States in the second quarter of 2014 has triggered a rebound in Mexico’s manufacturing production and...

This 2014 Article IV Consultation highlights that Gabon’s growth performance has recently been strong, but fiscal pressures have increased significantly. Real GDP growth has averaged about 6 percent in the last four years on the back of substantial scaling-up of capital spending as the...

KEY ISSUES Kiribati’s key economic challenges are to reduce large structural fiscal imbalances and increase growth and employment opportunities, while facing obstacles posed by remoteness, lack of scale, vulnerabilities to external shocks and climate change. The significant fiscal...

This staff report on Tonga’s 2013 Article IV Consultation discusses the economic development and policies. Banks in Tonga have been fixing their balance sheets since late 2008. Shrinking the loan books and increasing holdings of reserve assets have prompted negative macro-financial...