The civil war in Liberia has resulted in the destruction of most of its infrastructure. Executive Directors noted the weak revenue performance, the lack of progress on fiscal transparency and accountability, and the poor control and prioritization of government spending. They emphasized the need...

The staff report for the First Review Under the Stand-By Arrangement on the Republic of Croatia focuses on fiscal policy and monetary and financial sector policies. Financial soundness indicators show a continuation of the overall strengthening of the banking system, although foreign...

This paper assesses Armenia’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Under the previous PRGF-supported program, Armenia accomplished macroeconomic stability, rapid growth, and a significant reduction in poverty. To consolidate these...

This 2005 Article IV Consultation highlights that the Belizean economy grew by 4½ percent in 2004, mainly reflecting strong performance in the agriculture, fisheries, and tourism sectors. Inflation remained subdued at about 3 percent. The overall fiscal deficit of the central government,...

This Selected Issues paper assesses whether Latvia’s strategy to enter ERM2 and adopt the euro is appropriate. The paper examines the possibility of an exchange rate misalignment from various perspectives. It considers different notions of the real effective exchange rate and...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This paper reviews the Staff-Monitored Program (SMP) for the Union of the Comoros. The authorities’ program for 2005 is focused on macroeconomic stabilization. This is predicated on a consolidated budget entailing a domestic fiscal adjustment slightly above 3 percent of GDP. Monetary...

The Zimbabwean economy has deteriorated progressively over the past four years. Executive Directors expressed deep concern about this, and stressed the need to implement strong macroeconomic, monetary, fiscal, and structural policies. They urged the Reserve Bank of Zimbabwe to ensure that banks...

Mali has been implementing reforms supported by the IMF through the Enhanced Structural Adjustment Facility (ESAF) and Poverty Reduction and Growth Facility (PRGF) arrangements. Executive Directors commended the macroeconomic management, poverty reduction, and structural reforms, and emphasized...