The report assesses the Ex Post Assessment of Longer-Term Program Engagement. It reviews the success of the Poverty Reduction and Growth Facility (PRGF) program in achieving rapid growth, low inflation, and a comfortable external position. It highlights that the design of the programs has been...

This 2006 Article IV Consultation highlights that real GDP in the Federated States of Micronesia grew by only 1½ percent in FY2005 and declined by nearly 1 percent in FY2006. The underlying fiscal situation has deteriorated, despite a decline in the overall deficit. Executive Directors have...

This paper discusses key findings of the Seventh Review Under the Policy Support Instrument for Cape Verde. All assessment criteria were met with a margin, and all but three structural benchmarks were met. Growth is holding up at 4 percent in 2009, and inflation is low. The authorities have...

The Kyrgyz Republic is recovering from a deep political crisis. Agriculture, tourism, mining, and textile production will be important drivers of growth. Strong export-oriented growth and fiscal consolidation will help to reduce the current account deficit in the medium term. Executive Directors...

This 2009 Article IV Consultation highlights that the Zambian economy has performed well in recent years and showed some resilience to the recent global recession. Growth in 2009 is now projected at 5.3 percent, in line with the average for recent years, as the slowdown in the tertiary sector...

Botswana’s economy staged an impressive recovery during the past year. The strong economic recovery has helped stabilize financial market conditions. The overall external position has also strengthened. The overriding economic policy challenges are to reduce the size of government...

The basic government finance processes are supported by a sound institutional and legal framework. Fiscal information is provided through regular publications and extensive use of the internet. Finally, audit processes are extensive and help improve budget management decisions, practices and...

This 2008 Article IV Consultation highlights that Armenia’s recent economic performance has remained strong, and the economy is poised for another year of double-digit growth. Rising inflation, a widening current account deficit, and rapid credit growth have raised concerns about...

Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were...

France’s near–term economic outlook is moderately positive, but clouded by risks from the global environment. The government’s reformist intentions provide an historic opportunity to place France onto a sustained higher growth path with greater opportunities for all....