The Moldovan economy is recovering steadily following the recession triggered by the global crisis. The key challenge is to ensure fiscal, financial, and external sustainability while igniting new engines of growth. Monetary policy strikes the right balance between keeping inflation low and...

This Article IV Consultation reports that the economic growth of Mauritania is robust, which reflected prudent economic management, sustained donor support, and the beginning of oil production. Executive Directors observed that the return of constitutional order to Mauritania has established a...

The goal of the last ECF arrangement (2005–09) was to support Benin’s strategy to achieve higher sustainable growth and reduce poverty while preserving macroeconomic stability and reducing vulnerabilities to external shocks. The program achieved most of its objectives. The main macroeconomic...

This paper examines Croatia’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA). Croatia has established a record of solid growth and low inflation since the mid-1990s. Real GDP growth has averaged about 4.5 percent, with inflation in the low single digits. This...

This paper discusses key findings of the Third Review Under the Extended Credit Facility (ECF) for Mali. Implementation of the ECF-supported program has been challenged by the global financial crisis and the ensuing global slowdown. The new program aims to continue prudent fiscal policies and...

This paper discusses key findings of the Second Review under the three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) for Mali. Performance under the PRGF-supported program has been generally satisfactory, but there have been delays in implementing structural reforms....

This 2015 Article IV Consultation highlights that Mali's program performance through June was strong, with all performance criteria and most structural benchmarks met. The 2016 program features a somewhat higher fiscal deficit compared with 2015 to allow for increased public investment and...

This paper discusses Niger's Sixth and Seventh Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), Request for Augmentation of Access, and Extension of the Current Arrangement. Niger's growth slowed in 2015 owing to lower...

This 2017 Article IV Consultation highlights that Serbia's economy has strengthened impressively since the adoption of the economic program supported by the Stand-By Arrangement. Economic growth is expected to reach 3 percent in 2017. The fiscal deficit should narrow to 1.1 percent of GDP-the...

This 2017 Article IV Consultation highlights that growth in Moldova is expected to be about 3 percent in 2018. Inflation is forecast to return to target in 2018, following a pickup in 2017. The banking sector has been stable, the fiscal performance has improved and Moldova's external position...