Seychelles's strong stabilization efforts has helped the economy to overcome debt crisis and global recession under the Stand-By Arrangement (SBA). But the authorities need to address monetary policy trade-offs, and financial sector challenges exist. Executive Directors welcomed Seychelles's...

This 2007 Article IV Consultation highlights that a modest recovery is finally under way in Portugal. Growth rose to 1.3 percent in 2006, led by strong external demand, which is driving a notable rebound in export growth. In response, corporate investment shows signs of strengthening, but...

In this study, the staff report for the review under the three-year arrangement under the Extended Credit Facility is discussed. Investment in iron ore and commercial agriculture and rebound in rubber prices are important for growth. Fiscal, monetary, and financial policies are discussed. An...

This report discusses the Action Plan for Public Financial Management (PFM) Reforms Based on PEFA Assessment for the Maldives. The purpose of the action plan is to help prioritize efforts in light of scarce resources. The recently completed Public Expenditure and Financial Accountability (PEFA)...

This paper presents key findings of the First Review for Burundi under the Poverty Reduction and Growth Facility (PRGF). Economic growth in Burundi increased to 4.5 percent in 2008, mainly because of a good coffee harvest and more donor-financed projects. The economic outlook is generally...

Macroeconomic performance has been satisfactory, and program implementation under the Poverty Reduction and Growth Facility arrangement has also been good. The medium-term projections have been updated in anticipation of relief under the Multilateral Debt Relief Initiative (MDRI). Despite recent...

Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by...

This Selected Issues paper on the Republic of Mozambique reports key policy and institutional issues in the macroeconomic management of scaled-up aid and in promoting sustainable private-sector led growth. A further moderate scaling-up of foreign aid could continue to be fully spent and focus on...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Nepal. The PRGF-supported program is broadly on track. All quantitative performance criteria for the fourth review were met. A number of structural performance criteria and...

KEY ISSUES The economy is embarking on sustainable growth, but the main challenge will be to boost long-run growth by structural reforms and reorienting fiscal policy. Supply-side slowdowns in the energy sector are ending, while available evidence suggests non-energy growth is robust and...