Tanzania’s macroeconomic outlook is favorable with buoyant growth and declining inflation. The Executive Board of the International Monetary Fund (IMF) commended its prudent policy management and progress in stabilizing the economy. The country’s 2012–13 budget appropriately...

This 2013 Article IV Consultation highlights that Brazil’s economy is recovering gradually from the slowdown that began in mid-2011. Consumption remained resilient last year underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently. After...

This 2013 Article IV Consultation highlights that economic growth in Ghana continued at a robust pace of 8 percent in 2012 amid rising fiscal and external imbalances. Fiscal pressures came to the fore in a mounting public sector wage bill and costly energy subsidies that pushed the deficit close...

Vanuatu has a comparatively favorable economy and cautious macroeconomic policies that have helped maintain stability and confidence. Financial sector policies also have been appropriately cautious. The economy must maintain low debt in the longer term, but as funding is needed for...

Morocco’s sound economic performance has been challenged by domestic and external shocks. The Precautionary and Liquidity Line (PLL) program is on track, and its design remains adequate. The fiscal consolidation and efforts to rebuild buffers and address medium-term challenges taken up by...

This 2013 Article IV Consultation highlights that in recent years, the Indonesian economy has benefited from a supportive global economic environment, namely in the form of a rise in commodity prices and strong growth in emerging markets. However, these conditions have been less supportive...

This 2013 Article IV Consultation IMF staff report focuses on measures that are being undertaken to rebalance macroeconomic growth in Lithuania. The IMF report discusses the requirement of fiscal consolidation to fully rebuild fiscal space. It highlights the important role played by the...

This paper discusses Kenya’s Sixth and Final Review Under the Three-Year Arrangement Under the Extended Credit Facility. Fiscal consolidation and the introduction of major reforms contributed to the program’s success despite emerging challenges. All end-June 2013 quantitative...

Samoa was hit hard by a strong tropical cyclone, and the authorities are to be commended for their swift response to the resulting disaster. Economic growth this fiscal year is expected to be significantly lower than projected prior to the cyclone, but there are encouraging signs of early...

The postcrisis recovery in Armenia has accelerated, but challenges remain. Economic policies have been broadly consistent with IMF advice. Credit growth has been strong, especially in foreign currency (FX). The banking system is sound. The central bank (CBA) is improving the regulatory and...