Growth in Romania is likely to moderate in 2012, weighed down by the euro area slowdown. The Fifth Review Under the Stand-By Arrangement highlights that Romania’s overall track record under the program continues to be strong. All performance criteria for the fifth program review were met,...

Colombia’s very strong track record of macroeconomic policy management, underpinned by robust fiscal and monetary policy frameworks, has reduced vulnerabilities in recent years and helped weather the global financial crisis. The authorities’ policy focus has shifted from supporting...

Morocco’s track record of sound economic policies helped it withstand the recent economic crisis and regional social events. High oil prices have contributed to a build-up of fiscal and external pressures, but the government has taken action to address these vulnerabilities and are...

Well-balanced macroeconomic policies, accompanied by an improvement in terms of trade during recent years, have allowed Bolivia to achieve very positive macroeconomic results. The 2012 Article IV Consultation highlights that the outlook for 2012 is favorable and short-term downside risks are...

The 2012 Article IV Report on Ireland’s economy under the Extended Arrangement analyzes the banking crisis and Irish authorities’ steadfast efforts to restore stability. Public debt has been high, and the banking system has not served the financial needs of both households and the...

This report discusses Angola’s sixth review under the Stand-By Arrangement (SBA) and request for waivers of nonobservance of performance criteria. Three years after the abrupt decline in world oil prices that severely impacted its economy, Angola has reached a sharply improved fiscal...

This paper discusses the request from Gambian authorities for a three-year arrangement under the extended credit facility (ECF). The Gambian economy performed well during the previous IMF arrangement, which expired at the end of March 2011; however, there were slippages under the program. The...

The discussions took place in Freetown during March 29–April 11, 2012; and in Washington (April 21–24, 2012). They focused on conditions for completing the fourth ECF review, corrective measures to be implemented to address fiscal slippages that had occurred in late 2011, and policies...

Economic activity in Tajikistan continues to recover from the global crisis, but a range of vulnerabilities remain. Real GDP grew at an estimated 7.5 percent through the first nine months of 2011. The political environment appears broadly stable, but there are underlying tensions. The worst of...

The Fourth Review Under the Policy Support Instrument (PSI) for Uganda highlights that the PSI-supported program is on track. All end-December 2011 quantitative assessment criteria were met, as were most of the structural benchmarks. The stance of macroeconomic policy remains appropriate....