This paper presents key findings of the Second and Third Reviews for Gabon under the Stand-By Arrangement. Performance under the program has been mixed. Non-oil economic growth was robust prior to the onset of the international financial crisis, spurred by high oil and commodity prices. However,...

This 2008 Article IV Consultation highlights that Djibouti’s macroeconomic performance improved significantly, but inflation pressures are intensifying. Real GDP growth accelerated to 5.3 percent in 2007, driven mainly by foreign direct investment concentrated in the construction and port...

This paper focuses on the Fourth Review for Sierra Leone under the Poverty Reduction and Growth Facility. Program performance in the second half of 2008 was mixed. Although economic activity slowed in the last quarter, real GDP grew at an estimated 5.5 percent for the year. A key challenge is to...

The staff report for El Salvador’s request for a Stand-By Arrangement is examined. Fiscal consolidation led to a reduction in the public debt-to-GDP ratio, and the country has experienced the highest growth rates in a decade. Real GDP growth is projected to slow to 3.2 percent in 2008,...

This paper describes the Stand-By Arrangement for Iceland under the Emergency Financing Mechanism. The crisis is producing a sharp contraction of economic activity. Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and...

This paper presents key findings of the Second Review for Seychelles under the Stand-By Arrangement. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities are implementing the program with determination and a high degree of ownership. All quantitative...

With global financial turmoil increasingly spilling over into Serbia, the authorities have requested a 15-month Stand-By Arrangement (SBA), which they intend to treat as precautionary. The authorities’ program aims at safeguarding macroeconomic and financial stability, in view of the...

This 2008 Article IV Consultation highlights that the main challenge for Maldives is to contain fiscal expenditures that have increased sharply following the tsunami. Expenditure has reached extraordinarily high levels by international and historical standards, with the majority of the increase...

This 2009 Article IV Consultation highlights that Jordan’s money and financial markets have weakened since mid-2008. Bank deposits edged down slightly in October but subsequently recovered, with the share of dinar deposits continuing to increase. Executive Directors have noted that sound...

Kazakhstan’s financial system remains highly stressed despite large-scale government support; the economy is expected to contract in the near future. The staff report for Kazakhstan’s 2009 Article IV Consultation discusses economic developments and policies. Kazakhstan is better...