This 2012 Article IV Consultation highlights that Tunisia experienced a severe recession in 2011 amid domestic and regional turmoil. Real GDP contracted by 1.8 percent, reflecting a sharp decline in tourism and foreign direct inflows. As a result of the economic downturn and the return of...

Strong exports in the Slovak Republic supported a healthy economic expansion with real GDP growing 3.3 percent in 2011. The 2012 Article IV Consultation highlights that the robust performance of net exports offset the contraction in domestic demand amid fiscal consolidation and volatile consumer...

This 2012 Article IV Consultation focuses on Italy’s economy, which is expected to continue contracting through the year owing to tight financial conditions, global slowdown, and the needed fiscal consolidation. The government has embarked on wide-ranging structural reforms to boost...

Lesotho’s National Strategic Development Plan (NSDP) serves as an implementation strategy for the national vision. It recognizes the significant challenges Lesotho faces in reducing poverty and making growth more broad-based. Overall, it presents a coherent analysis and offers an...

Afghanistan’s development, humanitarian, and governance challenges are formidable. Afghanistan is in its transition to become self-reliant. To achieve this goal, the government requires donor support. The IMF-supported economic program tries to address key macroeconomic challenges and...

This 2012 Article IV Consultation reports that Israel has emerged from the 2008–09 global crisis with strong economic growth, a resilient banking system, and unemployment at historic lows. Exports, at 40 percent of GDP, depend on global demand for high-technology products, such as...

This Selected Issues paper on the Republic of Moldova was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2012....

This paper discusses key findings of the Third Review Under the Policy Support Instrument for Senegal. All end-December 2011 quantitative assessment criteria were met—except one on the overall fiscal balance, which was missed by a small margin. Some progress was achieved in structural...

This paper presents key findings of the Sixth Review for Tajikistan under the Extended Credit Facility. Real GDP growth for 2011 reached 7.4 percent, driven mainly by agriculture, construction, and services. The authorities plan to maintain a conservative fiscal stance in line with the...

This paper discusses the common policies adopted by the members of the Central African Economic and Monetary Community (CEMAC). The macroeconomic performance was good in 2011 with improved fiscal balances, public investment programs, and higher reserves. However, CEMAC is facing challenges from...