This paper presents Paraguay's Second Review under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility (RSF). The...

This book explores the IMF's engagement in Europe in the aftermath of the 2008 global financial crisis. It explains the nature and consequences of the assistance provided to Greece, Ireland, Portugal, and Cyprus by the "troika" – the IMF, European Central Bank, and European Commission. It also...

This study explores the impact of International Monetary Fund (IMF)-linked conditionality on government education expenditures in the Middle East and North Africa (MENA) region. Understanding the impact of conditional lending by international financial institutions on education spending is...

The Common Framework for Sovereign Debt Restructuring provides a process for easing debt burdens on low-income countries but has operated too slowly for the four countries that have so far sought relief under it. Official bilateral creditors that are not members of the Paris Club are often...

Cabo Verde continues to recover well from recent shocks. The authorities have maintained macro stability and remain committed to the ECF and RSF objectives. Macroeconomic performance was strong in 2023 with real GDP growth at 5.1 percent, low inflation, and a prudent level of reserves to protect...

The authorities’ commitment to a range of difficult policy reforms is showing results in terms of macroeconomic stability and investor perceptions. The economy is growing, inflation is declining, donor support is increasing, and international bond spreads are at historic lows

After decades of rapid growth and improvements in living standards, a series of shocks led to severe economic pressures, and the public investment-led growth model has reached its limits. Domestic conflict, the pandemic, droughts, and spillovers from Russia’s war in Ukraine, as well as...

The fourth review of a three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded on December 20, 2023. Economic growth momentum softened in 2023 as oil production surprised on the downside, which, together with the 2023-2024 floods, challenges in...

Burkina Faso continues to face significant challenges related to security and food insecurity and remains committed to addressing them. The authorities have formed the Alliance of Sahel States (AES) with Mali and Niger; while they decided to leave ECOWAS in January, they have since reaffirmed...

Political instability and sanctions following the military takeover last July have severely and persistently affected economic and social conditions. The security situation continues to exacerbate the country's fragility. While working on a new development strategy, the authorities have declared...