Papua New Guinea has abundant resources in the form of oil and mineral wealth. But a complex set of factors, including systemic gender inequality, underinvestment in non-extractive sectors, and fragility compounded by vulnerability to disasters caused by natural hazards act as barriers to...

This paper studies whether IMF programs and their size affect borrowing costs by comparing the coupon of bonds issued around an IMF arrangement. By comparing bonds issued immediately before the inset of the program with bonds issued immediately after the program, we show that, on average, the...

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...