Stable macroeconomy but growth continues to underperform. After nearly six years of economic reforms, unemployment is at an almost 11-year low, poverty is at a 9-year low, inflation is low, public debt is firmly on a downward trajectory, and international reserves are at historically high...

In May 2018, the IMF's Management approved a 7-month Staff-Monitored Program (SMP), covering the period January 1-July 31, 2018. The main fiscal objectives of the SMP are to (i) reduce the budget deficit through non-hydrocarbon revenue mobilization and expenditure reduction while protecting...

Continuing the empirical debate on the effects of IMF-supported programs on participating countries' macroeconomic performance, we focus on the issue of whether these programs accelerate conditional AY-convergence among low-income countries (LICs). We use an unbalanced panel dataset for 85 LICs...

Mexico's economy has exhibited resilience in the face of a complex external environment. The current administration has responded appropriately to the recent external shocks and demonstrated its commitment to macroeconomic stability. The incoming administration is committed to maintaining very...

Malawi's economic growth remains moderate, reflecting a weak agricultural harvest and continued electricity shortages. Fiscal deficits continue to be financed domestically, as donor funding remains constrained by governance concerns since the 2013 cashgate scandal, resulting in an increasing...

Background: The three-year arrangement under the Extended Credit Facility (ECF) for SDR 32.38 million (USD 44.9 million, or 10 percent of quota) was approved on July 20, 2016. The first three reviews under the ECF were completed in May 2017, December 2017, and May 2018. The arrangement supports...

Mali is a fragile state, struggling with insurgency and making efforts to build peace. The 2013-18 ECF-supported program has broadly succeeded in achieving its objectives under difficult circumstances. The program helped stabilize the economy in the context of persistent insecurity, changing...

Economic activity shows incipient signs of stabilization in some sectors while it remains weak in others. The fiscal consolidation efforts continued and the domestic primary balance at end-June 2018 improved by 0.3 percent of GDP relative to the same period in 2017. Inflation has turned positive...

The growth momentum continues, driven by strong port activity, high cotton production, and the recovery of the Nigerian economy. The 2019 budget will bring the commitment-based fiscal deficit below the WAEMU convergence criterion of 3 percent of GDP next year. Program implementation remains...