This paper discusses economic performance status and policy developments of Pakistan. Amid setbacks to structural reform, the authorities have made substantial progress in restoring economic stability. Economic activity continues to strengthen gradually. International reserve buffers are...

This paper presents an overview of Kenyan economic development. It discusses recent economic development, outlook, and risks related to Kenyan economy, as well as policy and structural reforms. Although Kenya's macroeconomic performance remains robust, external shocks complicated achievement of...

The Ex Post Assessment aims to provide a frank review of progress during the 2006 and 2011 programs, and a forward-looking assessment that takes into account lessons learned. It begins by providing the background and context for the two programs. It then discusses their overall objectives, how...

This paper requests an extension of the 12-month Stand By Arrangement and the Standby Credit Facility Arrangement to obtain enough time to finalize fiscal measures for 2015/16 and implement structural measures under the program. Although at a slower-than-projected pace, the economy continued to...

This paper discusses the economic recovery of Cyprus. Although progress on the structural reform agenda has been modest, the economic recovery has continued to gain strength. A range of policies have been discussed to accelerate reductions in nonperforming loans to revive lending and boost...

This paper discusses Kosovo's First Review Under the Stand-By Arrangement and Requests for Modification and Waivers of Applicability of Performance Criteria (PC). The program is on track. All end-August 2015 PCs and indicative targets were met by comfortable margins. All structural benchmarks...

This paper discusses Ghana's Second Review Under the Extended Credit Facility Arrangement and Request for Waiver for Nonobservance of Performance Criterion (PC). Program implementation has been broadly satisfactory to date, but the economic outlook remains difficult, and risks are tilted to the...

This paper discusses Seychelles' Third Review Under the Extended Arrangement and Request for Modification of Performance Criteria (PC). All PCs for end-June 2015, the program's third test date, were met. Based on preliminary data, all the third-quarter indicative targets were also met. The...

This paper discusses Poland's performance under the Flexible Credit Line Arrangement. In recent years, Poland's macroeconomic policies have focused on further strengthening fundamentals and institutional frameworks. Fiscal consolidation has led to an exit from the Excessive Deficit Procedure....

This paper discusses the Iraqi authorities' request for a Staff-Monitored Program (SMP). The authorities have requested an SMP to establish a track record of policy credibility to pave the way to a possible IMF financing arrangement. Under the SMP, the authorities will implement fiscal...