This paper discusses the enhanced Heavily Indebted Poor Countries (HIPC) Initiative of the Islamic Republic of Afghanistan. Afghanistan’s economy achieved a major recovery, with robust GDP growth from a low level. Afghanistan has made significant progress in some areas of human...

The 2007 Article IV Consultation highlights Togo’s developments and performance under the Staff-Monitored Program (SMP). Togolese banks have the highest nonperforming loan (NPL) ratio in the West African Economic and Monetary Union (WAEMU) area, reflecting primarily past lending to...

The staff report for the 2007 Article IV Consultation on Angola highlights economic performance, macroeconomic stability, and fiscal policy. Growth in the medium term will rely increasingly on the non-oil sector, where reforms to promote private sector development will be critical to offset a...

The staff report for the Third Review under the Stand-By Arrangement and request for establishment of performance criteria focuses on Peru’s economic developments, outlook, and program for 2006. The Peruvian economy continues to perform well. Fiscal transparency has been increased,...

This 2005 Article IV Consultation highlights that Guinea’s economic performance has deteriorated in recent years, largely as a result of a weak policy framework and against a background of mounting regional insecurity and low prices for its main commodity exports. Economic growth since...

This paper presents a new model based on the loan-pushing model by Basu (1991) to show how a domestic debt crisis can occur in a low-income country following donor herding. The model focuses on the rational herding behavior of donors due to payoff and information externalities. Although there...

Recent improvements in statistical methodologies and data availability are facilitating detailed, high-frequency, timely macroeconomic balance sheet analysis. This paper provides practical instruction on how to design the framework to analyze vulnerabilities in a country as well as an overview...

The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal...

This 2005 Article IV Consultation highlights that The Gambia’s economic performance since the mid-1980s has been uneven owing to exogenous shocks, macroeconomic and structural policy slippage, poor governance, and weak institutions. The economic performance has been constrained by policy...

Dominica showed a commendable progress under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors welcomed the strong macroeconomic performance, fiscal adjustment, and collaborative debt restructuring effort. They appreciated the introduction of a value-added tax (VAT)...