Lesotho's economy has continued to perform well under the Poverty Reduction and Growth Facility (PRGF) arrangement despite adverse weather conditions and the regional food shortage. Executive Directors welcomed the strategy to achieve higher and sustainable economic growth, reduce poverty, and...

This 2004 Article IV Consultation highlights that in 2003, Guinea’s economic situation deteriorated on account of exogenous conditions, as well as poor macroeconomic management and the lack of progress in key structural areas. Annual real GDP growth slowed down from 4.2 percent in 2002 to...

This paper on the First Review Under the Staff-Monitored Program (SMP) on Djibouti explains macroeconomic framework and policies. The policy discussions centered on the need to sustain the improvement in the country’s fiscal position in the remainder of the year and steadfast structural...

Mozambique's performance under the authorities' program during the first three quarters of 2003 continued to be satisfactory. The discussions focused on the macroeconomic policies for 2004–06 and the government's plans to address pending structural reforms to broaden and sustain growth...

This 2004 Article IV Consultation highlights that Zimbabwe’s real GDP declined by 9.3 percent in 2003, and an additional broad-based decline is projected in 2004. Year-over-year inflation reached 600 percent during November 2003–February 2004. However, monthly inflation, which had...

This paper examines Peru’s Request for a Stand-By Arrangement (SBA). Performance under the 2002–03 SBA was satisfactory. This performance provides a solid basis for continuing with policies aimed at maintaining macroeconomic stability. The authorities are requesting a 26-month SBA...

This paper examines Croatia’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA). Croatia has established a record of solid growth and low inflation since the mid-1990s. Real GDP growth has averaged about 4.5 percent, with inflation in the low single digits. This...

This study discusses the role of domestic debt markets in sub-Saharan Africa (SSA) based on a new dataset covering 27 SSA countries during the 20-year period 1980-2000. The study finds that domestic debt markets in these countries are generally small, highly short-term in nature, and often have...

The Gambia showed good economic performance under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended the reforms in the financial sector, the substantial reduction and rationalization of external tariffs, and the settlement of the property dispute with...

This paper examines Tanzania’s 2004 Article IV Consultation and Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Tanzania has continued to maintain macroeconomic stability and to make substantial progress in structural reform. Real GDP growth...