This 2003 Article IV Consultation highlights that the macroeconomic developments in the Russian Federation remained generally strong, with a third consecutive year of considerable GDP growth, fiscal surplus, and large current account surplus. The economy continues to benefit from the earlier...

This Report on the Observance of Standards and Codes (ROSC) data module provides a review of Morocco’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer...

This paper assesses Mali’s progress under the Heavily Indebted Poor Countries (HIPC) Initiative, and seeks Board approval of the completion point under the enhanced framework. By end-December 2002, the policy reforms for the floating completion point under the enhanced HIPC Initiative had...

Togo's macroeconomic situation remained difficult owing to its political uncertainty, falling cotton prices, and continued problems in phosphate production under the Staff-Monitored Program. Executive Directors stressed the need to improve fiscal stance, address structural issues, and reinforce...

This paper examines the Republic of Congo’s 2003 Article IV Consultation and a New Staff-Monitored Program (SMP). Performance under IMF-supported programs and recent SMPs was disappointing. Major progress has been made in consolidating security and peace, and in establishing democratic...

Croatia has made important strides in restoring robust economic growth and achieving price stability while continuing to strengthen its net international reserves position under the Stand-By Arrangement. Executive Directors welcomed this development, and stressed the need to improve fiscal...

Overall, the program's macroeconomic targets have been broadly met. The program embodies a renewed emphasis on the non-oil revenue mobilization effort and continuation of a prudent expenditure stance. Reversing the deterioration of the financial operations of the public companies and the...

This 2002 Article IV Consultation highlights that the Israeli economy is in the midst of a deep recession. Waning exports and investment, combined with stagnant private consumption, led to negative growth in 2001 and 2002. The stagnation can be attributed to the burst of the technology bubble,...

Croatia continues to enjoy economic growth, price stability, and rising international reserves under the Stand-By Arrangement. Executive Directors commended this and stressed the need for prudent macroeconomic policies, structural reforms, fiscal consolidation, and tight monetary policy. They...

This paper examines Tanzania’s 2002 Article IV Consultation, Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and a Request for an Extension of the Arrangement and Waiver of Performance Criterion. Tanzania’s performance under the PRGF-supported program has been...