The United Arab Emirates (UAE) was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008. Oil receipts plummeted, global trade...

This paper discusses the staff-monitored program (SMP) for 2009–10 for Sudan. Sudan’s limited access to foreign financing means that significant adjustments in imports and expenditures are inevitable. The objectives of the new 18-month SMP (July 2009–December 2010) are to...

This 2007 Article IV Consultation highlights that Sudan’s economic growth continued to be strong in 2006. Overall real GDP increased by 12 percent, despite a lower growth in oil production than previously projected. Non-oil GDP increased by roughly 10 percent—buoyed by a continued...

This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). Sierra Leone has made considerable progress during the last PRGF-supported program toward macroeconomic stability. Macroeconomic performance was generally...

This paper reviews Madagascar’s progress under the Heavily Indebted Poor Countries (HIPC) Initiative. Total assistance to be provided to Madagascar under the HIPC Initiative amounts to US$836 million in net present value terms—US$22 million higher than the decision point estimate....

Executive Directors commended Sudan's efforts to bring economic policies back on track and welcomed the establishment of a mechanism to save oil export receipts arising from higher-than-programmed oil prices, but underscored the need to strengthen budget control and monitoring systems. The audit...