The 2012 Article IV Consultation and Fourth Review under the three-year Extended Credit Facility (ECF) Arrangement discusses the macroeconomic conditions of the Islamic Republic of Mauritania. Mauritania’s economy has performed well in 2011, despite significant challenges. Economic...

Cape Verde’s authorities have tightened fiscal and monetary stances and have significantly reduced the gaps with program targets. Tax revenues held up well, but there were shortfalls in nontax revenue in addition to capital transfers. The spending execution was held below the budget. The...

The economic growth of Lao P.D.R. was buoyed by mining and hydropower sectors, garment exports, non-regional tourism, and FDI inflows following the recovery from the global economic crisis. The Bank of Lao P.D.R. (BoL) also raised its overdraft lending rate. Net domestic assets of the BoL...

The economy is on the right track, and program performance has been good. Fiscal adjustment is on track to restore fiscal sustainability. The adjustment plan appropriately focuses on reducing current spending while increasing investment and protecting the most vulnerable. The current monetary...

Moldova’s economy has nearly recovered from the 2009 recession, with GDP growing by almost 7 percent in 2010. GDP rebounded by 6.9 percent in 2010 after declining by 6 percent in 2009. The key objectives for 2011 are to advance fiscal consolidation, keep inflation under control despite...

The Islamic Republic of Mauritania’s macroeconomic developments have remained broadly positive, despite high international fuel and food prices and the near-term drought impact. Supported by a rapid growth in manufacturing industries, non-oil output is expected to grow by 4.8 percent in...

Cape Verde’s economic outlook and policy performance remain favorable. The government should complete implementation of the Public Investment Program (PIP), while reducing external debt. Executive Directors support efforts to rationalize and simplify the tax system and improve tax...

The economic slowdown as a result of the global crisis has been severe, and the recovery has not yet taken hold. Despite ample buffers, including large fiscal space and strong international reserves, the policy response to the crisis has been constrained. Inflation has resurfaced as a concern...

This paper discusses Togo’s progress under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. In November 2008, the Boards of Executive Directors of the IDA and the IMF agreed that Togo had met the requirements for reaching the decision point under the Enhanced HIPC...

The policies in a challenging political and economic environment are discussed in this study. The importance of reforms to enhance the budget process, tax administration, and expenditure control is encouraged. A higher growth path will require far-reaching structural reforms to bolster Comoros's...