This paper discusses Moldova’s request for a Three-Year Arrangement under the Extended Credit Facility and request for an Extended Arrangement. The economy remained overregulated and hampered by relative price distortions. High barriers to entry and low competition in telecommunications,...

This paper examines Afghanistan’s Sixth Review under the arrangement under the Poverty Reduction and Growth Facility. The growth of currency in circulation has been carefully managed to support the decline in inflation from double-digit levels in 2008. Reserve money, however, has been...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility (PRGF) for the Republic of Congo. Policy implementation through the first half of 2009 was satisfactory. All quantitative performance criteria and all but one of the structural benchmarks were...

This 2009 Article IV Consultation highlights that Malawi’s macroeconomic performance has improved significantly over the past two years, and the country’s agricultural-based economy has weathered the global economic storm relatively well. Good weather and the distribution of...

Cape Verde has demonstrated notable economic and policy resilience. The public investment program should be completed, but new external borrowing should be limited to restore fiscal buffers. The monetary policy framework could be improved in the medium term. The Bank of Cape Verde should step up...

This paper discusses key findings of the Sixth Review Under the Extended Credit Facility (ECF) for The Gambia. Recent performance under the ECF-supported program continued to be broadly satisfactory. All quantitative performance criteria for end-September 2009 were achieved, except for the...

This paper discusses key findings of the Fifth Review under the Poverty Reduction and Growth Facility (PRGF) for The Gambia. The Gambia’s external debt position has worsened recently. The global economic crisis is undermining growth and the external balance. Performance on the...

This paper discusses a request from the Democratic Republic of São Tomé and Príncipe for a three-year arrangement under the Poverty Reduction and Growth Facility (PRGF). The economic outlook for 2009 is broadly favorable, but subject to significant risks. The program spans a period including...

This paper focuses on the First Review for the Republic of Congo under the Poverty Reduction and Growth Facility (PRGF). Policy implementation under the authorities’ PRGF arrangement through 2008 and the early part of 2009 was broadly satisfactory. The quantitative target on the non-oil...

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial...