Russia’s war in Ukraine continues unabated, despite international efforts to broker a peace settlement. Nearly four years of full-scale war have taken a staggering social, humanitarian, and economic toll, with real GDP in 2025 estimated at about 20 percent below pre-war levels. The authorities...

Despite external and domestic shocks, Zambia has corrected macroeconomic imbalances, reached agreement on most of the external debt under the perimeter of the debt restructuring, and undertaken sustained fiscal consolidation while safeguarding social spending. Economic activity has expanded in...

The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF)

The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024-the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the...

The aim of this note is to provide an analytical framework for a bilateral donor, in this case France, wishing to draw up a list of priority countries for its aid in a rational way, based on transparent political choices. Drawing up a list of priority countries for French aid, intended to...

This paper presents Morocco's Request for an Arrangement under the Flexible Credit Line (FCL) and Cancellation of the Current Arrangement. The Moroccan economy has shown sustained track record of implementing very strong policies and remarkable resilience to recent shocks, although a succession...

Economic momentum remains strong, and inflation is slowly coming down. Despite strong revenue collection efforts, fiscal performance in 2024 was weaker than anticipated due to unbudgeted spending pressures and faster execution of foreign financed capital projects. The foreign exchange market...

Economic activity has been decelerating since mid-2024, in large part due to a needed fiscal consolidation and restrictive monetary policy. U.S. trade policy, and the uncertainties associated with it, have added to these headwinds. The authorities remain committed to maintaining their very...

The authorities remain committed to the program’s objectives, including fiscal consolidation, strengthening fiscal governance, and other structural reforms, despite the challenges posed by insecurity, poverty, weather shocks, and their interactions