This report of the Debt Sustainability Analysis (DSA) indicates that the envisaged strategy of a partial substitution of domestic debt by increased inflows of external grants and concessional loans, as well as a rescheduling of external debt by the Paris and London Clubs, would facilitate the...

This article discusses the mission to strengthen the financial system of the Republic of Togo. The European Union Delegation and the Fiscal Affairs Department of the IMF signed a technical agreement with the Togolese government. According to the project, a communication program and a training...

This paper presents a debt sustainability analysis for St. Lucia. The medium-term scenario prepared by the IMF staff assumes continued fiscal consolidation and thus is compatible with sustainable debt levels even in the presence of adverse economic shocks. Stress tests show that stabilizing the...

The Burundian government has requested a modification of the zero limit on nonconcessional external debt in the country’s arrangement under the Extended Credit Facility (ECF). It has sought to increase the grant element of the financing for the hydroelectric plant. Executive Directors support...

Timor-Leste weathered the global financial crisis well and experienced healthy economic growth rates. It has made solid progress in strengthening the public financial management systems. The budget document provides comprehensive information; fiscal transparency is high. The Ministry of Finance...

This paper discusses Guinea’s Request for Debt Relief Under the Catastrophe Containment (CC) Window of the Catastrophe Containment and Relief (CCR) Trust. Since early 2014, Guinea has been experiencing an ongoing Ebola epidemic that has spread to several countries in the region. The immediate...

This paper focuses on the increase in the external debt stock that reflects donor financing, including IMF and Bank lending to help Mongolia smooth its fiscal adjustment path after the major terms of trade shock. The fiscal deficit is expected to steadily decline until revenues from the Oyu...

This 2006 Article IV Consultation highlights that economic activity in Cyprus has recovered from a relatively weak performance in 2002–03. Declines in interest rates and strong capital inflows associated with Cyprus’s accession to the European Union in May 2004 spurred growth in private...

This 2009 Article IV Consultation highlights that despite its resilience so far, the economy of Cyprus is slowing down and risks are increasing. The expected slowdown will increase credit risk in banks, which, in some plausible but unlikely extreme scenarios, could have systemic implications...

This paper discusses the Financial System Stability Assessment report on Albania. The IMF report states that the Albanian economy is weak, macroeconomic imbalances are large, and the financial sector faces several risks. Capital-to-asset ratios are sizable, but banks hold large amounts of...