KEY ISSUES Context: Despite an unfavorable external and domestic environment, economic performance improved in 2013 after a difficult 2012. The European crisis led to a deceleration of activity in the nonprimary sector, but GDP growth is expected to reach about 4.5 percent owing to a bumper...

EXECUTIVE SUMMARY The Executive Board approved in August 2012 a two-year precautionary and liquidity line (PLL) arrangement in the amount of SDR 4.1 billion (700 percent of quota). The PLL provides insurance against external risks while supporting the authorities’ program aimed at reducing...

KEY ISSUES Context. Iran had achieved considerable progress in raising per capita income and living standards in previous decades. But in recent years, such progress stalled as both domestic policies and the external environment deteriorated. Inflation has increased sharply and non-oil growth is...

This Selected Issues paper on Iran focuses on the Targeted Subsidy Reform Law (TSRL). This is the basic law governing the implementation of the subsidy reform in Iran. The TSRL envisaged bringing subsidized prices close to international levels over a five-year period. The paper reviews the...

EXECUTIVE SUMMARY Extended Arrangement under the Extended Fund Facility (EFF): A 36 month, SDR 4,393 million (425 percent of quota) Extended Arrangement under the Extended Fund Facility was approved by the Executive Board on September 4, 2013 and the first review was concluded on December 19,...

This Selected Issues paper assesses efficiency of Qatar public investment. It discusses the trends in public capital spending and the rationale for improving public investment efficiency. The paper outlines three alternative methods for analyzing efficiency, and presents the main results. The...

KEY ISSUES Context. As the world’s largest exporter of liquefied natural gas (LNG), Qatar has turned into an important global financial investor, donor, and labor importer. Growth averaged 14 percent over the past decade and GDP per capita has reached $100,000, the highest in the world. Qatar...

KEY ISSUES Context. Over the past decade, Afghanistan has made enormous progress in reconstruction, development and lifting per capita income. Security and political uncertainties, and weak institutions have constrained growth and weighed on social outcomes. With significant reform efforts and...

EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion). To date, SDR 427.92 equivalent to $659 million has been disbursed. The pillars of the program are to: (i) achieve...

This Paper discusses Pakistan’s Third Review Under the Extended Arrangement and Request for Waiver of Nonobservance of Performance Criterion (PC).The economy is showing signs of improvement. The FY2013/14 growth projection has been revised upward from 3.1 percent to 3.3 percent, as economic...