This paper discusses key findings of the Second Review Under the Policy Support Instrument for Nigeria. All assessment criteria through end-September were met except for one civil service-related measure. Remedial measures have prevented the civil service reform program from being compromised....

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Madagascar. Program performance has been generally good. The authorities have continued to implement sound fiscal and monetary policies that have resulted in good macroeconomic...

This 2008 Article IV Consultation highlights that Montenegro has made significant progress in overhauling its economy. The authorities have taken several welcomed steps to help strengthen financial sector stability. Executive Directors have welcomed the structural reforms implemented over the...

This 2008 Article IV Consultation highlights that Bolivia’s overall fiscal position has improved in 2008. Booming hydrocarbon and mining exports, together with high remittance inflows, led to a record-high current account surplus and large reserve accumulation, with major pressures on...

This paper presents the staff report on the Republic of Mozambique’s Third Review under the policy support instrument. Mozambique is vulnerable to the global financial crisis and economic slowdown. Lower import prices will help reduce inflation and likely benefit the trade balance. Lower...

This report examines the Central African Republic’s Third Review under the Three-Year Arrangement under the Poverty Reduction and Growth Facility and request for waivers of Nonobservance and Modification of Performance Criteria. Global food price hikes and fuel price volatility jeopardize...

Japan has responded swiftly to stabilize markets, and activity has begun to recover. The immediate priority is to repair damaged infrastructure and facilitate a swift recovery. Financial policies should protect against the risk of an economic slowdown and higher market volatility. Timely...

This paper discusses Guinea’s Third Review Under the Three-Year Arrangement Under the Extended Credit Facility (ECF), and Financing Assurances Review. The macroeconomic environment in 2013 was difficult, reflecting the fragile socio-political situation and a sharp slowdown in mining...

The staff report for Albania’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility is presented. The economy has achieved robust noninflationary growth, albeit with increasing external imbalances, and has begun to tackle longstanding problems in...