Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the trade balance has improved. The recovery is expected to firm up in 2019 and the...

The current ECF arrangement (access of 160 percent of quota or SDR 224.32 million) was approved on June 30, 2017 in the context of a very difficult and deteriorating social, economic, and financial situation. The crisis was precipitated by the oil price and security shocks that began in 2014,...

This paper discusses Afghanistan's Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PCs). Program implementation through end-December 2017 was satisfactory, despite the challenging security situation and mounting political...

The government has strengthened policy and reform implementation in recent months. All Quantitative Performance Criteria (QPCs) for end-March and three out of nine Structural Benchmarks (SBs) for the Third Review were met. One additional SB was implemented with delay. Growth picked up to 2.5...

This paper discusses Niger's Eighth Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waivers of Nonobservance of Performance Criteria (PC) and for Modification of PCs. Niger's medium-term prospects are closely linked to returns on major projects in oil and mineral...

This paper discusses Armenia's Third Review Under the Extended Arrangement, and Request for Waiver and Modification of Performance Criteria (PC). Growth in Armenia is expected to remain subdued as recession in Russia continues and as the base effects of the 2015 one-off factors dissipate. The...

This paper discusses Afghanistan's Request for a Three-Year Arrangement Under the Extended Credit Facility (ECF). The program sets out a structural reform agenda that focuses on institution building, fiscal and financial reforms, and measures to combat corruption to lay the foundations for...

This paper discusses Morocco's request for an arrangement under the Precautionary and Liquidity Line (PLL) and cancellation of the current arrangement. Morocco's economic fundamentals and policy frameworks are sound. The country is implementing sound policies and remains committed to maintaining...

This paper discusses the Republic of Madagascar's request for an arrangement under the Extended Credit Facility (ECF) and first review under the Staff Monitored Program (SMP). Madagascar's macroeconomic performance was broadly satisfactory under the SMP, which ran from September 2015 to the end...

This paper discusses Albania's Eighth Review Under the Extended Arrangement and Request for Modification of Performance Criteria . All performance criteria at the end of April 2016 were met with comfortable margins, and good progress has been made on the structural reform agenda. The economic...