Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004,...

This paper discusses a Request from Albania for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). This arrangement aims to prepare Albania for graduation from IMF-supported programs. If properly implemented, the policies it embodies will reduce vulnerabilities,...

This paper presents Seychelles’ 2008 Article IV Consultation and Request for a Stand-By Arrangement. Large macroeconomic imbalances and vulnerabilities resulting from longstanding unsustainable macroeconomic policies, combined with recent external shocks, culminated in mid-2008 with the...

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Seychelles. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities continue to implement the program with a high degree of ownership and success. All quantitative...

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) and New Program for 2007 for Liberia. Performance under the SMP in the quarter to end-September was mixed. The authorities achieved all but one of the quantitative benchmarks, but they needed more time...

Gabon continues to enjoy record high oil prices, buoying both exports and government revenues. The critical medium-term challenge facing Gabon is managing the transition from an economy highly dependent on oil to a diversified economy that harnesses private sector initiative, and makes decisive...

The report provides the third Review of the Republic of Croatia Under the Stand-By Arrangement (SBA). Policies under the SBA have sought to reduce Croatia’s savings-investment imbalance and stabilize the external debt-to-GDP ratio. Executive Directors agreed that the main success of the...

The article is a review on Djibouti’s Extended Credit Facility (ECF) program and the performance of economic development in the program. The ECF program helped Djibouti to maintain macroeconomic stability, and the period underwent a transformation in the Djiboutian economy. The country...

This paper examines key findings of Iceland’s Request for a Stand-By Arrangement from the IMF. Iceland’s economy is in the midst of a banking crisis of extraordinary proportions that is expected to lead to a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge...