This 2004 Article IV Consultation highlights that economic growth in South Africa slowed in 2003 to 1.9 percent, from 3.6 percent in 2002, despite strong domestic demand. Fuelled by low interest rates, a more expansionary fiscal stance, and the wealth effects from strong commodity and property...

The staff report for the Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights Benin’s economic developments and progress in structural reforms. Benin experienced a decade of good economic performance, but poverty reduction remains a concern....

This 2005 Article IV Consultation highlights that the economic recovery in Mexico that began in mid-2003 has continued in 2005, though at a slower pace. A broad-based expansion of economic activity in 2004, driven by a rebound of private consumption and private investment, took growth up to 4.4...

This 2005 Article IV Consultation highlights that recent accession to the European Union and gains in growth performance reinforced the Czech Republic’s position as one of the most open and developed economies among the new member states. Thanks to substantial foreign direct investment,...

Cambodia’s 2004 Article IV Consultation reports that the macroeconomic performance has been generally good, reflecting both favorable external developments and prudent fiscal policy. Exports soared following a bilateral trade agreement with the United States, and large aid inflows helped...

This 2004 Article IV Consultation highlights that following a rather tepid recovery, the United States economy gathered strength in 2003. Supported by continued robust productivity growth, real GDP growth began to exceed the growth rate of potential output around midyear. The recovery broadened...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility (PRGF) for Georgia. All quantitative performance criteria (PCs) for end-December 2004 were met, but the indicative target on reserve money growth was exceeded, mainly because of large...

This paper examines Zambia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and a Request for Waiver and Modification of Performance Criteria (PC). Performance under the PRGF-supported program has been good, although there were delays...

This report reviews developments during 2004 in the context of the Sixth and Final Program Review Under Sierra Leone’s Poverty Reduction and Growth Facility (PRGF) arrangement with the IMF. The authorities have implemented an economic reform program supported by a PRGF arrangement since...

This paper discusses Bangladesh’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Requests for Waiver of Performance Criteria. Bangladesh’s macroeconomic policies have been prudent. December 2003 quantitative targets and...