The reform of fiscal policies and institutions lies at the heart of structural adjustment in developing countries. Although the immediate aim of such reform is to reduce fiscal imbalances to achieve macroeconomic stability, the long-term goal is to secure more durable improvements in fiscal...

This paper examines Senegal’s 2002 Article IV Consultation and Requests for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and for Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries. Overall, economic...

The report assesses the Ex Post Assessment of Longer-Term Program Engagement. It reviews the success of the Poverty Reduction and Growth Facility (PRGF) program in achieving rapid growth, low inflation, and a comfortable external position. It highlights that the design of the programs has been...

The current high Southern African Customs Unions revenues should be used to implement fiscal measures to secure fiscal sustainability and support economic growth. The government should formulate a financial sector strategy that addresses Swaziland’s twin challenges of enhancing financial...

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...

When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This...

IMF engagement with Niger since 2005 has remained constructive. IMF-supported programs have contributed to the authorities’ goals of macroeconomic stability, growth, and human development progress. Development of Niger’s uranium and petroleum resources provides an important...