Generally, macroeconomic performance has been as envisaged at the time of the program request. The near-term outlook has improved, despite uncertain global conditions. The new government of Solomon Islands remains committed to program targets and objectives agreed. The government’s efforts in...

Guinea-Bissau’s first National Poverty Reduction Strategy Paper (NPRSP) established the strategic directions, primary objectives, and commitments by the country and its people to reduce poverty and achieve the MDGs. The main objectives of the second NPRS are to make progress toward achievement...

The development policy of Cape Verde has evolved in a setting of severe structural constraints and persistent restrictions, with potential impediments to growth. The ongoing process of change adopts a transformation strategy closely linked to the consolidation of a democracy based on sound...

Owing to prompt policy action, the Hong Kong economy is now back on a robust growth trajectory. Inflation has rebounded, driven by higher costs for utilities. Banks have withstood the financial market volatility. Higher property prices leading to higher rents and the ongoing asset price...

The floods in Pakistan are a natural disaster of massive proportions. The overall impact will critically depend on how the floods will affect agricultural output along the Indus and its tributaries. The Pakistani authorities request financial assistance under the IMF policy for Emergency Natural...

This Selected Issues paper analyzes the Ukrainian business cycle. It focuses on the price of steel—Ukraine’s major export—and its relation to the economic performance. It establishes a forecasting model for steel prices, which points to downside risks to steel prices. It discusses the...

Raising growth on a sustainable basis and addressing widespread poverty are the main challenges for Paraguay. The macroeconomic program for 2007 aims at raising growth and reducing inflation. IMF staff recommends that the next Article IV Consultation continues within the 24-month cycle, and...

This paper discusses key findings of the Sixth and Final Review for Malawi Under the Poverty Reduction and Growth Facility (PRGF). Performance remained generally strong in the period under review. The authorities met most program targets for end-December 2007, and domestic debt fell as a share...

The 2008 Article IV Consultation discusses the economic growth for Morocco, which has made major progress to strengthen the economy’s resilience to shocks. Sound macroeconomic policies combined with sustained structural reforms and the opportunities provided by globalization have resulted in a...

This Socialist People’s Libyan Arab Jamahiriya’s 2008 Article IV Consultation is focused on containing public expenditure to reduce inflation pressures, strengthening the monetary policy framework, and advancing financial sector reforms. Libya’s macroeconomic performance has been strong....