The economic and financial pressures facing Ireland are intense. The banking sector is at the fulcrum of Ireland’s problems. The program, therefore, aims to restore the banking system. It will address structural problems and restore confidence. A leaner and more robust banking sector is...

Tanzania’s fiscal policy has been tightened owing to the deteriorating financing climate and rising inflation. The Bank of Tanzania has tightened its reserve money program for 2011/12, and domestic interest rates have risen sharply since mid-2011. The authorities are expanding...

Sierra Leone’s economic activity is expanding, and the medium-term outlook is favorable. Real GDP growth picked up to about 5 percent in 2010–11, while the commencement of an iron ore megaproject in 2012 is expected to boost GDP and exports substantially. Fiscal tightening, through...

The First Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility of the Republic of Moldova analyzes macroeconomic and structural policy measures to support the adjustment and promote growth. Moldova is facing serious external shocks that will have long-lasting...

This paper examines Peru’s 2002 Article IV Consultation, First Review Under the Stand-By Arrangement, and a Request for Modification and Waiver of Performance Criteria. The fiscal policy was tightened in early 2002 from the expansionary stance in the second half of 2001. The baseline...

This paper discusses key findings of the Sixth Review under the Poverty Reduction and Growth Facility for Benin. Benin’s macroeconomic outlook is weaker for 2009–10, reflecting the impact of the crisis. The implementation of structural reforms needs to be accelerated to enhance the...

This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34...

The staff report on Belarus’ Third Review under the Stand-By Arrangement is examined. Belarus is beginning to emerge from the crisis. Output loss has been limited relative to neighbors, inflation has fallen, the foreign exchange market has stabilized, and de-dollarization is under way,...

This paper discusses a request from Malawi for a one-year exogenous shocks facility (ESF) arrangement to help it adjust to the large terms-of-trade shock it has suffered. Real GDP growth of Malawi has been high and is expected to remain solid. Inflation, though rising in recent months, is still...