This 2005 Article IV Consultation highlights that the Algerian economy continues to benefit from abundant and increasing hydrocarbon revenues. Real GDP growth is expected to continue at about 5 percent in 2005, led by increased output in the hydrocarbon sector and sustained activity in the...

The Sixth and Seventh Reviews under the three-year arrangement of the Extended Credit Facility observed that te Ghanaian economy performed well in 2011, but risks to macroeconomic stability have risen recently. Even though debt management capacity and policies have been strengthened, progress...

The macroeconomic stability of Sri Lanka is analyzed. Reflecting high domestic inflation relative to trading partners, the real effective exchange rate appreciated by 2 percent. Infrastructure development is a central element of the government’s medium-term development strategy. Further...

Improving debt management capacity in Heavily Indebted Poor Countries (HIPCs) is a key element of the international community’s strategy for ensuring a robust and sustained exit from unsustainable debt burdens. External debt management is a multi-facetted task involving the formulation of a...

This paper reviews Iraq’s Request for Emergency Post-Conflict Assistance (EPCA). The authorities’ main goals under the EPCA-supported program are to improve the general welfare of the Iraqi people and address Iraq’s external debt problem. The authorities’ program is...

Fiscal performance has been broadly in line with program targets. As a result, the current account deficit has narrowed, reserves have increased significantly, and headline inflation is under control. However, implementation of structural benchmarks has lagged, necessitating sharper focus and...

Jamaica faced intense macroeconomic imbalances that threatened its macroeconomic stability. Executive Directors emphasized the need for credible policy actions and strong fiscal adjustment to reduce imbalances and lower vulnerability. They welcomed the strong fiscal adjustment in the budget and...