Burundi has made much progress since the signing of the Arusha peace and reconciliation agreement. The handling of the economy has been highly competent considering the inordinate difficulties faced by Burundi in recent years. The bank of the Republic of Burundi has made progress in the...

This 2010 Article IV Consultation highlights that the authorities’ adjustment program has contributed to limiting the fallout of the global crisis on Serbia. Although the output slump has been limited relative to regional peers, the decline in domestic demand has been significant,...

Zambia’s nonperforming loans are expected to increase and banks have become more cautious in their lending. The staff report for the Zambia’s first and second reviews of the Three-Year Arrangement under the Poverty Reduction and Growth Facility and request for Waivers of...

Bulgaria’s request for a 25-month precautionary Stand-By Arrangement (SBA) in an amount of SDR 100 million or 15.62 percent of quota is discussed. The SBA-supported program seeks to reduce increased external vulnerability and to achieve sustainable high growth through a tighter fiscal...

This 2005 Article IV Consultation highlights that the Belizean economy grew by 4½ percent in 2004, mainly reflecting strong performance in the agriculture, fisheries, and tourism sectors. Inflation remained subdued at about 3 percent. The overall fiscal deficit of the central government,...

Ethiopia has successfully implemented policies to reduce inflation and rebuild external reserves. Fiscal policy aims to continue the strong focus on physical and social infrastructure investment while raising the revenue effort. The recent reframing of monetary policy to adopt a reserve money...

This 2007 Article IV Consultation highlights that economic developments in Lebanon in 2006 were significantly affected by the July–August conflict with Israel. Real GDP is estimated to have been flat, with strong growth in the first half of the year offset by the disruptions during and...

This paper examines Turkey’s 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion. Economic performance over the last three years has been impressive. For the medium term, the main challenge is to...

This 2004 Article IV Consultation highlights that Morocco’s macroeconomic conditions remained strong in 2003. Growth increased to 5.5 percent because of an exceptionally good cereal production, while non-agricultural growth showed signs of revival. Inflation was below 2 percent and the...