The staff report for the Second Review under the Policy Support Instrument (PSI) of Cape Verde discusses the macroeconomic framework and recent developments. Cape Verde’s economic program under the PSI is designed to help the country prepare for the opportunities and challenges associated...

This paper discusses key findings of the 2006 Regional Discussions on the Eastern Caribbean Currency Union. Fiscal revenues have improved, but there has been only a modest improvement in the fiscal and debt positions. Tax revenues have strengthened with the uptick in economic activity,...

Cape Verde showed strong economic performance owing to its strong policies and macroeconomic stability under the Policy Support Instrument (PSI). Executive Directors appreciated the authorities' plan to consolidate macroeconomic stability, improve public sector financial management and tax...

Ethiopia pursues a public sector-led growth strategy that focuses on promoting growth through high public investment supported partly by low nominal interest rates. While the strategy has contributed to robust economic growth in the past, recent developments indicate a buildup of vulnerabilities...

The staff report for El Salvador’s request for a Stand-By Arrangement is examined. Fiscal consolidation led to a reduction in the public debt-to-GDP ratio, and the country has experienced the highest growth rates in a decade. Real GDP growth is projected to slow to 3.2 percent in 2008,...

The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and...

Jordan’s 2008 Article IV Consultation discusses the appropriate policy response to mounting fiscal and external vulnerabilities and higher inflation. Sharply higher world fuel and food prices led to a marked widening of the fiscal and external current account deficits and, more recently,...

Over the past two decades, wide-ranging structural reforms, supported by prudent policies, have established Mauritius as a top regional performer. The Mauritian economy recovered in 2010. Real GDP growth is estimated to have accelerated to 4 percent (3 percent in 2009), driven by strong growth...

The Poverty Reduction and Growth Facility (PRGF) arrangement approved in February 2005 has aimed to preserve solid growth while maintaining low inflation, further reduce poverty, and tackling the Kyrgyz Republic's large external debt overhang. The March 2005 'Tulip Revolution' has provided an...