This 2013 Article IV Consultation highlights that Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real GDP growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of...

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

In 2011, the economy of Mali is expected to stay on a robust growth trajectory with low inflation. Fiscal performance has been consistent with program targets during the first half of 2011. Money supply increased more than GDP during the first nine months of 2011. The authorities intend to...

This 2013 Article IV Consultation highlights that the Turkish economy achieved a welcome reduction of imbalances in 2012. In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus. The economy is projected to expand by 3.8 percent this year, with private...

This paper discusses key findings of the Fifth Review Under the Policy Support Instrument for Mozambique, and findings of the First Review Under the Exogenous Shocks Facility. The country’s track record of prudent policies has provided ample space for easing macroeconomic policies in...

This paper discusses Haiti’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Substantial advances have been made toward meeting the four triggers not fully implemented, and the authorities are committed to further progress in the near future. These triggers...

Significant progress has been made in macroeconomic stabilization under two successive SBAs but the economic recovery remains fragile. Growth is expected to remain subdued in the near term and to only gradually recover over the medium term, with risks to the outlook mostly on the downside. With...

This paper discusses key findings of the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for Tanzania. Economic growth, inflation, and the external position have evolved in a manner consistent with program objectives, and the program has...

Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high. Past consolidation efforts have brought down the fiscal...

The economic development of Hungary after the economic crisis is discussed. Hungary’s economic program supported by Stand-By Arrangement has been successful in strengthening the economy and stabilizing market conditions. Given Hungary’s high public debt and large financing needs,...