The staff report for the 2013 Article IV Consultation on Guinea-Bissau highlights the economic development and policies. Guinea-Bissau’s medium-term challenges are to diversify its economy, reduce widespread poverty, and generate employment opportunities. Recurrent internal conflicts have...

The political and security environment remains uncertain in Libya. Libya faces the challenges of stabilizing the economy and responding to the aspirations of the revolution. The near-term outlook is favorable, but there are significant risks. The overarching policy objective should be to foster...

This staff report on the Republic of Kosovo’s Fourth Review under the Stand-By Arrangement discusses macroeconomic and financial policies. Banking-sector soundness indicators have remained largely unchanged. The revenue shortfall owed to a mix of lower than programmed customs receipts,...

Program implementation has been satisfactory, and all assessment criteria were met. The fiscal deficit was reduced to 5.9 percent of GDP despite a significant revenue shortfall. Delays were incurred in the implementation of reforms in the energy sector. The authorities intend to accelerate...

This paper discusses Burkina Faso’s ex-post assessment of longer-term program engagement. Economic growth has fluctuated above regional standards, averaging 5.3 percent between 2007 and 2012. The improvements in the agricultural sector, as a result of authorities’ strong push for...

This staff report on Saudi Arabia’s 2013 Article IV Consultation discusses economic policies and development. As the largest crude oil exporter, and the only producer with significant spare capacity, Saudi Arabia plays a systemic and stabilizing role in the global oil market. In 2011,...

The first paper is on the oil boom in Azerbaijan, which presents a unique opportunity to speed up the development agenda, but at the same time poses challenges to the management of macroeconomic policy. A new fiscal framework to sustain macroeconomic stability and achieve fiscal sustainability...

This staff report on the Republic of Serbia’s Article IV Consultation highlights economic background and policies. The global financial crisis exposed Serbia’s unsustainable growth model and its key vulnerabilities. Robust growth has not taken off, and economic activity is below...

This paper examines the Democratic Republic of the Congo’s 2003 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Through September 2002, overall performance under the PRGF-supported program was...

The Kingdom of Lesotho’s 2005 Article IV Consultation reports that the government’s fiscal position and the external current account have improved markedly. The authorities are preparing an action plan, in collaboration with development partners, to improve the business climate....