This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

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....

Madagascar showed strong economic growth and low inflation under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and stressed the need to restore fiscal discipline, improve governance, strengthen the business climate to encourage...

All quantitative and structural performance criteria for end-June 2003 were observed. These positive results reflect several factors, including improved public expenditure management and strengthened revenue administration (offsetting delays in some of this year's new revenue measures),...

Since the conclusion of the last Article IV Consultation in October 2001, Georgia's macroeconomic performance has been encouraging. The 2003 Article IV Consultation and program discussions were held against the backdrop of protracted deviations from the IMF-supported program. Discussions with...

This paper on the Staff-Monitored Program (SMP) on Djibouti explains economic developments and policy discussions. Djibouti faces important challenges to reduce widespread poverty. Since the mid-1990s, the government has been engaged in adjustment and reform programs to restore macroeconomic...

This paper examines the Staff-Monitored Program (SMP) for Malawi. The authorities have requested staff monitoring of their macroeconomic program for the 2004/05 fiscal year (June–July) with a view to establishing a performance track record that could lead to a new Poverty Reduction and...

This paper evaluates Tajikistan’s 2002 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Tajikistan’s previous IMF-supported program went off track in mid-2001 largely because of poor progress with structural...

Mongolia has performed commendably under the Poverty Reduction Growth Facility arrangements. Executive Directors commended the prudent macroeconomic policies, low inflation, and reduction in vulnerability. They stressed the need to strengthen the fiscal position, improve economic governance,...

Zambia’s 2005 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility are discussed. Expenditure restraint, including on the wage bill, has helped to put the fiscal operations of the government on a sustainable course and contributed to the attainment of...