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International Monetary Fund

This paper presents findings of the Fifth Review of Djibouti’s economic performance under the extended credit facility (ECF) arrangement. The drought in Djibouti has worsened water scarcity, reduced agricultural production and cattle stock, and accelerated refugee inflows. The authorities have requested an augmentation of access under the ECF of 60 percent of quota. As a result of exogenous shocks, financing needs for 2011–12 are expected to be higher than previously projected, despite the pledges from the international community to help Djibouti address the impact of the drought.

International Monetary Fund

This paper presents findings of the Fifth Review of Djibouti’s economic performance under the extended credit facility (ECF) arrangement. The drought in Djibouti has worsened water scarcity, reduced agricultural production and cattle stock, and accelerated refugee inflows. The authorities have requested an augmentation of access under the ECF of 60 percent of quota. As a result of exogenous shocks, financing needs for 2011–12 are expected to be higher than previously projected, despite the pledges from the international community to help Djibouti address the impact of the drought.

International Monetary Fund

The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.

International Monetary Fund

The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.

International Monetary Fund

The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.

International Monetary Fund
The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.