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International Monetary Fund

Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse. Credit continues to grow rapidly, particularly in foreign currency and based on strong inflows to banks. Inflation has come down sharply, reflecting policy rate hikes, spending restraint, the agriculture recovery, and favorable global price developments. Challenges include safeguarding financial system stability, strengthening tax revenues to ensure sustainability and support pro-growth and pro-poor spending, improving the business environment to enhance growth and reduce poverty and unemployment, and reducing external imbalances.

International Monetary Fund. European Dept.

Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia

Burton David

On February 5, the West Africa Regional Technical Assistance Center (West AFRITAC) held its third steering committee meeting in Bamako, Mali, to review progress and agree on the center’s work plans for the year ahead. Both recipients and providers of technical assistance expressed keen enthusiasm about the progress the center had made in its short time in operation, agreeing that it is on the right track. Steering committee participants encouraged the center to continue to improve coordination with recipients and other technical assistance providers and to devise more regular and effective means of monitoring and reporting on the costs and outcomes of capacity-building activities.

International Monetary Fund

Zambia’s strong economic performance continues under the Extended Credit Facility arrangement. With a broadly unchanged macroeconomic outlook, the medium-term policy stance remains appropriate, but vigilance is warranted. The strengthening economy provides an opportunity for more rapid poverty reduction and employment creation. The fiscal program remains appropriate. As the government moves to tap the sovereign bond market, it will be important to strengthen debt and liquidity management capacity. Reforming the pricing and marketing system for maize remains critical. Executive Directors support the Bank of Zambia (BoZ)’s monetary policy tightening.