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International Monetary Fund. Western Hemisphere Dept.
Economic growth slowed down, but became more broad-based. In 2017, real GDP growth was 2.1 percent, with the non-mining GDP rebounding from its contraction in 2016. The external balance turned negative due to weaker than expected export growth and higher oil prices. Inflation remains relatively low, and the monetary stance accommodative. Oil production is expected to commence in 2020, and additional oil discoveries have significantly improved the medium- and long-term outlook.
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights the expansion of Guyana’s real economic activity by 3.3 percent in 2016. Subdued agricultural commodity prices, bad weather, and delays in public investment weighed down activity, while large increases in gold output helped support growth. Consumer prices increased by 1.5 percent in the 12 months ending in December 2016 as weather-related shocks to food prices reversed the deflationary trend. The macroeconomic outlook is positive for 2017 and the medium term. Growth is projected at 3.5 percent in 2017, supported by an increase in public investment, continued expansion in the extractive sector, and a recovery in rice production.
Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.

Ms. Yan M Sun
This paper examines a number of structural factors affecting the external debt sustainability of HIPC completion point countries. It shows that (i) while comparing favorably with other lowincome countries, the policy and institutional frameworks of completion point countries in general are still relatively weak, and their debt management practices remain inferior to international standards; and (ii) their export base remains narrow and fiscal revenue mobilization lags behind, even compared with many other low-income countries. Achieving and maintaining long-term debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new borrowing in support of sound macroeconomic policies.
International Monetary Fund
The mid-term review was undertaken to help funding and implementing agencies foster a greater level of understanding of the Caribbean Regional Technical Assistance Center's (CARTAC) work. It ascertains activities to date and should help the Steering Committee determine optimal strategies for the Center’s continuation.
Mr. Sanjeev Gupta, Mrs. Claire Liuksila, Mr. Henri Lorie, Mr. Walter Mahler, and Mr. Karim A. Nashashibi

Abstract

A strengthened fiscal position is at the core of most economic adjustment programs supported by IMF lending, especially for the poorer countries that draw on the IMF's structural adjustment facilities. This paper reviews developments in 23 countries and evaluates their experience with fiscal and structural adjustment, including their efforts to design social safety nets to cushion the effects of adjustment.