This paper examines Chad’s 2001 Article IV Consultation, Third Review Under the Second Annual Program Under the Poverty Reduction and Growth Facility, and Requests for Augmentation of Access and for Waiver of Performance Criteria. Chad has had a reasonably good year in 2001, reversing the policy slippages in 2000. Economic performance, including in the area of governance, has improved measurably. Growth prospects are also good, with real GDP projected to grow at an annual rate of 10 percent in 2001–03.
Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the International Monetary Fund Code for clarity of roles and responsibilities, openness of the budget process, public availability of information, and guarantees of integrity. Particular attention should be paid to improvement of the systems consolidating fiscal information and enabling fiduciary responsibilities of the Ministry of Finance.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.
This paper discusses Iraq’s request for Stand-By Arrangement for 15 months from December 2005 through March 2007, which they intend to treat as precautionary. The authorities’ policies have succeeded in promoting overall macroeconomic stability despite the extremely difficult security environment. Economic growth in 2005 is estimated at 2.6 percent, following the rebound of almost 50 percent recorded in 2004. Inflation pressures have moderated in 2005, though prices remain volatile. The medium-term outlook for Iraq is favorable, but subject to many risks.
This Selected Issues paper on the Republic of Congo analyzes the challenges of sustainable growth in the Republic of Congo. The paper highlights that it is paramount for the authorities to avoid repeating the experience of the 1980s, particularly in light of the projected decline in oil production over the next decade. It proposes a macroeconomic policy strategy that takes advantage of this unique opportunity to foster higher sustainable growth. The paper also provides a summary of various recent assessments of the quality of the Congo's public financial management system.