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International Monetary Fund. African Dept.

/336 ). Following the Executive Board’s discussion of the review, Mr. Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director, made the following statement: “São Tomé and Príncipe’s growth has been subdued, though still positive, reflecting delayed external financing that affected spending on key growth-enhancing capital projects. While the macroeconomic outlook is positive, fiscal and debt sustainability concerns remain critical to maintain a careful balance between growth-enhancing spending and macroeconomic stability. “Recent performance under the ECF

International Monetary Fund. Asia and Pacific Dept

, 2016, in the amount of about SDR 1.1 billion (US$1.45 billion, or 185 percent of quota in the IMF at that time of approval of the arrangement. See Press Release No. 16/262 ). The government’s reform program, supported by the IMF, aims to reduce the fiscal deficit, rebuild foreign exchange reserves, and introduce a simpler, more equitable tax system to restore macroeconomic stability and promote inclusive growth. Following the Executive Board’s discussion of the review, Mr. Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director, said: “Sri Lanka

International Monetary Fund. External Relations Dept.

three countries, and the reaction to the programs. The released report also includes the Chairman’s December 1998 summingup of the IMF Executive Board’s discussion of the review. It was the subject of press conferences on January 19, conducted by Jack Boorman, Director of the Policy Development and Review Department (see page 20). The review notes that the Asian crisis differs from previous crises in a number of key respects and may indicate fault lines in an increasingly integrated global economic and financial system. Unlike so many other cases in which IMF

International Monetary Fund
Executive Directors commended the authorities for their policies to maintain macroeconomic stability, which had resulted in favorable growth performance and zero inflation, and welcomed improvements in tax collection and encouraged the authorities to continue with their efforts to strengthen tax administration. The authorities are urged to proceed rapidly with structural reforms, in particular by improving governance further to ensure sustained growth and poverty reduction. Macroeconomic data, although adequate for program monitoring, continue to suffer from serious deficiencies, especially in the real sector.
International Monetary Fund. Asia and Pacific Dept
A three-year arrangement for Mongolia under the Extended Fund Facility (EFF) was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million (435 percent of quota, or about $425 million). The arrangement is part of a $5.5 billion multi-donor financing package that supports the authorities’ Economic Recovery Plan. The extended arrangement is subject to quarterly reviews.
International Monetary Fund. African Dept.
This paper discusses São Tomé and Príncipe’s Second Review Under the Extended Credit Facility (ECF) and Request for Waivers for Nonobservance of Performance Criteria and modification of performance criteria. The economic outlook for 2017 and the medium term is favorable, but not without risks. The main sources of short-term risks to the outlook are ongoing pressure on foreign exchange supply, liquidation of Bank Equador, and continued weakness in the banking sector. In addition, the economy will remain vulnerable to global developments, including weak demand in the key European and emerging markets. The IMF staff recommends completion of the second review and the disbursement of an amount equivalent to SDR 634,285 under the ECF arrangement.