Request For Waiver Research Articles

Republic of Latvia: Fifth Review Under the Stand-By Arrangement and Financing Assurances Review, Request for Waiver of Nonobservance of a Performance Criterion, and Proposal for Post-program Monitoring

Latvia’s economy continues to recover, but the worsening global outlook is likely to hurt growth. Implementation of the program has made the economy more robust to shocks, but risks remain that could derail the recovery and the goal of euro adoption. Spillovers from the euro area crisis could increase—reducing growth and increasing capital outflows—and complicate plans to tap international capital markets. The authorities’ macroeconomic strategy has centered on substantial wage and price cuts and productivity growth to improve competitiveness and reduce external imbalances.

St. Kitts and Nevis - First Review Under the Stand-By Arrangement and the Financing Assurances Review, and Request for Waivers of Applicability and Modification of Performance Criterion: Staff Report and Press Release

The staff report for St. Kitts and Nevis’ first review under the Stand-By Arrangement and the Financing Assurances Review is presented. Economic activity is estimated to have been flat in 2011, as continued weakness in the construction sector offset the moderate recovery in tourism and manufacturing sectors. The external current account deficit is estimated to have widened in 2011, with higher energy and food prices more than offsetting the impact of fiscal consolidation and growth in stay-over tourist arrivals.

St. Kitts and Nevis: Third Review Under the Stand-By Arrangement, Financing Assurances Review and Request for Waivers of Applicability--Staff Report and Press Release on the Executive Board Discussion

Economic activity is estimated to have softened below program expectations in January-March 2012, due to a continued contraction in the construction sector which dominated a relatively strong outturn in tourism. Despite this growth underperformance and the continued global uncertainty, the authorities have successfully implemented their home-grown economic program. While the outlook is for a moderate economic recovery, uncertain external conditions continue to present downside risks to growth.

Kingdom of Lesotho: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, and Request for Modification of Performance Criteria

Kingdom of Lesotho: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, and Request for Modification of Performance Criteria

Cape Verde: Second Review Under the Policy Support Instrument and Request for Waivers of Nonobservance of Assessment Criteria: Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Cape Verde.

"Volume 2012 (2012): Issue 029 (Feb 2012): Cape Verde: Second Review Under the Policy Support Instrument and Request for Waivers of Nonobservance of Assessment Criteria: Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Cape Verde." published on 03 Feb 2012 by International Monetary Fund.

Islamic Republic of Mauritania: 2012 Article IV Consultation and Fourth Review Under the Three-Year Extended Credit Facility Arrangement, and Requests for Waivers of Nonobservance and Modification of Performance Criteria-Staff Report and Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania

The 2012 Article IV Consultation and Fourth Review under the three-year Extended Credit Facility (ECF) Arrangement discusses the macroeconomic conditions of the Islamic Republic of Mauritania. Mauritania’s economy has performed well in 2011, despite significant challenges. Economic activity is likely to pick up and inflation to remain low. However, Mauritania faces important short- and medium-term policy challenges, notably in the social area, where progress in reducing poverty has been slow and unemployment is still high. The performance under the ECF-supported program has remained strong.

Djibouti: Fourth Review Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria: Staff Report and Press Release.

"Volume 2012 (2012): Issue 169 (Jul 2012): Djibouti: Fourth Review Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria: Staff Report and Press Release." published on 10 Jul 2012 by International Monetary Fund.

Republic of Moldova: Fourth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waiver for Nonobservance of a Performance Criterion and for Modification of a Performance Criterion: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova.

Republic of Moldova: Fourth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waiver for Nonobservance of a Performance Criterion and for Modification of a Performance Criterion: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova.

Republic of Moldova: Staff Report for the 2012 Article IV Consultation, Fifth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waivers for Non-Observance and Modification of Performance Criteria

Republic of Moldova: Staff Report for the 2012 Article IV Consultation, Fifth Reviews Under the Extended Arrangement and Under the Three-Year Arrangement Under the Extended Credit Facility, and Requests for Waivers for Non-Observance and Modification of Performance Criteria

Djibouti: Fifth Review Under the Extended Credit Facility Arrangement, Request for Augmentation of Access and Rephasing, Request for Waivers of Nonobservance of Performance Criteria, and Request for Waiver of Nonobservance of Performance Criterion Resulting in Noncomplying Disbursement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Djibouti.

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.

Romania: Staff Report for the 2012 Article IV Consultation, Sixth Review Under the Stand-By Arrangement, and Requests for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria

Romania: Staff Report for the 2012 Article IV Consultation, Sixth Review Under the Stand-By Arrangement, and Requests for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria

Uganda: Third Review Under the Policy Support Instrument, Request for Waiver of Nonobservance of an Assessment Criterion, and Request for Modification of Assessment Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda

This paper presents key findings of the Third Review for Uganda under the policy support instrument. Monetary policy has been tightened significantly to reduce core inflation, supported by a contractionary fiscal stance. All but one of the seven quantitative assessment criteria were met at end-June; most structural benchmarks were met, although several with delay. Tighter monetary and fiscal policies in the near term aim to reduce inflation rapidly, while medium-term policies strive to create fiscal space to support stepped-up public infrastructure investment.

Seychelles - Fourth Review Under the Extended Arrangement, Request for Waiver of Applicability of Performance Criteria and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; Statement by the Executive Director for Seychelles

"Volume 2012 (2012): Issue 030 (Feb 2012): Seychelles: Fourth Review Under the Extended Arrangement, Request for Waiver of Applicability of Performance Criteria and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; Statement by the Executive Director for Seychelles" published on 06 Feb 2012 by International Monetary Fund.

Republic of Tajikistan: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Tajikistan.

"Volume 2012 (2012): Issue 032 (Feb 2012): Republic of Tajikistan: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Tajikistan." published on 07 Feb 2012 by International Monetary Fund.

Portugal: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal.

"Volume 2012 (2012): Issue 292 (Oct 2012): Portugal: Fifth Review Under the Extended Arrangement and Request for Waivers of Applicability and Nonobservance of End-September Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal." published on 25 Oct 2012 by International Monetary Fund.

Kenya: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers and Modification of Performance Criteria: Staff Report; Press Release

Kenya: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers and Modification of Performance Criteria: Staff Report; Press Release

Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria

This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled to strengthen the competitiveness and help the country integrate into the euro area. Finally, Greece has specified the policies necessary to overcome recent inertia and deliver program objectives, and a memorandum of financial and economic policies is discussed.

Georgia: Seventh and Eighth Reviews Under the Stand-By Arrangement, and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Purchases�Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia

Real GDP growth for 2010 has been revised upward to 6.3 percent, and annual CPI inflation has increased to about 10 percent. End-December performance criteria (PC) are expected to be met, with the exception of the fiscal deficit and general government expenditure targets owing to the late disbursement of budget grants and disbursements under a project loan on-lent by the government, which came in earlier than the authorities anticipated. Policies are on track and have broadly delivered on program objectives.

Cape Verde: First Review Under the Policy Support Instrument and Requests for Waivers of Nonobservance and Modification of Assessment Criteria: Staff Report; Supplement; and Press Release

Cape Verde’s economic outlook and policy performance remain favorable. The government should complete implementation of the Public Investment Program (PIP), while reducing external debt. Executive Directors support efforts to rationalize and simplify the tax system and improve tax administration. The tight stance of monetary policy is constraining the growth of private credit to stabilize foreign reserves. The new banking law and finalizing the National Social Security Institute’s investment policy guidelines are necessary. Enhancing labor market flexibility will support the government’s transformation agenda. Risks to the program remain manageable.

Angola: Fourth Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Request for Waivers of Applicability of Performance Criteria, and Request for Modification of Performance Criteria.

Angola: Fourth Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Request for Waivers of Applicability of Performance Criteria, and Request for Modification of Performance Criteria.