The Executive Board of the
The Board's decision, which was taken without a meeting,1 enables the immediate disbursement of an amount equivalent to SDR 18.36 million (about
The Executive Board approved the three-year ECF arrangement for
As a result, growth is estimated to have slowed to 2.5 percent, sharply below the programmed 4.5 percent expansion. Inflation continued to fall, and at end-2013 was 10.5 percent year-on-year. International reserves were maintained at a satisfactory level, and the exchange rate remained broadly stable.
Performance under the ECF-supported program remains satisfactory. Notwithstanding a sizeable shortfall in government revenues and an increase in subsidies to the energy sector, strong adjustment measures have kept the fiscal deficit on track.
All performance criteria (PCs) for
However, the structural reform agenda incurred delays, reflecting capacity constraints and the need for additional technical assistance, as well as a weakening of policy coordination and the difficult political and social environment.
Real GDP growth could rebound to 4.5 percent, also assuming a gradual acceleration of investment in the mining sector. Inflation is projected to further decline to 8.5 percent, while gross official reserves should remain at around 3 months of imports.
Fiscal targets incorporate an increase in public investment, a strong revenue effort, and an increase in external assistance. Structural reforms aim at completing the actions delayed from 2014 and focus on public financial management, civil service reform, the mining sector, the business climate, agriculture, and the electricity sector.
1 The Executive Board takes decisions without a meeting when it is agreed by the Board that a proposal can be considered without convening formal discussions.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Will Missing Malaysian Jet Prompt Aviation System Change?
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Natural Gas Discovery Could Lead to Cleaner Fuels