KEY ISSUES Background: Progress toward political reconciliation and restoring social cohesion continues. But the road remains long and bumpy. Growth performance was impressive in 2013, and is projected to remain buoyant in the near term reflecting strong domestic demand. Still, growth is likely to remain below the government’s more ambitious goal of double-digit expansion. Program performance has been strong. All end-December performance criteria and all but one indicative target (the indicative target on the floating debt ceiling) were met. The implementation of structural reforms has been satisfactory, but with some delays due in part to the limited number of Council of ministers meetings held in early 2014. Policy discussions: The discussions focused on (i) the growth outlook for 2014 and the medium term, (ii) updating the fiscal outlook for 2014 in light of the 2013 budget outturn and new spending needs, (iii) measures to strengthen the efficiency and transparency of public spending, and (iv) further improvements in the business climate. The risks to program implementation in 2014 are balanced. On the downside, fiscal discipline and structural reform momentum could be adversely affected during the run-up to the October 2015 presidential elections. On the upside, higher than projected foreign direct investment could further raise growth prospects. Staff supports the completion of the fifth review under the ECF and the authorities’ requests for the modifications of performance criteria and an extension of the current arrangement to end-December 2014. Completion of the review will result in disbursement of an amount equivalent to SDR 48.78 million under the ECF arrangement (15 percent of quota).
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|Size: ||6.7 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2014|
|ISBN: ||9781498382403 (DRM-EPUB)|
|Copying:||of 20 selections every 20 days allowed|
|Printing:||of 20 pages every 20 days allowed|
|Read Aloud: ||not allowed|