The economy has fared well in a difficult environment. A large exchange rate depreciation fueled inflation prospects and prompted sharp monetary tightening. Credit deceleration and weakened confidence linked to the proximity of the election slowed private activity, but growth was supported by dynamic public investment. International reserves remained comfortable. Program performance under the PSI was generally positive. All end-June and continuous quantitative assessment criteria (QAC) were observed, with one exception, and so were most indicative targets (ITs). Inflation remained within the bands of the consultation clause. An unprecedented increase in tax revenue was a key achievement. However, further progress on structural reforms is needed
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|Size: ||4.8 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781513514253 (DRM-EPUB)|
|Read Aloud: ||not allowed|