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Cover -- CONTENTS -- Glossary -- CONTEXT -- RECENT DEVELOPMENTS -- PROGRAM PERFORMANCE -- POLICY DISCUSSIONS -- A. Outlook and Risks -- B. Fiscal Policy: Preserving the Fiscal Consolidation Path -- C. Strengthening Fiscal Governance: Bosting Non-Oil Revenue Mobilization and Improving Public Financial Management -- D. Debt Policies: Maintaining Debt Sustainability and Controlling Contingent Risks -- E. Monetary and Financial Sector Policies: Accelerating Reforms and Expanding Financial Access -- F. Structural Policies and Governance: Enhancing Private Sector-Led Growth -- PROGRAM MODALITIES -- STAFF APPRAISAL -- FIGURES -- 1. Real Developments, 2015-18 -- 2. Fiscal Developments, 2014-18 -- 3. External Sector Developments, 2012-18 -- 4. Monetary Developments, 2014-18 -- 5. Financial Sector Developments, 2012-18 -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-23 -- 2a. Central Government Operations, 2016-23 (CFAF billion) -- 2b. Central Government Operations, 2016-23 (Percent of GDP) -- 3. Balance of Payments, 2016-23 -- 4. Monetary Survey, 2016-23 -- 5. Financial Soundness Indicators, 2014-18 -- 6. Risk Assessment Matrix -- 7. External Financing Requirements, 2016-23 -- 8. Gross Financing Needs, 2016-23 -- 9. Proposed Schedule of Disbursements Under the ECF Arrangement, 2017-20 -- 10. Capacity to Repay the Fund, 2016-32 -- ANNEXES -- I. Progress in Financial Sector Reforms -- II. Corruption and Governance in Cameroon -- APPENDIX -- I. Letter of Intent -- Attachment I. Supplementary Memorandum of Economic and Financial Policies, 2017-19 -- Attachment II. Technical Memorandum of Understanding

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- CAPACITY TO REPAY THE FUND -- POLICY DISCUSSIONS -- A. Mitigating Risks to Public Balance Sheets -- B. Strengthening Bank Balance Sheets -- C. Strengthening the Inflation Targeting Framework -- STAFF APPRAISAL -- BOX -- 1. Public-Private Partnerships in Albania -- FIGURES -- 1. Real GDP Growth and Inflation -- 2. Monetary Sector Developments -- 3. External Sector Developments -- 4. Fiscal Sector Developments -- 5. Banking Sector Indicators -- TABLES -- 1. Basic Indicators and Macreconomic Framework, 2014-23 -- 2a. General Government Operations, 2014-23 (Percent of GDP) -- 2b. General Government Operations, 2014-23 (Billions of Lek) -- 3a. Balance of Payments, 2014-23 (Percent of GDP) -- 3b. Balance of Payments, 2014-23 (Millions of Euros) -- 4. External Financing Requirement and Sources, 2014-23 -- 5. Indicators of Capacity to Repay to the Fund, 2013-23 -- 6. Monetary Survey, 2014-23 (Billions of Lek) -- 7. Summary of Accounts of the Central Bank, 2014-23 (Billions of Lek) -- 8. IMF Core Indicators of Financial Soundness, 2007-17 -- ANNEXES -- I. Risk Assessment Matrix (RAM) -- II. Adverse Scenario -- III. Debt Sustainability Analysis (DSA)

Cover -- TABLE OF CONTENTS -- ACRONYMS AND ABBREVIATIONS -- PREFACE -- EXECUTIVE SUMMARY -- I. PUBLIC INVESTMENT IN MALI: CONTEXT -- A. Patterns of Public Investment and Fixed Capital Stock -- B. Quality, Efficiency, and Impact of Public Investment -- II. PUBLIC INVESTMENT MANAGEMENT ASSESSMENT -- A. Pillar I: Planning -- B. Pillar II: Allocating -- C. Pillar III. Implementing -- D. Cross-Cutting Issues and Capacities -- III. RECOMMENDATIONS AND ACTION PLAN -- BOXES -- 1. Public Investment Management Assessment Framework (PIMA) -- 2. Definition of Payment Arrears on Capital Expenditure -- 3. Players Involved in Execution Processes -- FIGURES -- 1. Mali and Comparable Countries: Institutional Framework for Public Investment Management -- 2. Institutional Framework and its Effectiveness -- 3. Total, Public, and Private Investment -- 4. Public Investment and GDP Growth -- 5. Financing Sources for Capital Expenditure (billions of CFAF) -- 6. Share of Capital Expenditure in the Budget (percentage of GDP) -- 7. Stock of Public Capital and Public Debt -- 8. Stock of Public Capital Stock Per Capita (2015) -- 9. Indicators of Access to Public Infrastructures -- 10. Perception of the Quality of Infrastructures -- 11. Efficiency Threshold (hybrid indicator) -- 12. Efficiency Indicator (PIE-X) -- 13. Efficiency Indicator (PIE-X), Quality Component -- 14. Efficiency Indicator (PIE-X), Physical Component -- 15. Comparative Developments in Public Debt and Capital Expenditure -- 16. Composition of Investment Resources in Local Governments -- 17. Share of Operating and Capital Expenditure in Local Budgets -- 18. Stock of Capital in Connection with PPPs in Mali as Compared with Other Countries of Francophone Africa -- 19. Distribution of Capital Expenditure, 2015-2017 -- 20. Composition of the Special Capital Budget with Domestic Financing, 2017

Cover -- CONTENTS -- POLITICAL CONTEXT -- A LOOK BACK AT THE AUTHORITIES' ACHIEVEMENTS -- OUTLOOK AND RISKS -- PROGRAM PERFORMANCE -- A PATH TO SUSTAINED AND INCLUSIVE GROWTH -- A. Addressing Structural Weaknesses in the Fiscal System -- B. Institutionalizing Inflation Targeting -- C. A Stronger, Growth-Supporting Financial System -- D. Competitiveness and External Sustainability -- E. Improving Social Outcomes -- F. Enhancing Resilience to Climate Change -- PROGRAM POLICIES -- A. FY2018/19 Budget -- B. Public Sector Transformation and Fiscal Risks -- C. Monetary Policy -- D. Other Program Issues -- STATISTICS -- STAFF APPRAISAL -- BOXES -- 1. Social Outcomes, Violence, and Crime -- 2. The Trailblazers: Female Labor Force Participation (LFP) in Jamaica -- FIGURES -- 1. Recent Developments -- 2 Indicators of Weak Agriculture Resilience -- 3. Social Outcomes, Violence, and Crime -- 4. The Trailblazers: Female Labor Force Participation in Jamaica -- 5. Fiscal Developments -- 6. Public Debt -- TABLES -- 1. Selected Economic Indicators -- 2. Summary of Central Government Operations (In millions of Jamaican dollars) -- 3. Summary of Central Government Operations (In percent of GDP) -- 4. Operations of the Public Entities -- 5. Summary Balance of Payments -- 6. Summary Accounts of the Bank of Jamaica -- 7. Summary Monetary Survey -- 8. Financial Sector Indicators -- 9. Schedule of Reviews and Purchases -- 10. Structural Program Conditionality -- 11. Quantitative Performance Criteria -- 12. Indicators of Fund Credit, 2018-27 -- ANNEXES -- I. Risk Assessment Matrix -- II. Debt Sustainability Analysis -- III. Towards a Broad-Based, Low-Rate Tax Regime -- IV. 2018 External Sector Assessment -- V. Building Resilience to Floods, Droughts, and Disasters -- VI. Implementation of Advice in Last Article IV -- APPENDIX -- I. Letter of Intent

Cover -- CONTENTS -- EFFICIENCY OF PUBLIC SPENDING ON HEALTH AND EDUCATION IN MALAWI -- A. Background -- B. Public Spending on Health and Education: Trends and Impact -- C. Public Spending Efficiency in Health and Education -- D. Policies -- E. Conclusions -- References -- FIGURES -- 1. Trends and Composition of Public and Current Spending -- 2. Public Spending in Malawi in a Cross-Country Perspective, 2010-15 -- 3. Health Spending and Outcomes -- 4. Health Spending and Outcomes in Malawi and Comparator Countries, 2010-15 -- 5. Public Spending on Education and School Enrollment Rate, 2000-15 -- 6. Public Education Spending and Outcomes in Malawi and Comparator Countries, 2010-15 -- 7. Efficiency Score of Health Spending per Capita -- 8. Efficiency Score of Education Spending per Capita -- SUPPORTING GROWTH THROUGH INCREASED CREDIT TO THE PRIVATE SECTO -- A. Background -- B. Measuring the Credit Gap -- C. Reasons Behind Weak Private Sector Credit -- D. Role of Public Policy in Facilitating Deepening -- E. Conclusions -- References -- FIGURES -- 1. Financial Depth -- 2. Credit to the Private Sector (12-Month Rate of Change, Percent) -- 3. Credit to the Private Sector (Percent of GDP) -- 4. Real Interest Rates -- 5. Spread Between Deposit and Lending Rates, 2011-17 -- 6. Spread Between Deposit and Lending Rates, 2017 -- 7. Financial Efficiency -- 8. Bank Lending 'Crowding Out' -- 9. Credit to the Government as Share of Net Domestic Assets -- TABLE -- 1. Determinants of Financial Inclusiveness Gaps, 2004-2016 -- A PATH TOWARD HIGHER AND MORE INCLUSIVE GROWTH -- A. Background -- B. Challenges to Diversification and Resilience -- C. Policies -- D. Conclusions -- References -- FIGURES -- 1. Growth, Population, and Poverty -- 2. Global Competitiveness and World Bank Doing Business Indicators -- 3. Infrastructure Global Competitiveness Indicators, 2014-17

Cover -- CONTENTS -- ECONOMIC DEVELOPMENTS, PROGRAM PERFORMANCE, AND OUTLOOK -- A. Recent Developments and Program Performance -- B. Outlook and Risks -- POLICY DISCUSSIONS -- A. Preserving Macroeconomic Stability -- B. Broadening the Revenue Base -- C. Improving Spending Quality -- D. Structural Reforms -- AUGMENTATION OF ACCESS TO FUND RESOURCES -- PROGRAM MODALITIES -- STAFF APPRAISAL -- FIGURES -- 1. Recent Economic Developments and Outlook, 2013-23 -- 2. Fiscal Developments 2013-18 -- 3. GDP Composition and Output Volatility -- 4. Tax Performance, 2014-18 -- 5. Indicators of Financial Inclusion, 2010-17 -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-23 -- 2. Financial Operations of the Central Government, 2016-23 (in billions of CFA francs) -- 3. Financial Operations of the Central Government, 2016-23 (in percent of GDP) -- 4. Monetary Survey, 2016-23 -- 5. Balance of Payments, 2016-23 (in billions of CFA francs) -- 6. Balance of Payments, 2016-23 (in percent of GDP) -- 7. Indicators of Financial Soundness, Dec. 2012-Dec. 2017 -- 8. Indicators of Capacity to Repay the Fund, 2018-28 -- ANNEX -- I. Big Investment Projects -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies of the Government of Niger -- Attachment II. Technical Memorandum of Understanding

Cover -- TABLE DES MATIÈRES -- ÉVOLUTION ÉCONOMIQUE, EXÉCUTION DU PROGRAMME ET PERSPECTIVES -- A. Évolution récente et exécution du programme -- B. Perspectives et risques -- EXAMEN DE L'ACTION GOUVERNEMENTALE -- A. Préservation de la stabilité macroéconomique -- B. Élargissement de l'assiette des recettes -- C. AméIioration de la qualité des dépenses -- D. Réformes structurelles -- AUGMENTATION DE L'ACCÈS AUX RESSOURCES DU FMI -- MODALITÉS DU PROGRAMME -- ÉVALUATION PAR LES SERVICES DU FMI -- GRAPHIQUES -- 1. Évolution économique récente et perspectives, 2013-23 -- 2. Évolution de la situation budgétaire, 2013-18 -- 3. Composition du PIB et volatilité de la production -- 4. Performance fiscale, 2014-18 -- 5. Indicateurs de l'inclusion financière, 2010-17 -- TABLEAUX -- 1. Principaux indicateurs économiques et financiers, 2016-23 -- 2. Opérations financières de l'administration centrale, 2016-23 (milliards de FCFA) -- 3. Opérations financières de l'administration centrale, 2016-23 (pourcentages du PIB) -- 4. Situation monétaire, 2016-23 -- 5. Balance des paiements, 2016-23 (milliards de FCFA) -- 6. Balance des paiements, 2016-23 (pourcentages du PIB) -- 7. Indicateurs de solidité financière, déc. 2012 - déc. 2017 -- 8. Indicateurs de la capacité à rembourser le FMI, 2018-28 -- ANNEXE -- I. Grands projets d'investissement -- APPENDICE -- I. Lettre d'intention -- Pièce jointe I. Mémorandum de politiques économique et financière du Gouvernement du Niger -- Pièce jointe II. Protocole d'accord technique

Cover -- CONTENTS -- DIFFERENCES IN REGIONAL PRODUCTIVITY: WHAT IS BEHIND IT? -- A. Introduction -- B. Literature Review -- C. Stylized Facts -- D. Methodology and Data -- E. Empirical Analysis -- F. Conclusion and Policy Recommendations -- References -- FIGURES -- 1. Regional Differences in Income and Production Factors -- 2. GDP Structure of Spain Regions -- 3. Structural Differences of Spanish Regions -- 4. Production Frontier and Technical Efficiency -- 5. Evolution of Technical Efficiency -- TABLE -- 1. Stochastic Frontier Analysis -- ANNEX -- I. Skills Mismatch Index.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- A SECOND WAVE OF REFORMS TO SUSTAIN THE GROWTH MOMENTUM -- FISCAL POLICY AND THE SUSTAINABLE DEVELOPMENT GOALS -- MACROFINANCIAL STABILITY AND DEVELOPMENT -- A. Exchange Rate and Monetary Policy -- B. Financial Stability -- CAPACITY DEVELOPMENT AND OTHER ISSUES -- STAFF APPRAISAL -- BOX -- 1. External Sector Assessment -- FIGURES -- 1. Macroeconomic Developments -- 2. Macro-Structural Developments -- 3. Macrofinancial Developments -- 4. Progress Towards Sustainable Development Goals -- TABLES -- 1. Selected Economic Indicators, 2013/14-2019/20 -- 2. Summary Operations of the Nonfinancial Public Sector, 2013/14-2019/20 -- 3. Balance of Payments, 2013/14-2019/20 -- 4. Monetary Survey, 2013/14-2020/21 -- 5. Medium-Term Projections 2013/14-2022/23 -- 6. Financial Soundness Indicators, 2016 -- APPENDICES -- I. Key Policy Recommendations from the 2016 Article IV Consultation -- II. Risk Assessment Matrix -- III. Surveillance Priorities and Integrated Capacity Development -- IV. Takeaways from Fund-Wide Pilot Work -- CONTENTS -- FUND RELATIONS -- WORLD BANK-IMF COLLABORATION -- RELATIONS WITH THE WORLD BANK GROUP -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT AND BACKGROUND -- RECENT DEVELOPMENTS -- MACROECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Achieving Intergenerational Equity -- B. Maintaining Financial Stability -- C. Achieving Private Sector Development and Improving Statistics -- STAFF APPRAISAL -- BOXES -- 1. Economic Implications of the Diplomatic Rift -- 2. Performance and Vulnerabilities of Qatar's Nonfinancial Corporate Sector -- 3. Assessing the Resilience of the Banking System to Macroeconomic Shocks -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Developments -- 3. External Sector Developments -- 4. Financial Sector Developments -- 5. Labor Market Indicators -- 6. Business Environment and Governance Indicators -- TABLES -- 1. Selected Macroeconomic Indicators, 2013-23 -- 2. Balance of Payments 2013-23 -- 3a. Summary of Central Government Finance (billions of Riyals), 2013-23 -- 3b. Summary of Central Government Finance (percent of GDP), 2013-23 -- 4. Vulnerability Indicators, 2013-17 -- 5. Financial Soundness Indicators, 2009-17 -- 6. Monetary Survey, 2013-19 -- ANNEXES -- I. Status of Staff Recommendations -- II. External Stability Assessment -- III. Risk Assessment Matrix -- IV. Public Sector and External Debt Sustainability Analyses -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK GROUP -- STATISTICAL ISSUES.

Cover -- CONTENTS -- THE SUBDUED OUTLOOK WILL BE INSUFFICIENT TO RAISE LIVING STANDARDS -- RECALIBRATING THE POLICY MIX -- A. A Fiscal Policy That Better Supports Growth -- B. Further Monetary Accommodation -- HIGHER POTENTIAL GROWTH AND BETTER LIVING STANDARDS -- A. Delivering an Integral Fiscal Reform -- B. Creating Opportunities in the Formal Labor Market -- C. Improving Governance for a Better Business Environment -- IMPROVING THE INFLATION TARGETING FRAMEWORK AND MODERNIZING THE FINANCIAL SYSTEM -- A. Improving the Inflation Targeting Framework -- B. Building Financial Sector Resilience -- STAFF APPRAISAL -- BOXES -- 1. Embracing the Sustainable Development Goals -- 2. Overcoming Road Infrastructure Deficiencies -- 3. Guatemala's Anti-Corruption Strategy -- FIGURES -- 1. Recent Economic Developments -- 2. Structural Fiscal Indicators -- 3. External Developments -- 4. Financial Developments -- TABLES -- 1. Selected Economic and Social Indicators -- 2. Central Government Operations and Financial Balance -- 3. Summary Balance of Payments -- 4. Monetary Sector Survey -- 5. Financial Soundness Indicators -- 6. Financial Soundness Indicators Heatmap -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Public Debt Sustainability Analysis -- IV. External Debt Sustainability -- V. Past Fund Staff Recommendations and Implementation -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK AND BANK-FUND COLLABORATION UNDER THE JOINT MANAGEMENT ACTION PLAN (JMAP) -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- MACROECONOMIC AND FINANCIAL POLICIES -- A. Strengthening the Fiscal Framework to Ensure Fiscal Sustainability -- B. Monetary and Exchange Rate Policies -- C. Policies to Address Spillovers from the Withdrawal of Correspondent Banking Relationships -- D. Financial Sector -- MEDIUM-TERM CHALLENGES -- OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Summary of Revenue Review Recommendations -- 2. Impact of the Withdrawal of CBRs on MTOs -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments -- 3. Fiscal Sector Developments -- 4. Monetary and Financial Sector Developments -- 5. The Role of Remittances -- TABLES -- 1. Selected Economic and Financial Indicators, 2014/15 - 2022/23 -- 2. Balance of Payments, 2014/15 - 2022/23 -- 3. Financial Operations of the Central Government, 2014/15 - 2022/23 -- 4. Monetary Developments, 2011/12 - December 2017 -- 5. Financial Soundness Indicators, 2013/14 - December 2017 -- 6. Status of Millennium Development Goals -- 7. Strategy for the Development of Samoa and Sustainable Development Goals -- 8. Post-Disaster Finance Sources -- ANNEXES -- I. Risk Assessment Matrix -- II. External Sector Assessment -- III. Key 2015 FSAP Recommendations -- IV. List of Public Enterprises -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE PACIFIC FINANCIAL TECHNICAL ASSISTANCE CENTRE -- RELATIONS WITH THE WORLD BANK -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Cover -- CONTENTS -- CONTEXT: CYCLICAL RECOVERY AMID LONG-TERM CHALLENGES -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- SUPPORTING DOMESTIC DEMAND AND EXTERNAL REBALANCING -- A. Using Fiscal Space and Reforms to Spur Domestic Demand and Reduce External Imbalance -- B. Steering Inflation Back to Target and Providing Additional Support for External Rebalancing -- C. Preserving Financial Stability -- D. Raising Potential Growth and Strengthening Inclusiveness -- E. Strengthening the Integration of Fund Surveillance and Capacity Development -- STAFF APPRAISAL -- BOXES -- 1. The Eastern Economic Corridor: Thailand 4.0 in Action -- 2. Inspecting the Strength of Monetary Policy Transmission -- FIGURES -- 1. Recent Real Sector and Price Dynamics -- 2. Macro-Fiscal Developments -- 3. Inflation and Inflation Expectations -- 4. Financial Sector Developments -- 5. Financial Soundness Indicators of Commercial Banks -- 6. External Sector Developments -- 7. Structural Challenges -- TABLES -- 1. Selected Economic Indicators, 2014-19 -- 2. Macroeconomic Framework, 2013-23 -- 3. Balance of Payments, 2013-23 -- 4. Monetary Survey, 2009-17 -- 5. Medium-Term Fiscal Scenario, FY 2013-23 -- 6. Banks' Financial Soundness Indicators, 2009-17 -- APPENDICES -- I. Staff Policy Advice from the 2017 Article IV Consultation -- II. Risk Assessment Matrix -- III. Assessment of Current Account Surplus -- IV. External Assessment -- V. External Debt Sustainability Analysis -- VI. Public Debt Sustainability Analysis -- CONTENTS -- FUND RELATIONS -- BANK-FUND COLLABORATION -- STATISTICAL ISSUES.

Cover -- CONTENTS -- STRENGTHENING RECOVERY, HIGH VULNERABILITIES -- IMPROVED OUTLOOK, MOSTLY DOWNSIDE RISKS -- URGENT MEASURES TO PROTECT THE RECOVERY -- A. Reducing Macroeconomic Imbalances -- B. Ensuring Adequate Social Protection -- C. Fostering Inclusive Growth, Fairness, and Better Governance -- PROGRAM ISSUES AND MODALITIES -- STAFF APPRAISAL -- FIGURES -- 1. Recent Economic Developments, 2009-18 -- 2. Real Sector Developments, 2009-23 -- 3. Fiscal Developments and Projections, 2015-23 -- 4. External Sector Developments, 2009-20 -- 5. Monetary and Financial Indicators, 2012-18 -- TABLES -- 1. Selected Economic and Financial Indicators, 2015-23 -- 2. Real Sector, 2015-23 -- 3. Balance of Payments, 2015-19 -- 4. External Financing Needs, 2015-19 -- 5. Central Government Fiscal Operations, 2015-19 -- 6. Central Government Fiscal Operations, 2015-23 -- 7. Monetary Survey, 2015-19 -- 8. Central Bank Survey, 2015-19 -- 9. Financial Soundness Indicators of the Banking Sector, 2010-18 -- 10. Illustrative Medium-Term Outlook, 2015-23 -- 11. Schedule of Purchases Under the Extended Fund Facility, 2016-20 -- 12. Indicators of Fund Credit, 2015-23 -- 13. Inclusive Growth Trends -- ANNEXES -- I. Inflation Across the Spending Distribution -- II. Exchange Rate Policy-Impact of Depreciation -- III. Risk Assessment Matrix (RAM) -- IV. Macro Imbalances and the Central Bank Balance Sheet -- V. Monetary Policy Communication -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- GLOSSARY -- PREFACE -- EXECUTIVE SUMMARY -- I. FISCAL REPORTING -- 1.1. Coverage of Fiscal Reports -- 1.2. Frequency and Timeliness of Fiscal Reporting -- 1.3. Quality of Fiscal Reports -- 1.4. Integrity of Fiscal Reports -- 1.5 Recommendations -- II. FISCAL FORECASTING AND BUDGETING -- 2.1. Comprehensiveness of Budget Documentation -- 2.2. Orderliness -- 2.3. Policy Orientation -- 2.4. Credibility -- 2.5. Recommendations -- III. FISCAL RISK ANALYSIS AND MANAGEMENT -- 3.1. Disclosure and Analysis -- 3.2. Fiscal Risk Management -- 3.3. Fiscal Coordination -- 3.4 Recommendations -- BOX -- 1.1. The Individual Investor Program and the National Development and Social Fund -- FIGURES -- 1.1. Public Sector Expenditure and Coverage in Fiscal Reports, 2016 -- 1.2. Coverage of Public Sector Balance Sheet in Fiscal Reports, 2016 -- 1.3. Public Sector Net Worth in Selected Countries -- 1.4. General Government Assets in Selected European Countries, 2016 -- 1.5. Public Sector Gross Liabilities in Selected European Countries -- 1.6. Other Economic Flows of General Government Financial Assets -- 1.7. Annual Revenue Loss from Tax Expenditures in Selected European Countries -- 1.8. Stock-Flow Adjustments of General Government -- 1.9. Historical Revisions between April 2013 and April 2018 EDP Notifications -- 1.10. Reconciliation of Budget Accounts with General Government Net Lending, 2016 -- 2.1. Medium-Term Macroeconomic Forecast Error for Real GDP Growth (2005-17) -- 2.2. Average Medium-Term Fiscal Forecast Error, 2005-17 -- 2.3. Medium-term Revenue and Expenditure Forecasts, 2014-18 -- 2.4. General Government Investment, 2006-17 -- 2.5. Supplementary Budgets and Outturns Relative to Approved Budget (2008-16) -- 2.6. Successive Medium-Term Budget Deficit Forecasts (2003-17) -- 3.1. Fan Charts for GDP Growth and Budget Balance.