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Cover -- Contents -- Executive Summary -- I. Introduction and Background -- II. Stocktaking and Recent Developments -- III. Policy Discussions -- A. Macroeconomic Policies for 2006 -- B. Medium-Term outlook and Structural Reforms -- C. Other Issues -- IV. Staff Appraisal -- Boxes -- 1. Progress in Tsunami Recovery -- 2. Structural Reform Agenda and Status -- Figures -- 1. Real and External Sector Developments, 1995-2005 -- 2. Fiscal and Monetary Sector Developments, 1995-2005 -- Tables -- 1. Selected Economic Indicators, 2001-06 -- 2. Balance of Payments, 2001-06 -- 3. Central Government Finance, 2001-06 -- 4. Summary of Monetary Accounts and MMA Balance Sheet, 2001-05 -- 5. Base Case Medium-Term Scenario, 2004-10 -- 6. Reform Case Medium-Term Scenario, 2004-10 -- 7. Indicators of External Vulnerability, 1991-2005 -- 8. Base Case External Debt Sustainability Framework, 2000-10 -- 9. Base Case Public Sector Debt Sustainability Framework, 2000-10 -- 10. Reform Case External Debt Sustainability Framework, 2000-10 -- 11. Reform Case Public Sector Debt Sustainability Framework, 2000-10 -- Annexes -- I. Fund Relations (as of December 31, 2005) -- II. Relations with The World Bank Group (as of September 30, 2005) -- III. Relations with the Asian Development Bank (as of June 20, 2005) -- IV. Social and Demographic Indicators -- V. Statistical Issues.

Cover -- Contents -- I. Introduction and Background -- II. Recent Developments and Outlook -- A. Developments and Outlook for 2001 -- B. Medium-Term Prospects -- III. Policy Discussions -- A. Addressing the Foreign Exchange Pressures -- B. Needed Macroeconomic Policy Reforms -- Exchange rate policy -- Fiscal policy -- Monetary policy -- C. Other Issues -- Iv. Staff Appraisal -- Boxes -- 1. Revision of the National Income Accounts -- 2. Competitiveness and the Real Effective Exchange Rate -- 3. Indicators of Banking System Vulnerability -- 4. The Skipjack Investment Liberalization Program -- 5. An Autonomous Bureau of Statistics -- Figures -- 1. Economic and External Developments,1992-2001 -- 2. Exchange Rate Developments,1992-2001 -- 3. Fiscal and Monetary Developments,1992-2001 -- Tables -- 1. Selected Economic Indicators, 1995-2001 -- 2. Balance of Payments,1997-2001 -- 3. Central Government Finance,1997-2001 -- 4. Summary of Monetary Accounts and MMA Balance Sheet,1997-2001 -- 5. Illustrative Medium-Term Scenario,200l -2006 -- 6. Indicators of External Vulnerability, 199l -2001 -- Annexes -- I. Fund Relations -- II. Relations with the World Bank Group -- III. Relations with the Asian Development Bank -- Iv. Social and Demographic Indicators -- V. Statistical Issues.

Cover -- TABLE DES MATIÈRES -- RELEVER LES DÉFIS DE LA GOUVERNANCE AU NIGER -- A. Contexte -- B. Le cadre de lutte contre la corruption : progrès accomplis et défis à venir -- C. Gouvernance du secteur public et vulnérabilité à la corruption -- D. Conséquences sur l'environnement des affaires et la performance du secteur privé -- E. Prochaines étapes : comment poursuivre et renforcer la lutte contre la corruption -- GRAPHIQUES -- 1. Perception de la corruption dans le secteur public -- 2. Gouvernance et environnement des affaires -- 3. Corruption et performances du secteur privé -- ANNEXE -- I. Effet de la corruption sur les performances des entreprises.

Cover -- TABLE DES MATIÈRES -- ÉVOLUTION ÉCONOMIQUE, RÉSULTATS DU PROGRAMME ET PERSPECTIVES -- A. Évolution récente et résultats du programme -- B. Perspectives et risques -- ENTRETIENS -- A. Enjeux du programme -- B. Développement du secteur privé -- C. Favoriser la bonne gouvernance et lutter contre la corruption -- MODALITÉS DU PROGRAMME -- ÉVALUATION PAR LES SERVICES DU FMI -- ENCADRÉ -- 1. Importance macroéconomique de l'oléoduc d'exportation de pétrole -- GRAPHIQUES -- 1. Évolution économique récente et perspectives -- 2. Évolution de la situation budgétaire, 2013-2018 -- 3. Composition du PIB et volatilité de la production -- 4. Performance fiscale, 2014-2018 -- 5. Indicateurs d'inclusion financière -- 6. Indicateurs clés du secteur de la microfinance, 2011-2018 -- 7. Démographie -- TABLEAUX -- 1. Principaux indicateurs économiques et financiers, 2016-2024 -- 2. Opérations financières de l'administration centrale, 2016-2024 (en milliards de francs CFA) -- 3. Opérations financières de l'administration centrale, 2016-2024 (en % du PIB) -- 4. Situation monétaire, 2016-2024 -- 5. Balance des paiements, 2016-2024 (Milliards de francs CFA) -- 6. Balance des paiements, 2016-2024 (pourcentage % du PIB) -- 7. Indicateurs de solidité financière, déc. 2012-juin 2018 -- 8. Indicateurs de la capacité à rembourser le FMI, 2018-2028 -- ANNEXES -- I. Note sur la stratégie de développement des capacités -- II. Évaluation du secteur extérieur -- III. Impact économique des tensions sécuritaires -- IV. Importance économique du secteur des ressources naturelles -- V. Matrice d'évaluation des risques -- VI. État d'avancement des principales recommandations issues des consultations de 2016 au titre de l'article IV -- APPENDICE -- I. Lettre d'intention -- Pièce jointe I. Mémorandum de politiques économiques et financières du gouvernement du Niger.

Cover -- TABLE DES MATIÈRES -- CONTEXTE -- ÉVOLUTION RECENTE, PERSPECTIVES ET RISQUES -- ENTRETIENS -- A. Politique budgétaire pour la fin de l'année 2019 -- B. Réforme des administrations fiscale et douanière -- C. Renforcer l'efficience des dépenses publiques et améliorer la gestion des finances publiques -- D. Autres réformes structurelles -- E. Renforcement des capacités -- MODALITES DU PROGRAMME -- ÉVALUATION PAR LES SERVICES DU FMI -- ENCADRES -- 1. Le nouveau Cadre stratégique pour la relance économique et le développement durable (CREDD) -- 2. Situation financière d'EDM-SA -- 3. Mobilisation des recettes fiscales, investissements publics et croissance du PIB -- 4. Mali : Matrice d'évaluation des risques -- 5. Stratégie envisagée par la Banque mondiale pour EDM SA -- GRAPHIQUES -- 1. Mali: Macroeconomic Developments, 2014-21 -- 2. Mali: Fiscal Developments, 2014-21 -- TABLEAUX -- 1. Mali: Selected Economic and Financial Indicators, 2016-23 -- 2. Mali: National Accounts, 2016-23 -- 3. Mali: Monetary Survey, 2015-20 -- 4. Mali: Balance of Payments, 2015-23 -- 5. Mali: Financial Soundness Indicators for the Banking Sector, 2015-19 -- 6a. Mali: Consolidated Fiscal Transactions of the Government, 2017-23 (Billions of CFAF) -- 6b. Mali: Consolidated Fiscal Transactions of the Government, 2017-23 (Percent of GDP) -- 6c. Mali: Central Government Consolidated Financial Operations, 2019 -- 7. Mali: External Financing Requirements, 2018-2023 -- 8. Mali: Proposed Schedule of Disbursements Under Three-year ECF Accord, 2019-22 -- 9. Mali: Indicators of Capacity to Repay the Fund, 2019-33 -- ANNEXES -- I. External Sector Assessment for Mali -- II. Capacity Building Framework Strategy -- III. Economic Impact of the Fragile Security Situation in -- APPENDICES -- Appendix I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy for the Rest of 2019 -- B. Tax and Customs Reforms -- C. Enhancing Spending Efficiency and Improving PFM -- D. Other Structural Reforms -- E. Capacity Development -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. New Strategic Framework for Economic Recovery and Sustainable Development (CREDD) -- 2. The Financial Situation of EDM-SA -- 3. Revenue Mobilization, Public Investment, and GDP Growth -- 4. Risk Assessment Matrix -- 5. World Bank's EDM-SA Envisaged Strategy -- FIGURES -- 1. Macroeconomic Developments, 2014-21 -- 2. Fiscal Developments, 2014-21 -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-23 -- 2. National Accounts, 2016-23 -- 3. Monetary Survey, 2015-20 -- 4. Balance of Payments, 2016-23 -- 5. Financial Soundness Indicators for the Banking Sector, 2015-19 -- 6a. Consolidated Fiscal Transactions of the Government, 2017-23 (Billions of CFAF) -- 6b. Consolidated Fiscal Transactions of the Government, 2017-23 (Percent of GDP) -- 6c. Central Government Consolidated Financial Operations, 2019 -- 7. External Financing Requirements, 2018-2023 -- 8. Proposed Schedule of Disbursements Under Three-year ECF Arrangement, 2019-22 -- 9. Indicators of Capacity to Repay the Fund, 2019-33 -- ANNEXES -- I. External Sector Assessment for Mali -- II. Capacity Building Framework Strategy -- III. Economic Impact of the Fragile Security Situation in Mali -- APPENDICES -- Appendix I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy and Debt Sustainability: Advancing NST Implementation -- B. Monetary Policy: Strengthening the Operational Framework and Developing the Financial Sector -- C. Structural Policies: Encouraging the Private Sector -- PROGRAM MODALITIES AND RISKS -- STAFF APPRAISAL -- BOXES -- 1. National Strategy for Transformation (NST) -- 2. Growth in Rwanda -- 3. Proposed Changes in Rwanda's Fiscal Framework -- 4. Domestic Revenue Mobilization -- 5. BNR's New Monetary Policy Framework -- 6. Financial Sector Development Strategy -- 7. Selected Additional Public Interventions to Bolster Growth and Employment -- FIGURES -- 1. Human Development Indicators in Rwanda -- 2. Selected Development Gains in Rwanda -- 3. Overview of Recent Economic Developments -- 4. Fiscal Developments -- 5. Monetary Developments -- 6. External Developments -- TABLES -- 1. Selected Economic Indicators, 2017-23 -- 2a. Budgetary Central Government Statement of Operations, GFSM 2014 Presentation, 2016/17-22/23 (Billions of Rwandan francs) -- 2b. Budgetary Central Government Statement of Operations, GFSM 2014 Presentation, 2016/17-22/23 (Percent of GDP) -- 2c. Budgetary Central Government Flows, FY16/17-22/23 (Billions of Rwandan francs -- 2d. Budgetary Central Government Flows, FY16/17-22/23 (Percent of GDP) -- 3. Monetary Survey, 2017-20 -- 4. Balance of Payments, 2017-23 -- 5. Financial Soundness Indicators: December 2015-December 2018 -- 6. Schedule of Reviews Under the Policy Coordination Instrument, 2019-22 -- ANNEXES -- I. Implementation of Key Policy Recommendations from the 2017 Article IV Consultation -- II. Spending Needs for Reaching the SDG Goals -- III. Risk Assessment Matrix -- IV. External Sector Assessment -- V. Capacity Development Strategy for FY2020 -- APPENDIX.

Cover -- CONTENTS -- CONTEXT AND RECENT DEVELOPMENTS: ECONOMIC RECOVERY AMID SOCIO-POLITICAL UNCERTAINTY -- PROGRAM PERFORMANCE -- MEDIUM-TERM OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Accommodate Urgent Spending but Safeguard Fiscal Consolidation -- B. Reduce Banks' Vulnerabilities and Enhance Financial Access -- C. Strengthen the Foundation for Strong and Inclusive Growth -- D. Improve Debt Management Capacity -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Main Recommendations from the 2016 Article IV Consultations and Current Status -- 2. Risk Assessment Matrix -- 3. Revenue Measures -- 4. Policies for Successful Bank Privatization -- 5. Efficiency of Social Spending in Togo -- 6. Governance and Institutions -- FIGURES -- 1. Economic and Socio-Political Context -- 2. Real Sector Developments -- 3. External Sector Developments -- 4. Fiscal, Monetary, and Banking Sectors Developments -- 5. Medium-Term Economic Prospects, 2011-24 -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-24 -- 2a. Central Government Financial Operations, 2017-24 (Billions of CFA Francs) -- 2b. Central Government Financial Operations, 2017-24 (Percent of GDP) -- 3. Balance of Payments, 2016-24 -- 4. Monetary Survey, 2016-24 -- 5. Financial Soundness Indicators of the Banking System, 2014-18Q2 -- 6. Quantitative Performance Criteria and Indicative Targets, September and December 2018 -- 7. Indicators of Capacity to Repay the Fund, 2019-29 -- 8. Schedule of Disbursements Under ECF Arrangement 2017-19 -- ANNEXES -- I. External Sector Assessment -- II. Financial Access and Inclusion in Togo -- III. Gender Inequality and Development in Togo -- IV. Capacity Development Strategy -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS.

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Creating Fiscal Space for Development Programs -- B. Preserving Debt Sustainability -- C. Promoting Economic Diversification -- D. Strengthening the Financial Sector -- E. Upgrading the Governance and Anti-Corruption Framework -- PROGRAM CONDITIONALITY AND MODALITIES -- DATA ISSUES AND CAPACITY DEVELOPMENT -- STAFF APPRAISAL -- BOXES -- 1. Medium-Term Growth in Benin -- 2. The Universal Health Insurance System -- 3. Debt Management Framework for Frontier Markets -- 4. Microfinance Institutions in Benin -- FIGURES -- 1. Recent Economic Developments, 2010-19 -- 2. Fiscal Developments and Projections, 2010-19 -- 3. Real and External Sector Developments, 2011-18 -- TABLES -- 1. Selected Economic and Financial Indicators, 2017-24 -- 2. Consolidated Central Government Operations, 2017-24 (billions of CFA francs) -- 3. Consolidated Central Government Operations, 2017-24 (percent of GDP) -- 4. Consolidated Central Government Operations, 2018-19 (billions of CFA francs) -- 5. Balance of Payments, 2017-24 -- 6. Monetary Survey, 2017-20 -- 7. Schedule of Disbursements Under the ECF Arrangement -- 8. Indicators of Capacity to Repay the IMF, 2019-33 -- 9. Gross External Requirement, 2019-21 -- 10. Financial Stability Indicators, 2012-18 -- ANNEXES -- I. Implementation of Past IMF Recommendations -- II. Risk Assessment Matrix -- III. External Stability Assessment -- IV. Technical Assistance, 2017-19 Assessment -- V. Capacity Development Strategy for FY2019-20 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies for 2018-19 -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2019-20 -- STATISTICAL ISSUES.

Cover -- CONTENTS -- REFORMING ITALY'S SOCIAL WELFARE SYSTEM AND LOWERING TAXES ON LABOR: SOME CONSIDERATIONS -- A. Introduction -- B. Reforming Italy's Welfare System -- C. Personal Income Taxation in Italy -- D. Conclusion -- References -- BOXES -- 1. Recent Developments in Improving Unemployment Benefits -- 2. History of Poverty Reduction Measures in Italy

Cover -- CONTENTS -- ACRONYMS AND ABBREVIATIONS -- PREFACE -- EXECUTIVE SUMMARY -- I. FISCAL REPORTING -- II. FISCAL FORECASTING AND BUDGETING -- III. FISCAL RISK ANALYSIS AND MANAGEMENT -- BOXES -- 2.1. The Use of Letters of Comfort (lettres de confort) -- 2.2. Best Practice Examples of Public Participation in Budgeting and Country Case Studies -- 2.3. Analysis of Deviations from Forecasts -- 3.1. Rules Governing the Use of Budgetary Contingency Reserve in South Africa -- 3.2. The Deposit and Consignment Office -- 3.3. Publication of an Annual Report on the Monitoring of Public Enterprises -- FIGURES -- 1.1. Composition of the Public Sector -- 1.2. Coverage of the Public Sector in Statistical Reports, 2016 -- 1.3. Balance Sheet and Coverage in Fiscal Reports, 2016 -- 1.4. Public Sector Gross Liabilities, 2016 -- 1.5. Regional Comparison of Revenue Forgone Due to Tax Expenditure -- 1.6. Gap Between Calculations of the Deficit and its Financing -- 1.7. Explanation of Changes in Outstanding Debt Between 2014 and 2016 -- 2.1. Real GDP Growth: Gaps Between Forecasts Used for the Budget Proposal and Outturn -- 2.2. Quality of, and Access to, Public Infrastructure -- 2.3. Successive Revisions of the Real GDP and Tax Revenue Growth Under in Consecutive Forecasting Exercises -- 3.1. Sources of Fiscal Risks -- 3.2. Regional Comparison of the Volatility of Nominal GDP Growth Rate -- 3.3. Central Government-Guaranteed Liabilities -- 3.4. Development of PPPs -- 3.5. Contribution of Natural Resources to the Economy -- 3.6. Central Government Transfers to Subnational Governments -- 3.7. Types of Government Participation in Public Corporations -- 3.8. Distribution of Selected Transfers Between General Government and Public Enterprises -- 3.9. Summary of Sources of Fiscal Vulnerability for Public Enterprises

Cover -- TABLE DES MATIÈRES -- ABRÉVIATIONS -- PRÉFACE -- PRINCIPALES CONCLUSIONS DE LA MISSION -- I. INFORMATION FINANCIERE -- II. PRÉVISION FINANCIÈRE ET BUDGÉTISATION -- III. ANALYSE ET GESTION DES RISQUES BUDGETAIRES -- ENCADRES -- 2.1. La pratique des lettres de confort -- 2.2. Exemples de bonne pratique pour la participation du public au processus budgétaire et cas pays -- 2.3. Analyse des écarts de prévision -- 3.1. Les règles d'utilisation de la réserve budgétaire en Afrique du Sud -- 3.2. La Caisse des dépôts et consignations -- 3.3. La publication d'un rapport annuel sur le suivi des entreprises publiques -- GRAPHIQUES -- 1.1. Composition du secteur public, 2016 -- 1.2. Champ de couverture du secteur public dans les rapports statistiques, 2016 -- 1.3. Bilan financier et champs de couverture dans les rapports financiers, 2016 -- 1.4. Dette brute du secteur public, 2016 -- 1.5. Comparaison régionale des pertes de recettes liées aux dépenses fiscales -- 1.6. Ecart entre calculs du déficit et de son financement -- 1.7. Explication des variations du stock de dette entre 2014 et 2016 -- 2.1. Croissance du PIB réel : écarts entre prévision sous-jacente au PLF -- 2.2. Qualité et accès aux infrastructures publiques -- 2.3. Révisions successives de la croissance du PIB réel et des recettes -- 3.1. Sources des risques budgétaires -- 3.2. Comparaison régionale de la volatilité de la croissance du PIB nominal -- 3.3. Passifs garantis de l'Etat -- 3.4. Développement des PPP -- 3.5. Contribution des ressources naturelles dans l'économie -- 3.6. Transferts de l'administration centrale aux collectivités locales -- 3.7. Types de participation de l'Etat dans les entreprises -- 3.8 Répartition de certains transferts entre les administrations publiques et les entreprises publiques