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Cover -- CONTENTS -- RECENT DEVELOPMENTS -- OUTLOOK -- RISKS AND SPILLOVERS -- EXTERNAL ASSESSMENT -- POLICY DISCUSSIONS -- A. Monetary Policy -- B. Fiscal Policy -- C. Financial Sector Policies -- D. Contingency Planning for a Disorderly No-Deal Brexit -- E. Structural Reforms -- F. Corporate Transparency and Anti-Corruption Efforts -- STAFF APPRAISAL -- FIGURES -- 1. Physical and Human Capital -- 2. Recent Macroeconomic Developments -- 3. Inflation -- 4. Labor Market Developments -- 5. External Sector -- 6. Fiscal Developments -- 7. Non-Financial Corporate Health -- 8. Credit Market Developments -- 9. Housing Market Developments -- 10. Inequality -- 11. Migration -- TABLES -- 1. Selected Economic Indicators, 2014-2019 -- 2. Medium-Term Scenario, 2013-23 -- 3. Statement of Public Sector Operations, 2010/11-22/23 -- 4. Balance of Payments, 2013-23 -- 5. Net Investment Position, 2013-23 -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Debt Sustainability Analysis -- IV. Implementation of Fund Past Advice -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- BACKGROUND AND RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- ECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Expanding Fiscal Space for Priority Spending -- B. Raising Investment to Boost Growth -- C. Maintaining Debt Sustainability -- D. Safeguarding Financial Stability -- E. Improving Statistics -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Status of Voided Bank Bailout and the Affected Banks -- 2. Scaling-up Public Investment -- 3. Debt Sustainability -- FIGURES -- 1. Economic Developments -- 2. Fiscal Developments -- 3. Medium-Term Outlook -- TABLES -- 1. Selected Economic Indicators -- 2. Balance of Payments (billions of CFAF) -- 3a. Central Government Operations (CFAF billions) -- 3b. Central Government Operations (Percent of GDP) -- 4. Monetary Survey -- 5. Financial Soundness Indicators of the Banking System -- 6a. Quantitative Performance Criteria and Indicative Targets for 2017 -- 6b. Proposed Quantitative Performance Criteria and Indicative Targets for 2018 -- 7a. Structural Benchmarks Under the ECF Program, 2015-18 -- 7b. Proposed Structural Benchmarks Under the ECF Program, 2018 -- 8. Proposed Schedule of Disbursements Under the ECF Arrangement -- 9. Indicators of Capacity to Repay the Fund -- 10. Table of Common Indicators Required for Surveillance -- ANNEXES -- I. Risk Assessment Matrix -- II. Capacity Development Strategy Note Summary -- APPENDICES -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- FUND RELATIONS -- WORLD BANK GROUP RELATIONS -- AFRICAN DEVELOPMENT BANK GROUP RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RECENT DEVELOPMENTS AND PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- PROGRAM ISSUES -- A. Fiscal Consolidation Remains Essential -- B. Preserving Debt Sustainability -- C. Finetuning Monetary and Exchange Rate Policies -- D. Safeguarding the Financial Sector -- E. Structural Reforms -- F. Program Modalities -- STAFF APPRAISAL -- FIGURES -- 1. Macroeconomic Indicators-Regional Comparators -- 2. Growth and Inflation -- 3. Monetary and Financial Sector Development -- 4. Contribution to the Revision of External Debt -- TABLES -- 1. Selected Economic Indicators, 2015-22 -- 2. Balance of Payments, 2015-22 -- 3. NBKR Accounts, 2015-18 -- 4. Monetary Survey, 2015-18 -- 5. General Government Finances, 2015-18 (In millions of soms) -- 6. General Government Finances, 2015-18 (In percent of GDP) -- 7. Selected Financial Soundness Indicators, 2015-17 -- 8. Proposed Reviews and Disbursements Under the Three-Year Extended Credit Facility Arrangement -- 9. Indicators of Capacity to Repay the Fund, 2016-22 -- 10. Quantitative Performance Criteria and Indicative Targets Under the Extended Credit Facility, December 2016-March 2018 -- 11. Prior Actions and Structural Benchmarks Under the Extended Credit Facility -- 12a. Actual Borrowing Program (January 1-December 31, 2016) -- 12b. Type of New External Debt (January 1-December 31, 2016) -- 13a. Actual Borrowing Program (January 1-September 30, 2017) -- 13b. Type of New External Debt (In millions of U.S. dollars, January 1-September 30, 2017) -- 14a. Projected External Borrowing Program (January 1-December 31, 2017) -- 14b. Type of the New External Debt (In millions of U.S. dollars, January 1-December 31, 2017) -- 15a. Projected External Borrowing Program (January 1-June 30, 2018) -- 15b. Type of the New External Debt (In millions of U.S. dollars, January 1-June 30, 2018) -- ANNEXES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK, RISKS, AND VULNERABILITIES -- POLICY DISCUSSION -- A. Restoring Fiscal Buffers -- B. Exchange Rate and Monetary Policy -- C. Financial Sector and Structural Reforms to Support Inclusion and Growth -- D. Other Issues -- STAFF APPRAISAL -- BOXES -- 1. Achievements of RAMSI 2003-17 -- 2. Tina River Hydropower Development Project (TRHDP) -- 3. Tax Review -- 4. Fiscal Anchors: Options and Tradeoffs -- 5. External Sector Assessment1 -- 6. Public Investment in the Face of Natural Disasters: A Model Application to Solomon Islands -- FIGURES -- 1. The Cross-Country Context -- 2. Macroeconomic Developments and Outlook -- 3. Fiscal Indicators -- 4. Macroeconomic Developments and Outlook -- 5. Financial Access and Inclusion -- TABLE -- 1. Selected Economic Indicators 2013-22 -- 2a. Summary of Fiscal Accounts, In millions of Solomon Islands dollars -- 2b. Summary of Fiscal Accounts, In percent of GDP -- 3. Government Operations and Balanches Sheet, 2014-22 -- 4. Summary Accounts of the Banking System, 2014-22 -- 5. Balance of Payments, 2013-22 -- 6. Indicators of Capacity to Repay the Fund, 2017-26 -- 7. Alternative Policy Action Scenario -- 8. Comparison of Baseline and Alternative Policy Action Scenario -- APPENDICES -- I. SDGs Identified in the 2016-35 National Development Strategy -- II. Authorities' Response to Fund Policy Advice -- III. Medium and Long Term Growth Assumptions -- IV. Risk Assessment Matrix -- V. Financial Inclusion: A Tailored Approach for Solomon Islands and the Role of Fintech -- CONTENTS -- FUND RELATIONS -- SUPPORT FROM THE PACIFIC FINANCIAL TECHNICAL ASSISTANCE CENTRE -- RELATIONS WITH THE WORLD BANK GROUP -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK -- STATISTICAL ISSUES -- MAIN WEBSITES OF DATA.

Cover -- CONTENTS -- BACKGROUND -- RECENT ECONOMIC DEVELOPMENTS -- ECONOMIC OUTLOOK AND RISKS -- DEBT SUSTAINABILITY -- FIRST REVIEW OF THE STAFF-MONITORED PROGRAM -- POLICY DISCUSSIONS -- FISCAL POLICIES -- STATE-OWNED ENTERPRISE REFORMS -- MONETARY AND EXCHANGE RATE POLICIES AND FINANCIAL SECTOR STABILITY -- PRIVATE SECTOR DEVELOPMENT AND INCLUSIVE GROWTH -- NEW NATIONAL DEVELOPMENT PLAN PROVIDES KEY STRATEGIC DIRECTIONS -- STAFF APPRAISAL -- BOXES -- 1. Strategy for Addressing Fragility -- 2. Fiscal Stress Tests in The Gambia -- 3. Macrofinancial Challenges: Managing the Rebound in Private Sector Credit -- 4. Poverty and Inequality in The Gambia -- FIGURES -- 1. Social and Fragility Indicators, 2005-16 -- 2. Recent Economic Developments, 2012-17 -- 3. Fiscal and Financial Sector Indicators, 2012-17 -- 4. Medium Term Outlook, 2016-23 -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2. Statement of Central Government Operations, 2015-23 (Millions of local currency) -- 3. Statement of Central Government Operations, 2015-23 (Percent of GDP) -- 4. Monetary Accounts, 2015-23 (Millions of local currency) -- 5. Monetary Accounts, 2015-23 (Percent change) -- 6. Balance of Payments, 2015-23 (Millions of U.S. dollars) -- 7. Balance of Payments, 2015-23 (Percent of GDP) -- 8. Financial Soundness Indicators for the Banking Sector, 2014-17 -- 9. Risk Assessment Matrix -- ANNEXES -- I. External Sector Assessment -- II. Correspondent Banking Relations for The Gambia -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT BANK-FUND WORK PROGRAM -- STATISTICAL ISSUES.

Cover -- CONTENTS -- ASSESSMENT OF MACROFINANCIAL LINKAGES -- A. Background -- B. Overview of Macrofinancial Linkages -- C. Banking Sector Characteristics and Risks -- D. Testing Banks' Resilience to Adverse Linkages -- E. Financial Frictions and Remedial Measures -- References -- FIGURES -- 1. Overview of Net Arrears Between Sectors of the Economy -- 2. Real Credit to the Private Sector -- 3. Decomposition of Bank Assets -- 4. Bank (In-)Efficiency, T-Bill Rates, and Energy Prices -- 5. Corporate-to-Government Ratio vs. RWA Density -- 6. Bank Loans-to-Total Assets Ratio in Regional Comparison, end-2015 -- 7. Ratio of Loans to Non-Financial Corporations (including SOEs) to Government Exposures -- TABLE -- 1. Capital Adequacy Ratio Under Sensitivity Tests -- FINANCIAL BENCHMARKING OF THE GAMBIA -- A. Background -- B. Literature Review on Financial Development, Inclusion and Deepening -- C. Methodological Approach to Assess Financial Development -- D. Empirical Analysis of Level of Financial Development -- E. Policies to Support Financial Development -- References -- FIGURES -- 1. Share of Banking Industry Assets and Deposits -- 2. Financial Inclusion in The Gambia -- 3. Financial Deepening in the Gambia -- 4. Financial Efficiency in The Gambia -- TABLES -- 1. Financial System Size and Ownership in 2017 -- 2. List of Comparable Peer Countries -- FISCAL STRESS TESTS FOR THE GAMBIA -- A. Background -- B. Fiscal Stress Test Scenario -- C. Fiscal Implications of Shock -- D. Contingent Liabilities (CLs) and Fiscal Balance -- E. Fiscal Stress Tests and Macrofinancial Linkages and Channels -- F. Key Policy Recommendations -- References -- FIGURES -- 1. Public Debt to GDP Forecasts -- 2. Fiscal Risk Realizations -- 3. Fiscal Stress Impact on Key Macroeconomic Variables -- 4. Bank Regulatory Capital Ratios -- 5. Bank Capital and Liquidity Needs.

Cover -- CONTENTS -- DESIGNING A RULES-BASED FISCAL FRAMEWORK FOR THE BAHAMAS -- A. Rule Design -- B. Rule Calibration -- C. Implementation Strategy -- D. Conclusions -- FIGURES -- 1. Fiscal Rules Around the World -- 2. Debt Anchor Calibration: Approach 2 -- 3. Debt Anchor Calibration: Approach 3 -- 4. Allowing Space for Countercyclical Policy -- 5. Net Debt Path -- AN OVERVIEW OF THE BAHAMIAN LABOR MARKET -- A Snapshot of the Bahamian Labor Market -- B. Recent Developments in the Labor Market -- C. Empirical Assessment of Labor Market Flexibility -- D. Conclusions -- References -- BOX -- 1. Literature Review on Apprenticeship Programs -- FIGURE -- 1. Severance Notice and Payment -- STRENGTHENING NATURAL DISASTER RESILIENCE: A SAVINGS FUND PROPOSAL -- A. Introduction -- B. Context -- C. Managing Disaster Risk - A Layering Approach -- D. Methodology to Determine the Size of a Savings Fund -- E. Results -- F. Conclusions -- References

Cover -- CONTENTS -- THE STATE'S FOOTPRINT IN THE ECONOMY -- A. Introduction -- B. A Review of Available Data -- C. Measuring the Size of the Russian State -- D. State's Size and its Footprint -- E. Summary and Policy Implications -- FIGURES -- 1. The Russian State Size: Cross Country Comparison -- 2. Economic Performance and State Ownership -- TABLES -- 1. Estimated Public Sector Finances Overview, 2012 -- 2. The State's Share -- 3. Market Concentration and State Ownership -- References -- THE ROLE OF THE STATE IN THE RUSSIAN BANKING SECTOR -- A. Introduction -- B. Russia's Banking Sector: Bird's Eye View -- C. Assessing Banking Sector Efficiency: Data Envelopment Analysis (DEA) -- D. Measuring Competition: A Non-Structural Approach -- E. Summary and Policy Implications -- FIGURES -- 1. Asset and Loans -- 2. Loan Book and Capitalization -- 3. Net Interest Margins and Default Rates -- 4. Efficiency Scores of Top 10 Banks Across Countries -- 5. Efficiency Scores of Largest Russian Banks Across Time -- 6. Individual Efficiency Scores of Largest Russian Banks Across Time -- 7. Individual Efficiency Scores of Largest Russian Banks Across Models -- TABLES -- 1. Top Banking Groups in Russia -- 2. Capital Ratio: Cross-Country Comparison -- 3. Profitability: Cross-Country Comparison -- 4. Number of Credit Institutions Included in the Analysis -- 5. H-Statistics by Type of Ownership -- 6. Hypothesis Testing for H-Statistics -- 7. H-Statistic by Asset Size -- 8. H-Statistics for the Brazilian Banking Sector -- 9. H-Statistics for the Indian Banking Sector -- 10. Comparison of H-Statistics for SOBs in Russia, India, and Brazil -- References.

Cover -- CONTENTS -- RECENT DEVELOPMENTS -- A. Performance Under the ECF Arrangement -- B. Recent Economic Developments -- PROGRAM OBJECTIVES AND POLICIES -- A. Objectives and Risks -- B. Medium-term Macroeconomic Framework and Objectives -- C. Near-term Challenges -- D. The Structural Reform Agenda -- PROGRAM MONITORING AND FINANCING -- STAFF APPRAISAL -- FIGURES -- 1. Real and External Sectors, 2011-18 -- 2. Monetary and Financial Indicators, 2011-18 -- TABLES -- 1. Selected Economic Indicators, 2015-22 -- 2a. Fiscal Operations of the Central Government, 2016-22 (Billions of leone) -- 2b. Fiscal Operations of the Central Government, 2016-22 (Percent of non-iron ore GDP) -- 2c. Fiscal Operations of the Central Government on a Quarterly Basis, 2018-19 -- 3. Monetary Accounts, 2016-19 -- 4. Balance of Payments, 2016-22 -- 5. Indicators of Capacity to Repay the Fund, 2018-32 -- 6. Actual and Proposed Disbursement Under the ECF Arrangement, 2018-22 -- 7. Financial Soundness Indicators of the Banking System, 2012-18 -- 8. External Financing Requirements and Sources, 2015-19 -- 9. Quantitative Performance Criteria and Indicative Targets, 2018-19 -- 10. Prior Actions and Structural Benchmarks -- ANNEX -- I. External Sector Assessment -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding

Cover -- CONTENTS -- CONTEXT AND RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- ECONOMIC POLICIES FOR 2018-19 -- A. Converging to the WAEMU Fiscal Deficit Norm -- B. Boosting Domestic Revenue Mobilization -- C. Consolidating Fiscal Structural Reforms -- D. A Balanced Financing Strategy for Debt Sustainability -- E. Containing Fiscal Risks -- F. Strengthening the Banking Sector -- G. Business Climate and Structural Reforms for Inclusive Growth -- PROGRAM MODALITIES AND FINANCING ASSURANCES -- STAFF APPRAISAL -- FIGURES -- 1. Recent Economic Developments, 2014-18 -- 2. Medium-Term Outlook, 2015-23 -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2a. Balance of Payments, 2015-23 (Billions of CFA francs) -- 2b. Balance of Payments, 2015-23 (Percent of GDP) -- 3a. Fiscal Operations of the Central Government, (Billions of CFA francs) 2016-23 -- 3b. Fiscal Operations of the Central Government, (Percent of GDP) 2016-23 -- 4. Monetary Survey, 2015-23 -- 5. Financial Soundness Indicators for the Banking Sector, 2013-17 -- 6a. External Financing Requirements, 2015-23 (Billions of CFA francs) -- 6b. External Financing Requirements, 2015-23 (Percent of GDP) -- 7. Indicators of Capacity to Repay the Fund, 2018-26 -- 8. Schedule of Disbursements and Timing of Reviews Under ECF/EFF Arrangements, 2016-19 -- ANNEXES -- I. Revised National Accounts, 2016-17 -- II. Risk Assessment Matrix -- III. Strengthening the National Statistical System -- APPENDIX -- I. Letter of Intent -- Attachment I. Supplementary Memorandum of Economic and Financial Policies for 2018-19 -- Attachment II. Technical Memorandum of Understanding

Cover -- CONTENTS -- ECONOMIC AND POLITICAL CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISK -- KEY POLICY ISSUES -- A. Fiscal Policy -- B. Structural Policies -- C. Monetary and Financial Sector Polices -- D. Data -- STAFF APPRAISAL -- BOXES -- 1. Strengthening Natural Disaster Resilience: A Savings Fund Proposal -- 2. Calibrating a Fiscal Rule for The Bahamas -- 3. Financial Sector Regulation and Supervision: Update -- FIGURES -- 1. Growth, Inflation, and Labor Markets -- 2. Fiscal Developments -- 3. Financial System Structure -- 4. Monetary and Financial Developments -- 5. External Sector Developments -- 6. Doing Business Indicators -- 7. Cost Competitiveness Indicators -- TABLES -- 1. Selected Social and Economic Indicators -- 2. Operations of the Central Government -- 3. Outstanding Stock of Public Debt (In percent of GDP) -- 4. Balance of Payments -- 5. Summary Accounts of the Central Bank and the Financial System -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Alternative Scenarios for FDI and Tourism Activity -- IV. Public and External Sector Debt Sustainability Analysis -- V. Progress on 2013 FSAP Recommendations -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- RELATIONS WITH THE CARIBBEAN DEVELOPMENT BANK -- STATISTICAL ISSUES

Cover -- CONTENTS -- ABBREVIATIONS AND ACRONYMS -- GLOSSARY -- PREFACE -- EXECUTIVE SUMMARY -- I. BACKGROUND -- A. Main Feature of GST in Costa Rica -- B. Revenue Performance of GST -- C. Main Feature of CIT in Costa Rica -- D. Revenue Performance of CIT -- II. ESTIMATION OF THE GST GAP -- A. Potential GST Revenues and Definition of GST Gaps -- B. Estimation of GST Compliance Gap -- C. Estimation of GST Policy Gap -- III. ISSUES ON GST GAP ESTIMATION -- A. Analysis of GST Revenue Performance -- B. Recommendations for Improving GST Gap Estimation -- IV. ESTIMATION OF THE CIT GAP -- A. Potential CIT Revenues and Definition of CIT Gaps -- B. Estimation of CIT Base Gap and CIT Gap -- V. ISSUES ON CIT GAP ESTIMATION -- A. Analysis of CIT Revenue Performance -- B. Recommendations for Improving CIT Gap Analysis -- FIGURES -- 1. Potential GST Revenues and GST Gaps in Costa Rica -- 2. Compliance Gaps for GST in Costa Rica -- 3. GST Compliance Gaps by Sectors -- 4. Policy Gaps for GST in Costa Rica -- 5. CIT Gaps in Costa Rica -- 6. Potential CIT Base and Declared CIT Base -- 7. GST Revenues to GDP Ratio -- 8. C-Efficiency Ratio in Costa Rica -- 9. C-Efficiency Ratio in Latin American and Caribbean Countries -- 10. Net Accrued Collections of GST -- 11. CIT Revenues to GDP Ratio -- 12. CIT Productivity in Latin American and Caribbean Countries -- 13. CIT Revenue and CIT Liability (D101) -- 14. Potential GST Revenues and GST Gaps -- 15. GST Compliance Gaps -- 16. Potential GST Revenues PV[sup(C)] by Sectors -- 17. Actual GST Revenues by Sectors -- 18. GST Compliance Gaps by Sectors -- 19. GST Compliance Gaps Relative to Domestic Potential Revenues by Sectors -- 20. GST Policy Gap -- 21. Decomposition of GST Policy Gap -- 22. Potential GST Revenues PV[sup(R2)] by Sectors -- 23. Changes in GST Revenues to GDP Ratio from 2012.

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- A. Recommendations-Summary -- INTRODUCTION -- ST. LUCIA'S CLIMATE CHANGE RISKS AND EXPECTED IMPACTS -- A. Impact of Climate Change Risks on the Macro-Framework/Long-Term Outlook -- GENERAL PREPAREDNESS FOR CLIMATE CHANGE -- A. The NDC and Other National Resilience-Building Strategies -- B. Disaster Planning and Other Contingency Plans -- CONTRIBUTION TO MITIGATION -- A. Clean Energy Plans -- B. Carbon Pricing -- C. Other Macro-Relevant Green Tax Possibilities -- D. Other Carbon-Pricing Strategies -- ADAPTATION PLANS -- A. Policy Framework and Sectoral Strategies -- B. Public Investment -- C. Sectoral Priorities -- D. Other Public Programs -- E. Financial Sector Preparedness -- FINANCING STRATEGY FOR MITIGATION AND ADAPTATION PROGRAMS -- A. Current State of Financing -- B. Consistency of Climate Change Spending and Financing Plans with Fiscal and External Debt Sustainability -- C. Other Macro-Considerations -- D. Institutional Issues -- RISK MANAGEMENT STRATEGY -- A. Risk Assessment Procedures -- B. Self-Insurance and Risk Retention -- C. Risk Reduction and Transfer -- NATIONAL PROCESSES -- A. Integration of Climate Change into National Planning Processes -- B. Adequacy of the Public Investment Management System -- C. Adequacy of PFM Systems for Managing Climate Financing and Outlays -- TAKING STOCK: PRIORITY NEEDS TO BE MET -- BOXES -- 1. Priority Needs to Be Met -- 2. The Foundation for Carbon Taxation in St. Lucia -- 3. Macro-Modeling the Impact of Mitigation Policies -- 4. The Caribbean Catastrophe Risk Insurance Facility -- 5. The Cat DDO -- FIGURES -- 1. Climate Change and Macroeconomic Performance -- 2. Articulation of St. Lucia's Climate Change Strategy -- 3. Fuel Prices Augmented by Carbon Taxes -- 4a. CO2 Reductions from Alternative Mitigation Policies.

Cover -- CONTENTS -- ECONOMIC AND POLITICAL CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- FISCAL POLICY -- FINANCIAL SECTOR STABILITY AND SUPPORT TO GROWTH -- SUPPLY SIDE REFORMS -- STATISTICS -- STAFF APPRAISAL -- BOX -- 1. Implementation of Fund Advice -- FIGURES -- 1. Long-Term Growth and Poverty -- 2. Balance of Payments Developments -- 3. Fiscal Developments -- 4. Financial Sector Developments -- TABLES -- 1. Selected Economic Indicators -- 2. Medium-Term Baseline Scenario -- 3. Balance of Payments -- 4. External Financing Requirements and Sources -- 5. Operations of the Nonfinancial Public Sector -- 6. Summary Accounts of the Financial System -- 7. Selected Vulnerability Indicators -- 8. Public Sector Financing Requirements and Sources -- ANNEXES -- I. Debt Sustainability Analysis -- II. External Stability Assessment -- III. National Accounts Revision -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK (IADB) -- STATISTICAL ISSUES.