The macro-economic situation continues to improve. Growth is recovering and should reach 4.7 percent in 2015, but non-agricultural activity remains sluggish. Inflation remains low. The authorities appear to be on track to meet the 2015 public deficit target of 4.3 percent of GDP. The external position continues to improve, benefiting from lower oil prices, the current account deficit will narrow to about 1.5 percent of GDP in 2015 and international reserves will exceed 110 percent of the Fund’s Assessing Reserve Adequacy (ARA) metric. Poverty rates, unemployment and inequalities have declined, but much remains to be done to reduce structural unemployment, increase labor force participation rates, and secure higher and more inclusive growth. Reforms have slowed down somewhat, especially pension reform and the new central bank law. The 2015 FSAP assessed that banks are well capitalized and profitable, and benefit from stable funding.