IMF Staff Country Reports

In July 2024, the Board approved a four-year arrangement under the Extended
Credit Facility to support the authorities’ Homegrown Economic Reform agenda (HGER),
which aims to correct macroeconomic imbalances, restore external debt sustainability,
and lay the foundations for high, private sector-led growth. The authorities’ policy actions
in the first year of the program have yielded strong results. The transition towards a
flexible exchange rate regime has proceeded with little disruption. Measures to
modernize monetary policy, mobilize domestic revenues, enhance social safety nets,
strengthen SOEs, and anchor financial stability continue to show encouraging results.
Maintaining reform momentum will be important to consolidate gains and support
growth and poverty reduction in the medium term.