Djibouti

This paper on the First Review Under the Staff-Monitored Program (SMP) on Djibouti explains macroeconomic framework and policies. The policy discussions centered on the need to sustain the improvement in the country’s fiscal position in the remainder of the year and steadfast structural reforms to create the basis for sustainable growth. Determined efforts by the authorities are needed to implement the longstanding structural reforms planned under the SMP. IMF staff recognizes the difficulties in adopting a challenging reform agenda and the need to achieve a political consensus.Staff-monitored programs;central bank, external debt, balance of payments, fiscal balance, current account, fiscal deficit, social expenditure, tax revenue, fiscal discipline, tax administration, currency board, public debt, fiscal position, fiscal performance, fiscal data, revenue collection, capital expenditure, current account balance, fiscal operations, public finance, balance of payment, amortization payments, capital expenditures, publicly-guaranteed, fiscal policy, domestic financing, foreign debt, debt management, fiscal effort, fiscal consolidation, payment arrears, debt service, budget law, current account surpluses, public finances, external resources, bilateral donors, tax revenues, external financing, debt, external payment, fiscal criteria, government revenue, fiscal targets, external debt data, external debt services, debt rescheduling, fiscal surplus, government debt, debt data, fiscal years, fiscal developments, public spending, fiscal stability, public expenditure, external public debt, debt management system, external debt management, external loans, debt service to exports, debt database, fiscal consolidation effort, general resources account, public enterprise debt, fiscal objectives, debt statistics, stock of debt, expenditure policy, fiscal revenue, tax collection, debt relief, tax reform, fiscal accounts, debt services, central government fiscal, current account deficit, external debt statistics