Summary:Macroeconomic stability continues to strengthen. Inflation and the current account deficit have fallen to historical lows, a product of the low oil prices as well as the ongoing economic adjustment. Growth is expected to be 1.4 percent in FY2015/16 with improving prospects in manufacturing and a modest agricultural recovery as the impact of the drought wanes. Private credit growth is slowly recovering, and unemployment is falling albeit still high. he program remains on track. All performance criteria for end-September 2015 and structural benchmarks for the review period were met. Based on the authorities’ continued strong program implementation and their forward-looking policy commitments, staff recommends completion of the tenth Review.
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