But the economy will be helped by a continued recovery in main trading partners, the US and EU, he said.

Last year external demand was weak, and a drought also hit the economy, he said.

The IMF said it welcomed a commitment by the authorities to keep the budget deficit at 5.75 percent of gross domestic product.

In 2012 tax revenues fell below 11.25 percent of GDP with imports slowing and tax exemptions eating into revenue.