Jordan’s external vulnerabilities, arising mainly from the energy sector, increased during the last decade. Aided by exceptionally large grants, fiscal policy accommodated the social impact of these shocks. Concerns about social tensions at the beginning of the year put on hold the needed...

This 2011 Article IV Consultation highlights that the difficult global economic conditions continue to hit Barbados with growth at anemic levels. The current account deficit has widened in recent times owing to higher oil and food prices. Executive Directors commended the authorities for...

The Spanish economy suffered an unprecedented double-dip recession with the rising unemployment and public debt situation. Spain also suffered a reversal of private external financing flows in 2011 and 2012. To counter this situation, major policy actions have been taken in the banking sector....

This paper presents Portugal’s third review under the extended arrangement and request for waiver of applicability of end-March performance criteria. The government has initiated labor market reforms, privatizations, telecom sector liberalization, and improved competition framework....

This 2011 Article IV Consultation and the Third Review Under the Extended Credit Facility for Burkina Faso highlights that the authorities have maintained fiscal consolidation efforts while mitigating the impact of exogenous shocks. Executive Directors have welcomed the authorities’...

This paper was prepared by staffs of the International Monetary Fund and the World Bank in connection with the Executive Board’s consideration of Guinea’s Completion Point under the Enhanced Initiative for Heavily Indebted Poor Countries and debt relief under the Multilateral Debt...

This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34...

The January 2010 earthquake represented a major setback for Haiti, after several years of improved economic performance. Executive Directors commended the authorities for quickly restoring basic government functions and maintaining sound policies during the crisis. Directors welcomed the...