This paper focuses on the observance of standards and codes on fiscal transparency for Switzerland. The assessment reveals that the fiscal role of the executive and legislative branches of government, and the legal framework for the management of federal public finances, are clearly defined. The...

This report is focused on the impact of the financial crisis on the Austrian economy and the financial sector, the authorities’ policy responses, and macrofinancial linkages and spillovers. The financial sector has been expanding rapidly, mostly outside Austria. This has brought...

This 2005 Article IV Consultation for Pakistan reports that macroeconomic performance continues to be strong, but inflation and external pressures are evident. High growth, including in agriculture, is estimated to have raised disposable incomes. The authorities’ ambitious growth...

The economic outlook remains clouded by regional and domestic security concerns. Real GDP growth and inflation were broadly in line with program projections in 2001–02. The balance of payments position unproved faster than expected. The budget deficit target for 2001–02 (as set...

This paper focuses on Pakistan’s 2004 Article IV Consultation, Ninth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria (PCs). Implementation of the PRGF program in Pakistan remains broadly on...

A regional convergence pact adopted recently by the Conference of Heads of States of WAEMU provides a framework for fiscal convergence similar to the European Union’s Maastricht Treaty. Using bivariate co-integration and error-correction models, this paper investigates the relationship between...