This paper provides three policy lessons to take full advantage of the opportunity afforded by EU funds. The main features of the global integrated monetary and fiscal (GIMF) model and how it was modified to account for income convergence are discussed. The impact of EU funds as exhibited in the...

Iran's 2005 Article IV Consultation highlights Fourth Five-Year Development Plan (FFYDP) and the Twenty-Year Vision. The country's real GDP growth reached 5½ percent a year on average, unemployment declined, and macroeconomic indicators improved significantly, supported by favorable oil...

The 2007 Article IV Consultation on the United Arab Emirates (UAE) examines the near- and medium-term outlook, inflation, and fiscal policy. The rapid expansion is supported by an outward-oriented development strategy and sustained high oil prices. Reforms are under way to strengthen the...

This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting...

This 2007 Article IV Consultation highlights that Indonesia’s economic performance has been strong since the last Article IV Consultation. Supported by sound policies and a favorable external environment, output has grown strongly, inflation has stabilized, and international reserves have...

Prospects for the future remain favorable, provided that policy actions are taken to address the risks and challenges that China faces. The government recognizes the need to contain investment and credit growth, and has tightened the monetary policy in response. Greater exchange rate flexibility...

The Angolan government’s efforts to achieve macroeconomic stability to bring inflation and fiscal deficit considerably down are paying off despite high vulnerability to oil revenue shocks. The expected overall growth of up to 7 percent will be contributed to by increased oil production,...

This paper documents two aspects of Canada’s regional diversity and compares the results with those across U.S. regions. Although gradually converging, Canadian provinces exhibit a considerably diverse economic structure. The paper suggests that the reduction in macroeconomic volatility...

This 2009 Article IV Consultation highlights that Malawi’s macroeconomic performance has improved significantly over the past two years, and the country’s agricultural-based economy has weathered the global economic storm relatively well. Good weather and the distribution of...

The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline...