This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Improvements in macroeconomic conditions are encouraging, and the current macroeconomic framework for 2006 and 2007 remains valid in Paraguay. The strong fiscal performance has applied also to the rest of the public sector. The authorities have submitted a budget proposal for 2007 that preserves...

Even though the global financial crisis hit Ukraine hard, the Stand-By Arrangement (SBA) program managed to restore macroeconomic and financial stability. Executive Directors welcomed the new SBA aimed to consolidate public finances, restore banking system soundness, and develop a more robust...

The Federal Democratic Republic of Ethiopia’s 2007 Article IV Consultation reports on the macroeconomic imbalances and on maintaining medium-term macroeconomic stability while fostering growth potential. Although agriculture continues to be the mainstay of the economy, the expansion has...

The government of the People’s Republic of Bangladesh has requested a three-year Extended Credit Facility (ECF) arrangement with access of 120 percent of quota in support of their reform program. It aims to restore macroeconomic stability, strengthen the external position, and engender...

The Paraguayan authorities have prepared an economic program to stabilize their macroeconomic situation and begin a process of structural reform. Fiscal adjustment and structural reforms should pave the way for more rapid growth over the medium term. Despite these expected improvements in...

Croatia continues to enjoy economic growth, price stability, and rising international reserves under the Stand-By Arrangement. Executive Directors commended this and stressed the need for prudent macroeconomic policies, structural reforms, fiscal consolidation, and tight monetary policy. They...

This paper examines Serbia and Montenegro’s Third Review Under the Extended Arrangement and Requests for Waiver of Performance Criterion. Serbia and Montenegro’s recent economic performance has been mixed, combining excellent progress in some areas with an uncomfortably large...

Economic performance in 2002 was generally favorable with good policy implementation, but considerable risks remain. Structural reforms have fallen behind program expectations, but the delays are being addressed. The discussions highlighted the need for prudent policies and strengthening of...

This 2002 Article IV Consultation highlights that the overall budget balance of Algeria weakened in 2001 and the first half of 2002. This deterioration mainly reflected higher spending and a decline in hydrocarbon revenues owing to a reduction in volumes and prices. The overall balance dropped...