The countries of the Middle East and North Africa, and the Caucasus and Central Asia have the highest output volatility in the world. Fiscal policy is a powerful tool that can help dampen the business cycles. This paper analyzes the cyclical properties of fiscal policy in the region during the...

The proposed Decision seeks to implement the staff's proposals related to Article IV consultation cycles in Review of the Fund's Mandate-Follow-Up on Modernizing Surveillance, which were endorsed in principle by the Executive Board on September 1, 2010. The goal is to provide for greater...