Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy,...

In this study, the economic stability of Croatia is overviewed after the global crisis. The reforms outlined in the government’s economic recovery program (ERP) are in progress. Judicial reforms are instituted to strengthen bankruptcy procedures for companies. To improve the medium-term...

This paper discusses Armenia’s request for a Stand-By Arrangement (SBA) with exceptional access of 400 percent of quota. Given the urgency of the situation, the request is being considered under the Emergency Financing Mechanism. The new program aims to achieve the necessary external...

Facing declining reserves and high inflation, Ethiopian authorities have implemented an effective macroeconomic adjustment package supported by the IMF under the rapid-access component of the Exogenous Shocks Facility. The global recession is putting renewed pressure on the external position,...

This 2008 Article IV Consultation highlights that the Uzbek economy has performed well in recent years. The favorable external environment and improvements in macroeconomic policies resulted in high growth rates, large current account surpluses, a significant decline in the debt burden, and a...

Colombia’s economic performance has been strong, aided by sound economic policies. Structural reforms and prudent macroeconomic policy management has contributed to higher economic growth and lower inflation. Executive Directors commended the economic strategy, which has increased...

This 2009 Article IV Consultation highlights that the fiscal deficit in Georgia widened markedly in 2008. The composition of spending improved from high defense and election outlays in the first half of the year to infrastructure and social spending in the second half. Executive Directors have...

Ukraine’s economic downturn has been sharper than originally envisaged, mostly reflecting the deterioration of the external environment. The staff report examines Ukraine’s first review under the Stand-By Arrangement, requests for Waivers of Nonobservance of Performance Criteria,...

This Selected Issues paper analyzes Senegal’s real effective exchange rate (REER) and external competitiveness. A REER significantly above its equilibrium, as determined by economic fundamentals, can impede a country’s external competitiveness, calling for corrective macroeconomic...

To help economic adjustment in the midst of the global economic crisis, an 18-month Stand-By Arrangement (SBA) was supported by IMF resources. The cause of Mongolia’s crisis in 2008–09 and its resolution and design and outcomes of the program are also discussed. The trigger for...