The 2007 Article IV Consultation with the Kingdom of the Netherlands explains fiscal policy and financial sector issues. Improvements in the macroeconomic and business environments and technological innovation have contributed positively to Dutch competitiveness. Executive Directors emphasized...

This paper presents a Joint Staff Advisory Note on Kenya’s Poverty Reduction Strategy Papers. Kenya is implementing the three-tiered East Africa Community (EAC) common external tariff and needs to develop a trade strategy, in agreement with other EAC members, that further lowers trade...

Denmark’s public expenditure as a share of GDP is the highest in the OECD. The main difference between Denmark and the median OECD country is the larger amount of social protection expenditure. The public health expenditure of Denmark is the second highest in the OECD. Following years of...

Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the...

This technical assistance report on Iceland focuses on a new organic budget law (OBL). In designing a new OBL, it is important to preserve good features of Iceland’s current legal framework for budgeting. At the same time, any new OBL should address the key weaknesses in the Financial...

This Joint Staff Advisory Note reviews the National Socio-Economic Development Plan (NSEDP) 2006–10 and the Annual Progress Report for Lao People’s Democratic Republic (PDR). The government of PDR approved the Sixth NSEDP 2006–10 (PRSP) in June 2006. The NSEDP provides a...

The political and security focus has shifted from post-conflict needs to consolidating gains on peace and stability. Macroeconomic stability has been re-established, and debt relief has improved the debt sustainability outlook. This enabled a gradual switch in policy priorities toward creating...

This 2007 Article IV Consultation highlights that Côte d’Ivoire’s crisis has taken a heavy toll on growth and social conditions. Per capita income fell by one-sixth, poverty rose, and many social indicators worsened. These developments have also hurt regional trade and output. The external...

Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected. The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts. Substantially higher capital...

The recession is unfolding in line with expectations. Inflation is higher than expected from indirect tax hikes. The key challenges remain restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness—and hence growth and employment. Staff and...