The staff report for Bolivia’s 2009 Article IV Consultation describes economic developments and policies. The impact of the global recession on Bolivia has been milder than in other countries in the region. Lower commodity exports and remittances have resulted in a sharp narrowing of the...

This paper examines Sudan’s 2005 Article IV Consultation and the Final Review of the 2004 and 2005 Staff-Monitored Program (SMP). Between 2001 and 2004, the economy of Sudan grew at an average rate of 6.4 percent per year, and the non-oil sector expanded at an annual rate of 5.3 percent. The...

Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks....

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication...

Italy’s economic development after the recession is analyzed in this study. Earnings were hampered by low net interest and high loan-loss provisions, but banks remained profitable. A large and stable retail funding base and ample collateral to access eurosystem refinancing helped Italian banks...

Bolivia showed a solid macroeconomic performance in recent years, owing to its strong trade and prudent economic policies. IMF staff stressed the need to tighten monetary conditions through increasing the policy interest rate as a means to combat inflation. The Executive Board praised...

Finland’s 2008 Article IV Consultation shows that spillovers from the global turmoil are adversely affecting activity and may weaken the financial system. From a cyclical perspective, a fiscal structural loosening is warranted. Its effectiveness in Finland’s small, open economy would be...

This paper provides background to the Board paper on Macro Policy Lessons for a Sound Design of Fiscal Decentralization. It summarizes the findings and recommendations of the Fiscal Affairs Department (FAD) for ten countries to which it provided advice on fiscal decentralization. The selected...

Despite good economic reforms, macroeconomic stability, and a major expansion of the hydrocarbon sector, Bolivia still achieved only modest gains in poverty reduction. Executive Directors stressed the importance of fiscal prudence, domestic taxation, and strengthening of public expenditure...