The recent financial crisis has given renewed urgency to the need for resolution systems for financial institutions, which both safeguard financial stability and limit moral hazard. However, experience demonstrates that these systems will not be effective unless progress is also made in...

This paper reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations. Since the last review, total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million. Payments to the Fund by Sudan and Zimbabwe were in excess of new obligations...

This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original...

This paper examines Madagascar’s 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Extension of Arrangement. Madagascar’s performance under the PRGF-supported program in 2001 was strong, with the exception of weak revenue...

This paper examines Tanzania’s 2002 Article IV Consultation, Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and a Request for an Extension of the Arrangement and Waiver of Performance Criterion. Tanzania’s performance under the PRGF-supported program has been broadly on...

In the fiscal area, the primary budget balance of São Tomé and Príncipe has turned around from a deficit of 2.2 percent of GDP in 1997 to a surplus of 0.7 percent of GDP in 1998 (Dobra 1.9 billion). The primary surplus is estimated to have increased further to 1.3 percent of GDP in 1999....

This 2008 Article IV Consultation highlights that Armenia’s recent economic performance has remained strong, and the economy is poised for another year of double-digit growth. Rising inflation, a widening current account deficit, and rapid credit growth have raised concerns about overheating....