Pakistan’s economy continued to perform strongly owing to sound macroeconomic management and structural reform. Executive Directors advised that tight fiscal and monetary policies are required to reduce inflation and the external current account deficit while lessening pressures on real...

This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and...

The United Arab Emirates (UAE) was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008. Oil receipts plummeted, global trade...

The 2007 Article IV Consultation reports on Ghana’s recent economic and policy development. Public Financial Management (PFM) has been strengthened through improvements in fiscal reporting and deployment of the new computerized payroll management system. Executive Directors commended the...

This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December, and the fiscal deficit of the combined public sector narrowed to 1.1 percent of...

This paper discusses key findings of the Fifth Review Under the Stand-By Arrangement for Hungary. All end-December 2009 quantitative performance criteria, the continuous performance criterion on nonaccumulation of external arrears, and the indicative target on central government debt were met....