The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...

This paper presents key findings of the Third Review under the Policy Support Instrument (PSI) in Rwanda. Program performance was broadly satisfactory. All end-June quantitative assessment criteria were met. Structural benchmarks were partially met as the pace of implementation of structural...

Despite the negative impact of the severe winter on agriculture, other indicators are pointing to a strong recovery. Exports are growing rapidly, fueled by the rebound in copper prices and a rapid growth in coal exports. Rephasing of purchases by combining the fifth and sixth reviews is...

This paper discusses key findings of the Third Review Under the Poverty Reduction and Growth Facility (PRGF) for Haiti. Despite external shocks, program performance was solid in the first half of FY2008, with all but one quantitative performance criteria (PC) met. Most structural conditionality...

The global financial crisis had a much more pronounced impact on South Africa relative to some other large emerging markets. The overriding economic policy challenge is to reduce unemployment and inequality through higher economic growth. Unemployment is a key policy focus; and a wage subsidy...

South Africa’s macroeconomic policies face a complicated task of balancing between supporting domestic demand and maintaining stability. The Selected Issues paper for South Africa discusses economic development and policies. Although the opening output gap and declining employment do call...

This 2007 Article IV Consultation highlights that boom in private consumption in Iceland was facilitated by easing household credit conditions, tax cuts, rapidly rising housing and equity wealth, and an appreciating real exchange rate. As a result, the output gap peaked at over 5 percent in...

Indonesia’s external borrowing spreads increased by more than 1000 bps from mid-2007 to late 2008, before subsiding in recent months. The large increase in spreads prompted questions about whether the spreads adequately reflect the improvements in fundamentals made over the past few...

This paper discusses key findings of the Sixth and Final Review Under the Stand-By Arrangement for Paraguay. The program remains broadly on track. All performance criteria for end-March 2008 were met, and those for end-June 2008 are expected to have been observed. With one exception, all...

This 2008 Article IV Consultation highlights that Bolivia’s overall fiscal position has improved in 2008. Booming hydrocarbon and mining exports, together with high remittance inflows, led to a record-high current account surplus and large reserve accumulation, with major pressures on...