This paper examines the relationship between macroeconomic stabilization and market-oriented reform in planned economies. It emphasizes that market-oriented reform should enhance the likelihood that adjustment to exogenous disturbances will involve genuine adjustment in the sense of actually...

For over 10 years, the IMF has supported adjustment and reform programs in many of its low-income members through two facilities established specifically for that purpose - the Enhanced Structural Adjustment Facility (ESAF) and its precursor the Structural Adjustment Facility (SAF). By the end...

A joint IMF and World Bank team conducted virtual missions to Georgia during January-February 2021 and May-June 2021, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2014. This report summarizes the main findings of the mission, identifies key financial...

A joint IMF and World Bank team conducted virtual missions to Georgia during January-February 2021 and May-June 2021, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2014. This report summarizes the main findings of the mission, identifies key financial...

This assessment covers the transparency of monetary policy in the Republic of Indonesia, and in particular, BI's role in the formulation and implementation of this policy. It forms part of the Financial Sector Assessment Program (FSAP) for Indonesia, which was conducted jointly by the IMF and...

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...

The staff report for the 2005 Article IV Consultation on the Republic of Latvia highlights the economic outlook and mid-term risks. A sound policy framework and far-reaching structural reforms supported this performance, including a prudent fiscal policy that underpinned the exchange rate peg....