Effective Fund surveillance over the members of currency unions entails discussions at the regional level. This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate...

The Federal Republic of Yugoslavia is faced with the task of stabilizing and reviving a devastated economy after years of military conflicts, sanctions, and economic mismanagement. A weakened institutional capacity and the still evolving political situation is a cause for concern. A short-term...

This paper examines Serbia and Montenegro’s Third Review Under the Extended Arrangement and Requests for Waiver of Performance Criterion. Serbia and Montenegro’s recent economic performance has been mixed, combining excellent progress in some areas with an uncomfortably large current account...

This paper focuses on Serbia and Montenegro’s Poverty Reduction Strategy Paper (PRSP). Through the process of developing the Poverty Reduction Strategy, national indicators in line with the Millennium Development Goals have been identified. The poverty reduction strategy for the Union focuses...

This paper assesses Serbia and Montenegro’s First Review Under the Extended Arrangement (EA). Serbia and Montenegro’s economic and policy performance has remained good under the current EA, but daunting challenges lie ahead. Macroeconomic policies need to be carefully calibrated to address...

This Selected Issues paper and Statistical Appendix for the Federal Republic of Yugoslavia outlines the progress made in the fiscal area since late 2000, focusing on the overall fiscal adjustment (developments in revenue and expenditure) and reforms of the tax system and social spending. The...

This paper presents the Joint Staff Assessment of Serbia and Montenegro’s Poverty Reduction Strategy Paper (PRSP). The PRSP for Serbia and Montenegro comprises a union-level overview and a PRSP for each of the two republics. The Montenegrin PRSP is broadly in line with the Agenda of Economic...

This paper assesses the Federal Republic of Yugoslavia’s (FRY) 2002 Article IV Consultation, Third Review Under the Stand-By Arrangement (SBA), and a Request for an Extended Arrangement. Despite the impressive achievements since late 2000, when FRY succeeded to membership in the IMF, the...