This Selected Issues paper reviews recent developments in growth and employment in Bulgaria and highlights key constraints to growth suggested by cross-country competitiveness studies. Bulgaria’s GDP has grown substantially since economic and financial stabilization in 1997. The global...

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency Module for Italy. Some progress has been made vis-à-vis the 2003 ROSC update, especially toward strengthening the integrity of data. The reconciliation of above- and below-the-line...

This report assesses the Observance of Standards and Codes on Fiscal Transparency for Bangladesh. Bangladesh has made significant progress in recent years toward addressing longstanding problems of fiscal reporting and meeting basic requirements of fiscal transparency. Measures are in hand to...

During the 2003 Article IV Consultation mission, IMF staff reviewed developments in Italy's observance of fiscal transparency practices, with a view to updating changes in current practices, reviewing progress in implementing the initial report on observance and codes (ROSCs) recommendations,...

Bangladesh achieved steady gross domestic product growth with manageable inflation, and improved social indicators, owing to prudent macroeconomic management and a renewal of structural reform. The proposed Poverty Reduction and Growth Facility-supported program builds on this record of policy...

This paper discusses the Use of IMF Resources in Haiti and Request for Emergency Post-Conflict Assistance (EPCA). The EPCA-supported program was on track until May 2005. All end-December and end-March targets were observed, inflation declined, the exchange rate stabilized, and net international...

This Joint Staff Advisory Note (JSAN) focuses on the Second Annual Progress Report for Zambia’s Poverty Reduction Strategy Paper (PRSP). The government’s strategy to reduce poverty focuses on promoting economic growth through macroeconomic stabilization and diversification and...

Economic performance in 2002 was generally favorable with good policy implementation, but considerable risks remain. Structural reforms have fallen behind program expectations, but the delays are being addressed. The discussions highlighted the need for prudent policies and strengthening of...

A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy,...