In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory...

The economic recovery in Côte d’Ivoire is crucial to growth throughout the subregion. The fiscal results and mobilized domestic financing enabled the authorities to make payments to the World Bank and AfDB and reduce domestic arrears. Reporting on quasi-fiscal cocoa levies has improved....

Cape Verde’s authorities have tightened fiscal and monetary stances and have significantly reduced the gaps with program targets. Tax revenues held up well, but there were shortfalls in nontax revenue in addition to capital transfers. The spending execution was held below the budget. The...

This paper derives estimates of optimal levels of reserves for Bolivia, focusing on current account shocks as the key balance of payments risk. Bolivia’s foreign reserves are adequate, with an optimal level between 29 percent of GDP and 37 percent of GDP. The accumulation of foreign...

This report discusses Malaysia’s economic accomplishment and other economic reforms. Malaysia has attained a strong growth in 2012, and a robust growth is expected in the next term. The financial position of Malaysia is sound and supported by a strong regulatory framework with high bank...

This 2013 Article IV Consultation highlights that Norwegian economy has been performing well, with mainland GDP growing steadily. However, the continuing buildup of assets in the sovereign wealth fund and the increasing share of the mainland economy that is supplying goods and services to the...

This 2003 Article IV Consultation highlights that Canada’s strong policy framework has brought impressive economic results, and the Canadian economy has proven exceptionally resilient in the face of the recent global downturn. Economic activity slowed relatively modestly in 2001, with...

This 2005 Article IV Consultation highlights that the GDP growth in Japan slowed unexpectedly in the second quarter of 2004, after several quarters of above-trend growth. For the full year, GDP rose by 2.6 percent, well below expectations. A significant part of the shortfall reflected a shift to...

The financial system of Timor-Leste was disrupted by the postreferrendum turmoil. Therefore, various steps were taken to restore the financial system. In this paper, major oil/gas fields and their development, fiscal arrangements governing oil/gas activities, and the oil/gas revenues are...

Owing to poor infrastructure, limited administrative capacity, and nascent institutions, Timor-Leste is one of the most underdeveloped countries in the world. During the turmoil, two-thirds of the physical infrastructure is estimated to have been destroyed. Executive Directors stressed that...