Barbados' economy continued to grow, but macroeconomic imbalances worsened. Executive Directors observed that the imbalances are owed to a procyclical fiscal stance, and advised to tighten monetary policy and safeguard the fixed exchange rate regime as an anchor of macroeconomic stability. They...

This technical note examines investment opportunities for pension funds in Kazakhstan. It puts forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. The note emphasizes prudence in the management of pension assets, given the social and fiscal...

This paper discusses Colombia’s 2005 Article IV Consultation, Fourth Review Under the Stand-By Arrangement (SBA), and Requests for Waiver of Nonobservance of Performance Criteria. Real economic growth in Colombia recovered to 4 percent a year in 2003–04. The national unemployment...

This Selected Issues paper examines the driving factors for the broad movements of investment over the past decade in Poland. After booming for half a decade, Poland’s investment plummeted during 2001–03 and has recovered only marginally since then. The paper provides a historical...

This Selected Issues paper of Portugal highlights the discussions on the requirement of policies to overcome structural and cyclical impediments to growth, and secure fiscal consolidation. It analyzes the strength of the company balance sheets in supporting the rebound from recession, and also...

This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the...

Jamaica faced intense macroeconomic imbalances that threatened its macroeconomic stability. Executive Directors emphasized the need for credible policy actions and strong fiscal adjustment to reduce imbalances and lower vulnerability. They welcomed the strong fiscal adjustment in the budget and...

This Selected Issues paper characterizes the rapid expansion of Hong Kong Special Administrative Region’s (Hong Kong SAR) economic ties with the Mainland over the last two decades. It examines the possible impact on Hong Kong SAR of policy developments in the Mainland. The paper concludes...