This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend...

The report gives an assessment on the bauxite and aluminium industry of Guinea. The study assesses the performance, structure, and prospects of the industry as well as transparency and governance issues. The report also show the IMF's estimates on Guinea's social, demographic, economic, and...

The staff report for the 2003 Article IV Consultation on Kuwait highlights the economic developments and policies. The macroeconomic position over the medium term under current oil price expectations and the maintenance of a cautious policy stance is projected to weaken, but is not expected to...

The government has fully complied with all the elements of the fourth floating completion point condition, which calls for the implementation of reforms to develop human capital and social protection. Investment in human capital development represents the second pillar of Nicaragua’s...

This Selected Issues paper and Statistical Appendix analyzes Ecuador’s fiscal policy using the concepts of the fiscal stance and fiscal impulse adjusted for movements in the real effective exchange rate. It finds that fiscal policy has been expansionary in 2000 and 2001. The paper shows...

This 2002 Article IV Consultation highlights that since mid-2001, a combination of budget restraint, ambitious energy price adjustments, and prudent monetary policy moderated domestic demand and reduced the current account deficit in Romania. At the same time, export and GDP growth were among...

This 2005 Article IV Consultation highlights that following three years of sluggish economic growth, activity in Guatemala improved somewhat in 2004, with real GDP rising by 2¾ percent, but consumer price inflation drifted upward to more than 9 percent. Monetary policy is being geared to...

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...

This 2005 Article IV Consultation highlights that Dominica is recovering from the aftermath of an economic and financial crisis in 2001–02 when output contracted by 10 percent. The reform strategy has been successful. Economic growth has recovered to more than 3 percent a year and is set...