This paper discusses key findings of the Financial System Stability Assessment (FSSA) on Moldova. The assessment reveals that vulnerabilities of the financial sector appear to be manageable. Stress tests on likely scenarios do not indicate major vulnerabilities for the banking system as a whole....

Bolivia’s 2007 Article IV Consultation reports that reforms are needed to make the budget a more effective developmental and poverty-reducing tool. The fiscal position has shifted into a substantial surplus, and public debt has been substantially reduced. Financial sector stability has...

This report analyzes the Israeli economy and its financial system in detail. A strong macroprudential framework is believed to be an effective tool in identifying in advance and extenuating threats that arise within the financial domain. It is also stated that the present fragile global economic...

This paper discusses key finding of the Assessment Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Payment Systems for Serbia. The assessment reveals that the transformation of Serbia’s financial system is bringing...

This 2009 Article IV Consultation highlights that Malaysia has been hit hard by the global downturn. The economy is set to contract for the first time in 10 years. Global turbulence has spilled into the domestic financial markets. Executive Directors have commended the Malaysian authorities for...

Prior to the global crisis, Cambodia enjoyed a decade of high growth and relative stability. However, as a result of the global crisis, output collapsed, and longstanding structural vulnerabilities have been exposed. Discussions focused on the dual policy challenge to safeguard macroeconomic...

This staff report for Cambodia’s 2008 Article IV Consultation describes economic developments and policies. Growth is slowing, liquidity is tightening, and, as a result, banks’ balance sheets are coming under strain. Competitiveness has eroded given the recent sharp real...

The ex-post evaluation of Iceland’s Exceptional Access under the 2008 Stand-By Arrangement is presented. In the wake of the global financial crisis in late 2008, Iceland has experienced a deep financial and economic crisis of its own. Domestically, the rapid increase in lending fuelled...

This 2007 Article IV Consultation highlights that effective economic management and an outward-oriented development strategy have contributed to placing Tunisia’s economic performance over the past decade among the best in the region. Real GDP growth accelerated from 4 percent in 2005 to...

Burundi is emerging from more than a decade of civil conflict that started with the 1993 coup d’état against its first elected government. Macroeconomic developments in 2005 were broadly in line with the Poverty Reduction and Growth Facility (PRGF) program, although growth was lower at about...