The adverse impact of the crisis on Luxembourg’s growth outlook is partly mitigated by the authorities’ well-conceived fiscal policy response. The staff report for Luxembourg’s 2009 Article IV Consultation highlights economic developments and policies. It combines...

Timor-Leste weathered the global financial crisis well and experienced healthy economic growth rates. It has made solid progress in strengthening the public financial management systems. The budget document provides comprehensive information; fiscal transparency is high. The Ministry of Finance...

This report focuses on Observance of Standards and Codes on Fiscal Transparency for Turkey. Turkey has continued to make progress toward meeting the requirements of the fiscal transparency code, in particular through a substantial overhaul of the legal system. The adoption of the Public...

This paper discusses key findings of the 2005 Status Report on Poverty Reduction Strategy Paper (PRSP) on Niger. The report is based on an assessment of economic and financial performance and sectoral policy and strategy implementation in 2005. The findings reveal that implementation of the...

This paper presents an Update to the Report on the Observance of Standards and Codes on Fiscal Transparency Module for Malawi. The findings reveal that Malawi does not have an elaborate privatization program. The assemblies and municipalities are currently outside of the Integrated Financial...

This paper reviews Morocco’s Third Review Under the Two Year Precautionary and Liquidity Line (PLL). The PLL aims to provide insurance against external risks while supporting the authorities program aimed at reducing fiscal and external vulnerabilities and increasing higher growth. The...

This report summarizes the Observance of Standards and Codes on Fiscal Transparency for the Former Yugoslav Republic of Macedonia. It provides an assessment of fiscal transparency practices in the Former Yugoslav Republic (FYR) of Macedonia in relation to the requirements of the IMF Code of Good...

Indonesia’s external borrowing spreads increased by more than 1000 bps from mid-2007 to late 2008, before subsiding in recent months. The large increase in spreads prompted questions about whether the spreads adequately reflect the improvements in fundamentals made over the past few...

The Executive Board of the IMF has completed the seventh review of Liberia’s economic program under the Extended Credit Facility (ECF). The completion of the review enables the disbursement of SDR 4.44 million, which will bring total disbursements under the arrangement to SDR 243.5...