Austria’s federal system comprises the federal government and nine provinces (Länder). The federal system is rather centralized by international standards, with the federal government (including social security funds) accounting for about 70 percent of general government spending, the...

The Swaziland economy continues to suffer from the global economic crisis and an overvalued real exchange rate. The fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well capitalized and profitable. The 2011–12 budget...

This 2007 Article IV Consultation highlights that Japan’s external position remains strong. Boosted by investment income, the current account surplus widened in 2006 to nearly 4 percent of Japan’s GDP, despite a shrinking trade balance. Financial outflows also picked up, reflecting...

The Gambian economy performed well in the face of external shocks under the Extended Credit Facility. Executive Directors welcomed the 2011 budget, which focuses mainly on revenue enhancement, limiting government’s domestic borrowing, and reduction of poverty. They agreed that IMF...

Kiribati is one of the poorest and most remote microstates in the Pacific. It is highly dependent on volatile fishing license fees, remittances, and donor assistance. The challenge is to implement fiscal and structural reforms to help ensure fiscal sustainability, promote private sector...

This paper is a report of Nicaragua’s performance under the 2007–11 program. The period was marked by a stern financial crisis, price shocks, and disasters, but the program maintained the macroeconomic stability. Although the program had several hurdles, its achievements were...

The staff report for the 2004 Article IV Consultation on the Federated States of Micronesia (FSM) focuses on economic developments and policies. Fiscal and structural reforms are needed for the FSM to achieve self-sufficiency. The large government sector will be increasingly unsustainable given...

This paper assesses Nicaragua’s 2002 Article IV Consultation and Requests for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and for Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC). A key program objective is...

This Selected Issues paper analyzes fiscal devolution in Belgium. It examines long-term fiscal strategies for meeting the fiscal burden of population aging. The paper presents estimates of the fiscal costs of population aging in Belgium, and discusses their sensitivity to underlying assumptions....

This 2004 Article IV Consultation for Panama reports that the medium-term outlook is encouraging, assuming implementation of the authorities’ fiscal program, which should put the public debt ratio on a steadily declining path. The banking system experienced a substantial recovery in...