This cross-country paper explains differences in external sector performance among four large euro area countries—France, Germany, Italy, and Spain. The paper discusses that during 2001–04, the performance of the external sector differed markedly among these four largest euro area countries....

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This paper assesses recent developments in gas markets and the implications for Algerian gas demand and prices. Algeria’s gas production is stable but its share in global gas production has been on a downward trend since the early 2000s. The impact of a change in the spot oil price (WTI) on...

Algeria’s Financial System Stability Assessment highlights the Observance of Standards and Codes on monetary and financial policy transparency and banking supervision. Financial intermediation in Algeria will be bank-based in the future, and only politically difficult decisions to gradually...

In 1994–98, Algeria was successful in restoring macroeconomic stability and implementing structural reforms. The fiscal position deteriorated in the first part of 1999, owing to low oil prices. Executive Directors supported the reform program introduced in early 2000, and welcomed its emphasis...

This 2005 Article IV Consultation highlights that the Algerian economy continues to benefit from abundant and increasing hydrocarbon revenues. Real GDP growth is expected to continue at about 5 percent in 2005, led by increased output in the hydrocarbon sector and sustained activity in the...

This report reviews the Article IV Consultation with Algeria on economic developments and policies. Algeria has enjoyed several years of strong economic performance driven by public spending, but continues to face important challenges. Nonhydrocarbon (NH) growth and job creation are largely...

Algeria’s local corporate bond market provides a good basis for further diversifying the economy’s financing channels. This study analyzes the nexus of bank financing of public enterprises in the ongoing national investment program (NIP) and also sets Algeria’s local corporate bond market...

Algeria’s report on the Observance of Standards and Codes reviews the Fiscal Transparency Module. The Bank of Algeria (BA) does not apply multicurrency practices and does not require import deposits and there are, therefore, no quasi-fiscal activities in exchange regime-related operations. As...

The strong hydrocarbon export performance has allowed Algeria to strengthen its external position and record a budget surplus. Executive Directors commend the government for the broad improvement in macroeconomic indicators. The government has eased the fiscal stance, and this strategy has...