The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate...

This paper outlines legal developments related to floating currencies, gold, and special drawing rights (SDRs) in the IMF. The Articles of the Fund require each member to establish a par value for its currency in terms of gold as a common denominator. Alternatively, the par value may be...

This 2008 Article IV Consultation highlights that Tunisia’s sound economic policies and pragmatic approach to structural reforms continue to bear fruit, as evidenced by strong growth and improved social indicators. Real GDP growth averaged 5 percent a year while the macroeconomic and...

This 2007 Article IV Consultation highlights that Indonesia’s economic performance has been strong since the last Article IV Consultation. Supported by sound policies and a favorable external environment, output has grown strongly, inflation has stabilized, and international reserves have...

This paper discusses key findings of the Second Review Under the Stand-By Arrangement (SBA) for Armenia. The authorities met all quantitative performance criteria for end-June and end-September, with the exception of the end-September fiscal balance. All structural benchmarks for end-June and...

This 2009 Article IV Consultation highlights that Malawi’s macroeconomic performance has improved significantly over the past two years, and the country’s agricultural-based economy has weathered the global economic storm relatively well. Good weather and the distribution of...

This paper discusses key findings of the First Review under the Stand-By Arrangement for the Republic of Armenia. In light of the large increase in Armenia’s financing needs, the authorities have requested an augmentation of IMF resources in the amount of 180 percent of quota. The revised...

The staff report for the Request for a Stand-by Arrangement with officials of Ukraine discusses economic developments and policies. Assuming a global recovery in the second half of 2009, the Ukrainian economy could be back at its estimated potential growth rate by 2011. The large financing gaps...