This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled...

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...

Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and...

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) for Niger. Growth prospects for 2007 are favorable, particularly because of strong agricultural production and buoyant investments. Inflation remains low. Growth prospects for the medium...

The economic performance has been positive as tight macroeconomic policies prevailed, helped by a remarkable revenue mobilization effort. None of the key indicator targets were met. Fiscal performance improved, but there was an increase in the overall fiscal deficit. Monetary policy was also...

Serbia’s Second Review under the Stand-By Arrangement and requests for Waiver of Performance Criterion are examined. The contraction in GDP has been limited relative to regional comparators, but absorption and external trade have fallen faster than expected. Foreign parent banks have rolled...

This report provides an assessment of fiscal transparency practices in Hungary in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. The report reveals that Hungary has increased its level of transparency in a number of areas since the last fiscal Report on...