Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil. The 2009 Article IV Consultation highlights that real GDP of Panama in 2008 grew by 9.2 percent. Panama’s large banking system has weathered the global financial...

This technical note discusses the lessons learned from the financial crisis in Russia in 2008. The note summarizes key findings and recommendations, and analyzes the institutional framework and coordination arrangements for systemic risk monitoring and crisis management. It also covers crisis...

The Australian banking system, which holds approximately half of total financial systems assets, and is dominated by four major banks, is sound with high earnings, high asset growth, and low levels of problem assets. Stress tests did not reveal near-term stability concerns, suggesting the...

The study focuses on corrective fiscal policies for 2000, the budgets for 2001, and the agenda for structural reform. An important issue discussed in revising the 2000 budgets was the expenditure policy required to contain spending commitments within available resources. The authorities have...

This Selected Issues paper aims to present a medium-term reform strategy that could be pursued by Libya to accelerate its transition to a market economy. The paper reviews the main characteristics of the Libyan economy, and medium-term prospects under current policies. It examines the priority...

This Selected Issues paper and Statistical Appendix examines banking sector developments in the Republic of Tajikistan. The paper estimates quasi-fiscal activities in the energy sector, and provides an assessment of external sector trade and the need for further trade reform. Developments in the...

Over the last decade, Islamic banking has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries. Despite this...

A healthy and dynamic financial sector is essential to achieving high and sustainable economic growth in the Maghreb region-Algeria, Libya, Mauritania, Morocco, and Tunisia. Financial integration within the Maghreb region will help deepen financial markets, increase their efficiency, and enhance...