The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on...

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to...

China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit...

Like most Sub-Saharan African countries, Kenya’s economic growth appears to have been primarily driven by factor accumulation. The Selected Issues paper and Statistical Appendix for Kenya examines economic developments and policies. During the last two decades, Kenya has been plagued by...

The report describes the policy framework for the Interim Afghanistan National Development Strategy (I-ANDS) and the vision for Afghanistan's developments. It reviews the progress under I-ANDS, analyzes the macroeconomic environment, characteristics of poverty and the policy goals, assesses the...

This paper discusses key findings of the Ex Post Assessment (EPA) of Longer-Term Program Engagement paper for Kenya. This EPA focuses on 1993–2007, when Kenya was engaged in four successive IMF arrangements. Macroeconomic policy design was broadly appropriate, and implementation was...

This Selected Issues paper analyzes the potential impact of oil on economic growth and policy for Cambodia. It shows that a hypothetical moderately sized oil sector would have a significant, but not overwhelming, impact on macroeconomic prospects; but reaping the benefits while avoiding economic...

The Afghanistan National Development Strategy (ANDS) is Afghanistan’s Poverty Reduction Strategy Paper (PRSP). Implementation of the ANDS is highly dependent on donor assistance. The main general objectives of the ANDS are to improve the quality of life of Afghan people and to reduce...

This paper presents the Joint Staff Advisory Note on Guinea-Bissau’s Second National Poverty Reduction Strategy Paper (PRSP II) covering 2011–15. The PRSP II, adopted by the government in July 2011, provides the framework for the implementation of a comprehensive strategy aimed at...

This paper provides an initial comprehensive framework for Afghanistan to build institutions, sustain growth, and reduce poverty. First, macroeconomic, political, and security risks were identified. As the interim strategy presents a very ambitious five-year framework, there is an urgent need...