This Selected Issues paper analyzes medium-term fiscal sustainability in Trinidad and Tobago. The paper focuses on the challenge of distributing the nonrenewable resource wealth across generations. Its recommendations are geared toward the goal of intergenerational distribution and therefore...

The staff report for the 2007 Article IV Consultation highlights Turkey’s economic revival and policies to entrench macroeconomic stability. Turkey has experienced an impressive economic revival in recent years. Exports have continued to gain market shares, as the effects of an...

The three-point VAT increase is part of a package in which unemployment payroll taxes will be reduced. Risks to the recovery are balanced but the range of forecasts for 2007 is unusually wide. The priority for Germany is to transmit its external strength to the domestic economy, thus further...

Cape Verde’s authorities have tightened fiscal and monetary stances and have significantly reduced the gaps with program targets. Tax revenues held up well, but there were shortfalls in nontax revenue in addition to capital transfers. The spending execution was held below the budget. The...

The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is...

This paper presents Portugal’s third review under the extended arrangement and request for waiver of applicability of end-March performance criteria. The government has initiated labor market reforms, privatizations, telecom sector liberalization, and improved competition framework....

The paper surveys the role of financial markets and fiscal institutions in the transformation process going on in Eastern and Central Europe. It highlights (a) the need to create some sort of “social ecological balance” necessary for the working of a modern market economy; (b) the need to...