The adverse impact of the crisis on Luxembourg’s growth outlook is partly mitigated by the authorities’ well-conceived fiscal policy response. The staff report for Luxembourg’s 2009 Article IV Consultation highlights economic developments and policies. It combines...

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 paper discusses key findings of the Detailed Assessment of Basel Core Principles for Effective Banking Supervision on Austria. Since the outbreak of the financial crisis, some Austrian credit institutions had to be nationalized as an ad hoc measure to prevent contagion effects and to...

This 2010 Article IV Consultation highlights that the German economy is regaining the ground lost in the crisis. Policy support, restocking, and an uptick in global demand have lifted the economy from the recession. The authorities used the available fiscal space to implement countercyclical...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

The Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility of Rwanda explains macroeconomic challenges. Indicative limits on domestic debt have been established. If these limits are exceeded or inflation is rekindled, the domestic component of fiscal...

This paper discusses Germany’s challenges and measures to strengthen crisis management arrangements. Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and the Bundesbank have closely coordinated with the interagency risk committee on banking matters, which also encompasses BaFin...

This paper discusses key findings of the Sixth Review under the Poverty Reduction and Growth Facility (PRGF) for Rwanda. All end-2008 quantitative performance criteria were met, and performance through March 2009 was broadly satisfactory. IMF staff recommends completion of the sixth review under...

The report analyses Spain’s financial sector reform program and throws light on the role that the European Financial Stability Facility (EFSF) played in supporting the restructuring and recapitalization of its financial sector. It stated that the two major areas that have been looked at...

This report discusses Iceland’s Second Review under the Stand-By Arrangement and Request for Extension of the Arrangement. Supportive fiscal policies have helped consumption hold up better than expected, while the external sector has benefited from currency depreciation and higher...