The financial turmoil of the late 1990s prompted a broad search for tools and techniques for detecting and preventing financial crises, and more recent episodes of instability have high lighted the importance of continuous monitoring of financial systems as a tool for preventing crises. This...

This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity...

This paper presents key findings of the Sixth Review for Tajikistan under the Extended Credit Facility. Real GDP growth for 2011 reached 7.4 percent, driven mainly by agriculture, construction, and services. The authorities plan to maintain a conservative fiscal stance in line with the...

This paper discusses key findings of the Fifth Review Under the Extended Credit Facility (ECF) for Grenada. Four of the six quantitative performance criteria for end-November 2009 were met. The primary balance, excluding the grants target, was missed by 3.3 percent of GDP owing to...

This 2009 Article IV Consultation underlies that following a decade of high economic growth and significant poverty reduction, Cambodia’s economy has been hard hit by the global crisis. Real GDP is contracting as key sectors falter—export and tourism receipts have fallen off...

Measuring and managing exchange rate risk exposure is important for reducing a firm's vulnerabilities from major exchange rate movements, which could adversely affect profit margins and the value of assets. This paper reviews the traditional types of exchange rate risk faced by firms, namely...

In April 2009, the Boards of Executive Directors of the International Development Association (IDA) and the International Monetary Fund (IMF) agreed that Côte d’Ivoire had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC)...

This paper discusses Haiti’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Substantial advances have been made toward meeting the four triggers not fully implemented, and the authorities are committed to further progress in the near future. These triggers...