Political and economic uncertainties in the Central African Republic (C.A.R.) have abated, but the sociopolitical environment remains fragile. Institutional weaknesses, limited and volatile aid flows, and persistently low domestic resource mobilization have slowed the efforts and considerable...

This paper focuses on Central African Republic’s (CAR) Request for Disbursement Under the Rapid Credit Facility (RCF) and Cancellation of the Extended Credit Facility Arrangement. The transitional government in CAR is facing daunting challenges. Improved security, donor support, and...

The Staff Report for the 2011 Article IV Consultation found the macroeconomic performance of the Central African Republic (CAR) satisfactory despite its below-average growth compared with other countries of the region. The report has identified lack of resources, institutional frailties,...

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score...

Uruguay has consolidated economic gains, supported by strong macroeconomic policies and a broadly favorable external environment. Growth has exceeded expectations, unemployment has reached record lows, and poverty has continued to fall, while economic vulnerabilities have been significantly...

The recent global financial crisis has exposed the limitations of a conventional inflation targeting framework in insulating an economy from all shocks, and demonstrated that its rigid application may aggravate the effect of shocks on output and inflation. Possible refinements to the inflation...

Sound policies and favorable external conditions have led to a strong economic recovery, but important challenges lie ahead. Uruguay’s near-term economic prospects are generally favorable. The main short-term challenge is rising inflation in the wake of vigorous growth and capital...

This paper presents the staff report for Peru’s 2008 Article IV Consultation, Fourth Review and Inflation Consultation under the Stand-By Arrangement and request for waiver of applicability of performance criteria. Peru has been liberalizing external trade through tariff reductions in...

The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline...

This 2005 Article IV Consultation highlights that the economic activity in Jamaica has been adversely affected by shocks. Real GDP contracted sharply in late 2004 following the devastating effects of Hurricane Ivan. Thereafter, while output recovered, it was dampened by the poor performance of...