Jamaica has performed well under the Stand-By Arrangement program. Executive Directors commended that overall macroeconomic performance under the program has been encouraging. Directors welcomed the program aimed at fiscal responsibility legislation and central treasury management, public debt...

Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by...

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...

Papua New Guinea has seen solid economic growth over the past decade, supported by sound macroeconomic policies. This 2012 Article IV Consultation discusses that the financial sector in Papua New Guinea remains profitable and well capitalized, but vulnerabilities have increased. Executive...

The sharp global recession has been taking a toll on the St. Kitts and Nevis economy. The staff report examines the St. Kitts and Nevis 2009 Article IV Consultation and request for Emergency Natural Disaster Assistance. Economic activity has weakened markedly, particularly in tourism and foreign...

This paper describes Kenya’s third review under the three-year arrangement under the Extended Credit Facility (ECF) and request for modification of performance criteria. The Executive Board approved a three-year ECF arrangement for Kenya on January 31, 2011, which has been augmented on...

Dominica has faced two major challenges during the past two decades: weak competitiveness and low potential growth. In addition to these economic challenges, the country has been facing frequent natural disasters. Growth is expected to pick up gradually. The financial system is highly liquid but...

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

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...

The paper is an account of Finland’s unexpected upcoming deceleration in the economy at the end of 2011 and later. The deleveraging of the financial sector and the debt crisis made the nation fear an inevitable recession. To sustain this vulnerable situation, due attention was given to...