The economic model of Belarus is increasingly untenable, resulting in poor policy outcomes. Strong and predictable macroeconomic policies are essential to promote stability. A further reduction in directed and subsidized lending operations is needed. The National Bank of the Republic of Belarus...

KEY ISSUES Stand-By Arrangement (SBA): The Board approved Bosnia and Herzegovina’s (BiH) request for a two-year SBA with access of SDR 338.2 million (200 percent of quota) on September 26, 2012. The fourth review was completed on October 28, 2013 and SDR 211.375 million (125 percent of quota)...

EXECUTIVE SUMMARY Stand-By Arrangement. A 20-month SBA in an amount of SDR 90.968 million (154 percent of quota) was approved by the Executive Board on April 27, 2012, and the first purchase of SDR 4.251 million was made available following the Board meeting (Country Report 12/100). The second...

KEY ISSUES Background: After its resilience during the global financial crisis, the Polish economy slowed substantially in 2012–13 as headwinds from the euro area and waning confidence added to the drag from fiscal consolidation. But economic activity is starting to recover, helped by strong...

KEY ISSUES Stand-By Arrangement (SBA): The Board approved Bosnia and Herzegovina’s (BiH) request for a two-year Stand-By Arrangement (SBA) with access of SDR 338.2 million (200 percent of quota) on September 26, 2012. The third review was completed in June and SDR 169.1 million (100 percent of...

Policy implementation remains on track but recent weak GDP data point to a slower growth recovery. Real GDP declined in the first quarter, reflecting a fall in exports and weak domestic demand. Nonetheless, fiscal results remain on track and sovereign and bank bond yields have risen relatively...

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 sustained...

The short-term objectives are being met, but medium-term targets and sustainability have to be worked on. The impressive fiscal adjustment evident since the crisis erupted is continuing. The Executive Directors commend the Greek government’s determination to focus on overdue spending cuts....

The economy of Bosnia and Herzegovina, which is strongly connected to Europe through trade and financial channels, continues to pay a high price for the tough conditions in the area. The paper discuss that, following low demand in its trading partners, exports slumped in 2012 by 7.5 percent,...

Cyprus experienced significant internal and external imbalances owing to the European financial crisis. The oversized and weak banking sector continued to be a threat to the sovereign. Greek debt restructuring, together with loan losses of both Cyprus and Greece, resulted in the two largest...