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 by IMF...

KEY ISSUES Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, three purchases totaling the equivalent of SDR 94.2 million have been made, and another one equivalent to SDR...

Recent developments, outlook, and risks. Kosovo's economy has continued to perform well, despite a challenging external environment. Real GDP growth moderated to 3¼ percent in 2023 amid subdued external demand. Inflation has decelerated sharply, reaching 2 percent y/y in the first quarter of...

Two years of Russia's war in Ukraine have taken an enormous humanitarian and economic toll. Skillful policymaking supported by external financing has helped maintain macroeconomic stability, and the authorities have advanced important structural reforms. Households and business have continued...

This paper presents Republic of Serbia's Second Review under the Stand-By Arrangement, and Request for Modification of Performance Criteria. Despite a challenging global environment, growth is recovering, and the labor market is resilient. The current account deficit has narrowed significantly,...

This paper presents Republic of Moldova's 2023 Article IV Consultation, Fourth Reviews under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) Arrangements, Request for Extension and Rephasing of the Arrangements, and Request for an Arrangement under the Resilience and...

This paper presents Ukraine's 2023 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility (EFF), and Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion. The authorities have made strong progress...

This 2023 Article IV Consultation discusses that Romania has weathered the economic shocks from the pandemic, Russia's war in Ukraine, and the resulting surges in energy and food prices relatively well. Growth is expected to recover modestly in 2024, and to return to its potential rate in the...

This paper presents Republic of Kosovo's First Reviews Under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Modification of Reform Measure. The authorities are making very good progress in implementing their policy agenda...

The 2023 Article IV Consultation discusses that the euro area economy has shown remarkable resilience in the aftermath of Russia's invasion of Ukraine and the largest terms of trade shock in several decades, thanks to a swift policy response and a strong rebound in contact-intensive services....