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...

This 2017 Article IV Consultation highlights that Serbia's economy has strengthened impressively since the adoption of the economic program supported by the Stand-By Arrangement. Economic growth is expected to reach 3 percent in 2017. The fiscal deficit should narrow to 1.1 percent of GDP-the...

This 2017 Article IV Consultation highlights that growth in Moldova is expected to be about 3 percent in 2018. Inflation is forecast to return to target in 2018, following a pickup in 2017. The banking sector has been stable, the fiscal performance has improved and Moldova's external position...

This paper discusses Republic of Kosovo's Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic and the associated containment measures have severely weakened Kosovo's economic outlook. The economy is expected to contract by 5 percent...

This paper focuses on Cyprus' Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment...

EXECUTIVE SUMMARY The short-term outlook has improved and program implementation remains on track, notwithstanding another adverse Constitutional Court ruling. Stronger domestic demand is supporting a pick-up in activity and lower unemployment. A broad-based recovery in sentiment has led to a...

EXECUTIVE SUMMARY Stand-By Arrangement. In the attached letter, the Ukrainian authorities describe their economic and financial policies for which they request a 24-month SDR 10.976 billion (800 percent of quota, about US$17.1 billion) Stand-By Arrangement involving exceptional access. An...

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...