This 2015 Article IV Consultation highlights that Afghanistan remains a poor fragile state that is far from self-reliance. Significant fiscal and banking vulnerabilities emerged in 2014. Domestic revenue collection fell below its 2013 level because of lower growth, declining imports, and lower...

This 2015 Article IV Consultation highlights that decline in oil prices has adversely affected Kuwait's fiscal and current account balances and slowed growth in 2014-15. Real non-oil GDP growth is projected to slow in 2015 and 2016, and pick up to 4 percent in the medium term, supported by...

This Selected Issues paper analyzes energy price reform in Kuwait. It emphasizes that Kuwait should take advantage of current low global energy prices to strengthen efforts to reform domestic energy prices. In the longer term, this would benefit growth by increasing efficiency in the economy and...

This 2014 Article IV Consultation highlights that Djibouti is undergoing an investment boom that would accelerate economic growth. Aggregate investment is projected to rise from 26 percent of GDP in 2010-13 to 52 percent in 2014-16. GDP growth is expected to rise from 6 percent in 2014 to about...

This 2015 Article IV Consultation highlights that economic activity in Iran has slowed down significantly since the fourth quarter of 2014/15 owing to sharp decline in global oil prices, tight corporate and bank balance sheets, and postponed consumption and investment decisions ahead of the...

This Selected Issues paper discusses some options to strengthen Iran's fiscal framework, and highlights the need for a medium-term framework. Fiscal policy design in Iran faces numerous challenges. Some are current, such as managing volatile oil revenue while addressing development needs. Other...

The economy has shown some resilience in the face of adverse regional shocks but potential growth is constrained by persistent structural challenges, particularly lagging productivity and dependence on gold, remittances, and foreign aid. Satisfactory performance under the program during the...

Climate change is both a major threat and a source of opportunities for Morocco's development. On one hand, Morocco is one of the world's most water-stressed countries, and water scarcity is a serious constraint to the country's ambition to transition to a new model of development. The...

Interest in CBDC is growing globally including in Bahrain, which has made considerable strides in the areas of payment service digitalization and fintech. While a CBDC could bring about various benefits, it may also imply risks. The analysis presented in this paper aims to assess some of these...