This Selected Issues paper assesses the Central Bank of Armenia's (CBA) monetary policy framework. It discusses the CBA's track record with inflation targeting; describes the risk-based approach to price stability, offering insights on its potential benefits, while cautioning of likely pitfalls...

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...

The IMF Executive Board approved a 46-month USD 3 billion Extended Fund Facility (EFF) arrangement for Egypt in December 2022. The EFF-supported program aims to safeguard economic stability, restore buffers, and pave the way for inclusive and private sector-led growth. Following policy...

This paper presents Armenia's 2023 Article IV Consultation and Second Review under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause. The Armenian authorities continue to treat the SBA as precautionary. Armenia's strong growth...

This paper analyses Republic of Armenia's First Review under the Stand-By Arrangement (SBA). Armenia's economic activity was very strong in 2022, with real gross domestic product growing at 12.6 percent, driven by robust consumption and external demand. Growth is projected to be at 5.5 percent...

This selected issue paper discusses the desirable institutional and macro-financial conditions and optimal path toward greater exchange rate flexibility in the Islamic Republic of Mauritania. It also identifies the macro-financial risks that arise and mitigation measures supporting a smooth...