While geopolitical tensions with Russia had already curtailed Ukraine's access to markets, the escalation to an invasion of Ukraine by Russia and full-blown war on February 24 has dramatically altered Ukraine's outlook. A deep recession and large reconstruction costs are to be expected, on the...

This paper discusses Poland's performance under the Flexible Credit Line Arrangement. In recent years, Poland's macroeconomic policies have focused on further strengthening fundamentals and institutional frameworks. Fiscal consolidation has led to an exit from the Excessive Deficit Procedure....