The aim of this note is to present and analyze subnational fiscal trends in Russia in the context of overall slowing economic growth and falling oil prices over the last few years. In particular, in 2015, GDP fell by 3.7 percent. Despite efforts to cut expenditures, the federal deficit increased...

This Report discusses the challenge of budget financing of core structural reforms, within a broader framework of fiscal management reforms in Russia. It argues that explicit financing of structural reforms is fully justifiable because these are the investments in the institutional...

"This paper analyzes the process of institutional transformation in Bulgaria and assesses the extent to which it has established institutions and policies fostering domestic economic activity and integration into global markets. After a brief review of characteristics and achieved progress in...

When a disaster strikes, it not only affects households' physical assets, but also their income levels and ability to contribute to the local economy. Critically, these socio-economic disparities shape not only the severity of shocks on household-level economies, but also the duration of...

The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global...

Liberia's post-conflict reconstruction and rehabilitation has been successful. Peace, stability and security gradually returned and provided an enabling environment for the rebuilding of this war-torn country. Over the next five years (2013-2017), the Bank will focus on building infrastructure...