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...

The Lao economy is projected to grow at 8 percent in 2013. The hydropower sector (both completed projects in operation and projects in the construction or development phase), construction, food processing, and services sectors remain the major contributors to this growth. Overall inflation has...

"Political economy explanations for fiscal profligacy are dominated by models of bargaining among organized interest groups over group-specific targeted benefits financed by generalized taxation. These models predict that governments consisting of a coalition of political parties spend more than...

This note presents practical guidance on how to implement a framework for managing fiscal commitments from Public-Private Partnerships (PPPs). It draws on specific regional operational experience and on World Bank Institute (WBI)'s wider thematic engagement with different partners worldwide. The...

"According to the conventional wisdom, when an economy enters a recession and nominal prices adjust slowly, the monetary authority should devalue the domestic currency to make the recession less severe. The reason is that a devaluation of the currency lowers the relative price of non-tradable...

The Financial System Assessment (FSA) is based on the work of the joint IMF-World Bank Financial Sector Assessment Program (FSAP) Update mission to Georgia during February 15-28,2006. The principal objective of the FSAP Update was to assist the authorities in evaluating the potential...

A joint IMF and World Bank team conducted virtual missions to Georgia during January-February 2021 and May-June 2021, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2014. This report summarizes the main findings of the mission, identifies key financial...

The Philippine economy grew slower than expected at 3.7 percent in 2011, held back by weak public spending and external demand. In the fourth quarter (Q4), growth slightly improved at 3.7 percent. As in past quarters, growth was driven by remittance-fueled household consumption, which grew by...