The sharp global recession has been taking a toll on the St. Kitts and Nevis economy. The staff report examines the St. Kitts and Nevis 2009 Article IV Consultation and request for Emergency Natural Disaster Assistance. Economic activity has weakened markedly, particularly in tourism and foreign...

The authorities announced a strategy to restore fiscal and debt sustainability, in conjunction with a transition out of sugar production. Discussions centered on restoring fiscal and debt sustainability, enhancing competitiveness and growth, and containing risks. However, policies need to be...

Bosnia and Herzegovina has enjoyed rapid growth and price stability in recent years, but stronger policy ownership, improved policy coordination, and meaningful progress in structural reform are needed to provide the basis for sustained, private sector-led growth. Ensuring the sustainability of...

This paper discusses the request from the Bosnia and Herzegovina authorities for a Stand-By Arrangement. The global financial and economic crisis hit Bosnia and Herzegovina when the overheating was already raising doubts about the sustainability of the economic expansion. The authorities’...

This 2009 Article IV Consultation highlights that the Lithuanian economy is undergoing a severe adjustment, after years of rapid economic growth and financial integration. With the global financial crisis, the unwinding of the imbalances accumulated during the boom has led to a sharp economic...

The 2007 Article IV Consultation with Grenada discusses strong economic rebound in the aftermath of a hurricane devastation and broadly favorable economic prospects, with major tourism investments under way and the gradual recovery of the agricultural sector. The government’s highly...

This 2007 Article IV Consultation highlights that Bulgaria’s large external imbalance has continued to widen. Driven by massive capital inflows, particularly foreign direct investment inflows, the current account deficit could reach a record level of 20 percent of GDP in 2007. Although...

Grenada quickly recovered from the devastating effects of Hurricane Ivan. Executive Directors welcomed the economic reform program aimed to promote economic growth, restore fiscal and debt sustainability, reduce vulnerabilities, and alleviate poverty. They emphasized the need to strengthen the...

This paper presents findings of the Fifth Review of Djibouti’s economic performance under the extended credit facility (ECF) arrangement. The drought in Djibouti has worsened water scarcity, reduced agricultural production and cattle stock, and accelerated refugee inflows. The authorities...

The study focuses on corrective fiscal policies for 2000, the budgets for 2001, and the agenda for structural reform. An important issue discussed in revising the 2000 budgets was the expenditure policy required to contain spending commitments within available resources. The authorities have...