Togo has made significant progress in advancing economic and political reforms under the Staff-Monitored Program (SMP). Important fiscal governance reforms have boosted tax revenues and helped expenditure control. The I-PRSP is designed to preserve macroeconomic stability while reviving economic...

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

Hungary’s 2007 Article IV Consultation reports that with fiscal consolidation on track for 2007 and 2008, short-term risks have receded, especially owing to the favorable international financial environment. Ensuring that the current economic slowdown does not translate into a prolonged...

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...

The staff report for St. Kitts and Nevis’ first review under the Stand-By Arrangement and the Financing Assurances Review is presented. Economic activity is estimated to have been flat in 2011, as continued weakness in the construction sector offset the moderate recovery in tourism and...

This 2006 Article IV Consultation highlights that economic performance of the Czech Republic strengthened during 2005–06, supported by the expanding capacity of the export-oriented automotive sector and a cyclical recovery in the European Union. The momentum of growth has been underpinned...

This 2006 Article IV Consultation highlights that strong macroeconomic conditions and sound domestic policies have significantly improved Israel’s growth performance and prospects, notwithstanding political uncertainties and the hostilities in the north during the summer of 2006....

The effects of the global recession and decline in logging have undermined macroeconomic stability in the Solomon Islands. The government’s program offers a basis for resuming strong growth in a low inflation environment, helping to advance poverty alleviation efforts and achieve other...

Papua New Guinea’s 2005 Article IV Consultation reports that the economy continues to perform well as the recovery maintains its momentum and the authorities adhere to disciplined fiscal and monetary policies. The central government budget has been estimated to be once more in surplus in...

This paper presents Portugal’s third review under the extended arrangement and request for waiver of applicability of end-March performance criteria. The government has initiated labor market reforms, privatizations, telecom sector liberalization, and improved competition framework....