Tonga’s economy has become increasingly vulnerable. Fiscal discipline has weakened, undermining macroeconomic stability and external viability. Medium-term prospects have deteriorated. Moreover, there are other serious downside risks to the fiscal outlook. Further monetary tightening in...

This paper is an analysis of Japan’s credit channel. The economic condition has no hindrance, but credit demand showed an inert performance. The state’s policies have helped the flow of finance and prevent bankruptcy, but several other aspects act as an impediment to credit...

This paper on Romania was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 13, 2012. The views expressed in this...

At the request of the Government of Liberia (GoL), the IMF Fiscal Affairs Department (FAD) led an external assessment of the central government's public financial management (PFM) systems based on the Public Expenditure and Financial Accountability (PEFA) methodology. The assessment was...

This Selected Issues paper analyzes energy price reform in Kuwait. It emphasizes that Kuwait should take advantage of current low global energy prices to strengthen efforts to reform domestic energy prices. In the longer term, this would benefit growth by increasing efficiency in the economy and...

This report evaluates the state of fiscal transparency in Georgia. Georgia has taken important steps to enhance its fiscal transparency practices over the past decade. Fiscal reports have become more comprehensive, with the development of a central government balance sheet and income statement....

This Technical Assistance Report on Suriname constitutes technical advice provided by the staff of the IMF to the authorities of Suriname in response to their request for technical assistance. The mission discussed issues concerning the consumer price index (CPI), the producer price index (PPI)...