Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 13½ percent of GDP in 2007 to about 4¼ percent of GDP in...

Owing to the deteriorating economy of Guatemala, authorities requested a Stand-By Arrangement (SBA) with access of SDR 630.6 million in April 2009, which aimed at safeguarding macroeconomic and financial stability and anchoring investor confidence. Executive Directors have agreed that the SBA is...

Bosnia and Herzegovina’s Poverty Reduction Strategy paper reports that significant progress has been made since the late 1990s in building both a market economy and a single economic space. GDP growth has slowed recently following the post-conflict bounce, and the current account deficit...

This Detailed Assessment Report focuses on Anti–Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Italy. The assessment reveals that overall, the current AML/CFT framework in Italy is extensive and mature, and achieves a high degree of compliance with most of the...

The Detailed Assessments of the Observance of Standards and Codes on France reviews compliance with Basel Core Principles for effective banking supervision. The French insurance market is notable for its broad range of distribution channels, which include tied agents, insurance brokers, salaried...

In the aftermath of adverse supply shocks, and with further measures to promote investment, growth of production and exports is expected to recover. Efforts to remove barriers to investment and ensure a reliable provision of electricity are critical to private-sector-led growth. External...

The staff report for the Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia focuses on economic developments and policies. The fiscal situation deteriorated sharply in 2003, especially because of a weakening in expenditure management and in tax...

This paper presents key findings of the Ex Post Assessment of Longer-Term Program Engagement for Bolivia. Bolivia is a country that is perceived as having one of the best structural reform records in Latin America but experienced sluggish per capita growth, and made virtually no progress in...

This Ex Post Assessment of Longer-Term Program Engagement for the Kyrgyz Republic explains macroeconomic and structural performance. External debt service claimed a steadily increasing share of fiscal revenues, but a strengthened commitment to prudent fiscal policies and improved policy capacity...

This paper reviews Congo’s Performance Under the Staff-Monitored Program (SMP) and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Improvements in the political environment and an increased focus on economic management since late 2002 have already led...