This Selected Issues paper assesses the external competitiveness of Mauritius over the period 1980–2007, with particular attention to the most recent years. The paper estimates the equilibrium real exchange rate using the macroeconomic balance approach, the single-equation equilibrium...

This Selected Issues paper analyzes economic and agricultural developments, and the impact of land reforms of Zimbabwe. The paper summarizes the quantitative estimates of the fiscal burden and overall medium-term macroeconomic impact of HIV/AIDS on Zimbabwe. It reviews the debt restructuring,...

Facing declining reserves and high inflation, Ethiopian authorities have implemented an effective macroeconomic adjustment package supported by the IMF under the rapid-access component of the Exogenous Shocks Facility. The global recession is putting renewed pressure on the external position,...

Belarus was hard hit by the global economic crisis. An exceptional access Stand-By Arrangement (SBA) was, therefore, agreed in early 2009. The program was generally successful and most program conditions were met. The program was overall well designed, but with some shortcomings. While in part...

This Selected Issues paper on Bangladesh reviews institutional developments in the foreign exchange market since 2002. In 2002, there have been several aspects of the financial system and exchange market in Bangladesh that posed impediments to a floating exchange rate system. The financial...

This 2008 Article IV Consultation highlights that the Uzbek economy has performed well in recent years. The favorable external environment and improvements in macroeconomic policies resulted in high growth rates, large current account surpluses, a significant decline in the debt burden, and a...

This 2009 Article IV Consultation highlights that the fiscal deficit in Georgia widened markedly in 2008. The composition of spending improved from high defense and election outlays in the first half of the year to infrastructure and social spending in the second half. Executive Directors have...

Ukraine’s economic downturn has been sharper than originally envisaged, mostly reflecting the deterioration of the external environment. The staff report examines Ukraine’s first review under the Stand-By Arrangement, requests for Waivers of Nonobservance of Performance Criteria,...

This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis...

To help economic adjustment in the midst of the global economic crisis, an 18-month Stand-By Arrangement (SBA) was supported by IMF resources. The cause of Mongolia’s crisis in 2008–09 and its resolution and design and outcomes of the program are also discussed. The trigger for...