This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity...

This 2009 Article IV Consultation highlights that Malawi’s macroeconomic performance has improved significantly over the past two years, and the country’s agricultural-based economy has weathered the global economic storm relatively well. Good weather and the distribution of...

This 2009 Article IV Consultation highlights that the Former Yugoslav Republic of Macedonia’s vulnerability at the outset of the global crisis was its large current account deficit in the context of the exchange rate peg to the euro. At the same time, it benefited from a small fiscal...

The staff report for the 2008 Article IV Consultation of Trinidad and Tobago highlights economic developments and policies. Faced with a prospective decline in energy resources, the government has embarked on an ambitious development and diversification strategy. External vulnerability is low as...

This Selected Issues paper reviews the benefits and costs of reserves for Chile, with emphasis on standard methodologies for assessing reserve adequacy. It reports an empirical methodology that analyzes simultaneously key explanatory variables behind a country’s level of reserves. The...

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...

Albania enjoyed strong growth with comparatively benign external vulnerabilities before the crisis. Monetary policy provided timely support, and the exchange rate functioned as a shock absorber. However, policy buffers are now exhausted and must be rebuilt. Fiscal tightening has to be quickly...

The economy of Honduras contracted as a result of the global economic crisis. In the economic policy area, the authorities gave priority to strengthening the financial position of the public sector and restarting the external assistance. Measures are taken to strengthen the fiscal position, in...

Over the last two decades, Tunisia has carried out a wide ranging reform program based on improving the competitiveness of the economy, enhancing the business environment, and increasing trade openness. Tunisia weathered the international crisis relatively well. Tunisia growth could reach 3.8...

Papua New Guinea has seen solid economic growth over the past decade, supported by sound macroeconomic policies. This 2012 Article IV Consultation discusses that the financial sector in Papua New Guinea remains profitable and well capitalized, but vulnerabilities have increased. Executive...