This Selected Issues Paper presents an analysis of Belarus-specific conditions and cross-country research, and proposes a roadmap for real-sector reforms. It highlights distortions resulting from the government’s interference in the economy, and presents an overview of economic benefits...

Romania's macroeconomic performance remains broadly in line with the program, but the recent strengthening of domestic demand and nonobservance of four performance criteria require corrective measures. Discussions on policies for 2003 took place in the context of increasing risks stemming from...

This paper reviews the experience of the IMF’s long-term engagement in Romania and options for future IMF involvement. The unfavorable growth performance also reflected adverse conditions for private sector development. Foreign investors have welcomed the more stable macroeconomic...

This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review....

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...