This 2008 Article IV Consultation highlights that Ghana’s growth has remained strong, fuelled by both the private and public sectors. The Ghanaian economy maintained strong growth of about 6½ percent in 2007 and the first months of 2008. The private sector has responded positively to...

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...

The Republic of Kazakhstan’s 2008 Article IV Consultation shows that banks have lost access to new external financing, credit extension has stalled, and growth has slowed. Nevertheless, Kazakhstan has considerable public financial resources to help it weather the current situation and the...

This paper discusses Armenia’s request for a Stand-By Arrangement (SBA) with exceptional access of 400 percent of quota. Given the urgency of the situation, the request is being considered under the Emergency Financing Mechanism. The new program aims to achieve the necessary external...

Switzerland showed commendable economic growth with low inflation and increasing employment. Executive Directors commended the prudent macroeconomic management, sound monetary and fiscal policy frameworks, structural reforms, and flexible labor markets. They noted that the monetary policy...

This 2007 Article IV Consultation highlights that the Republic of Korea is enjoying its longest uninterrupted period of economic expansion since the Asian crisis. Growth reached 5 percent in 2006, buoyed by strong exports, and is only expected to slow marginally to 4¾ percent this year. The...

In recent years, Colombia has found several innovative ways to improve the efficiency of its public enterprise sector. One option used by Colombia to reform public enterprises has been to enhance their commercial orientation and limit the fiscal risk. If a public enterprise is considered...

This 2007 Article IV Consultation underlies that strong macroeconomic policies have enabled Cambodia to achieve impressive growth and make inroads into poverty. Supported by prudent fiscal and monetary policies that have strengthened the economy’s resilience to shocks, growth has averaged...

This 2007 Article IV Consultation highlights that the economy of Barbados has been growing at a solid pace, and the outlook for 2007 is generally favorable. Robust output growth of about 4 percent is expected to continue in 2007, supported by tourism and construction. Inflation, which was pushed...