This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled...

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility for Armenia. Armenia’s economy performs strongly. All end-December 2006 quantitative and all but one structural performance criteria were observed. The main policy challenges are to...

Owing to severe fiscal and external imbalances, the Maldives government adopted an IMF program in 2009. Despite some crucial initial actions, fiscal slippages and political polarization have undermined the restoration of sustainability. The key policy challenge is to prevent a fiscal crisis,...

Kosovo is still in the process of building key social and economic institutions. Economic performance over the past decade has been robust, but growth has been tilted toward domestic demand, fuelled by transfers and non-debt creating capital inflows. The adoption of the euro provides a strong...

Malta has advanced toward accession to the European Union (EU), and its progress in international competition and fiscal deficit reduction has contributed to rapid growth and enhanced the economy's resilience to economic shocks. Executive Directors stressed the need for fiscal consolidation,...

This paper examines Sri Lanka’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and a Request for an Extended Arrangement. In line with the Poverty Reduction Strategy Paper (PRSP) and building on the progress made under the Stand-By Arrangement...

The Executive Board of the IMF has completed the fifth review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for the country. The completion of the review enables the immediate disbursement of an amount equivalent to SDR1.9 billion,...

Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the...

In this study, Greece’s economic program has progress toward its sustainable growth by boosting competitiveness, strengthening financial sector stability, and securing sustainable public finances. The fiscal and broader reforms are to achieve the program’s medium-term objectives....

This paper examines Ukraine’s Request for a Stand-By Arrangement (SBA). The authorities have requested a 12-month SBA, which they intend to treat as precautionary. Their economic program for 2004 aims to sustain recent stabilization gains and advance some important structural reforms. Key...