The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline...

The staff report for the 2007 Article IV Consultation highlights the Russian Federation’s long-term perspective, economic developments, and macroeconomic policies. Russia’s economic growth remains robust. High oil prices and sound fiscal policy underlie Russia’s long spell...

Poland’s macroeconomic performance was strong during the global crisis, supported by sound economic policies. The previous Flexible Credit Line (FCL) arrangements served the Polish economy well and provided adequate insurance against negative spillover risks. Executive Directors...

This paper examines Georgia’s request for an 18-month arrangement for SDR 477.1 million, equivalent to about US$750 million, which would constitute exceptional access. IMF support to the government’s macroeconomic policies is intended to provide the needed financing to rebuild...

This 2007 Article IV Consultation highlights that Japan’s external position remains strong. Boosted by investment income, the current account surplus widened in 2006 to nearly 4 percent of Japan’s GDP, despite a shrinking trade balance. Financial outflows also picked up, reflecting...

The 2012 Article IV Consultation reports that Iceland’s fiscal consolidation is continuing, but at a slower pace. Moderate expenditure overruns materialized in 2011, which will partly spill over to 2012 and the medium term. A key priority is to put the medium-term fiscal path back on...

The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common...

This paper focuses on an arrangement under the Flexible Credit Line (FCL) for the Republic of Poland. Poland’s macroeconomic performance has been very strong. The authorities believe that access under an FCL arrangement in the amount of SDR 13.69 billion could help maintain market access...

The corporate sector in Indonesia has been recovering in recent years from the financial crisis of 1997–98. This paper analyzes the performance of the Indonesian nonfinancial corporate sector in recent years and discusses remaining challenges and vulnerabilities. The decline in corporate...

This 2005 Article IV Consultation highlights that following a strong performance in 2004, Israel’s economic expansion accelerated in 2005, supported by a relatively favorable global economic environment, an improvement in the security situation, and prudent policies. Real GDP grew at an...