The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility focuses on the Republic of Armenia’s economic environment and policy discussion. Financial sector reforms will focus on improving corporate governance, strengthening...

Algeria’s Financial System Stability Assessment highlights the Observance of Standards and Codes on monetary and financial policy transparency and banking supervision. Financial intermediation in Algeria will be bank-based in the future, and only politically difficult decisions to...

The staff report summarizes the financial sector issues of Tanzania. It assesses the overall stability and development issues, and provides an overview of the financial system highlighting its soundness and vulnerabilities. It analyzes risk management, regulation and supervision, and the...

The 2002 Financial Stability Assessment Program (FSAP) found that the Croatian financial system was resilient, but vulnerabilities remain. The authorities have been proactive in addressing macroeconomic and financial vulnerabilities associated with rapid credit growth and have also taken...

Estonia’s commitment to free markets and prudent financial policies has paid off handsomely. Demand pressures and rapid productivity growth have produced strong wage increases and large employment gains. Inflation, while moderate for a fast-converging economy, remains above the Maastricht...

This paper discusses request from Honduras’ authorities for a Stand-By Arrangement (SBA). Honduras has had three previous Poverty Reduction and Growth Facility (PRGF) arrangements, the last of which ended in February 2007. The most recent PRGF program focused on fiscal consolidation and...

Switzerland showed impressive growth performance owing to its strong macroeconomic policies and structural reform efforts. Executive Directors emphasized the need to maintain financial stability. They welcomed the well-timed injections of liquidity into the banking system. Directors also...

This paper presents key findings of the Third Review under the Policy Support Instrument (PSI) in Rwanda. Program performance was broadly satisfactory. All end-June quantitative assessment criteria were met. Structural benchmarks were partially met as the pace of implementation of structural...

In this study, Armenia’s financial challenges observed in the global crisis are discussed, and also the development processes initiated by Armenia are analyzed. Short- and medium-term outlooks, and risks are also outlined. Fiscal, monetary, and banking sector policies play important roles...

This paper discusses key findings of the Sixth Review for Uganda Under the Policy Support Instrument. Structural rigidities continue to pose challenges to macroeconomic management in Uganda. Persistent weaknesses in project implementation coupled with rigidities in domestic financial markets...