This Joint Staff Advisory Note (JSAN) reviews the Kenya Vision 2030 (the Vision) First Medium-Term Plan (MTP) 2008–12 prepared by the government of Kenya. IMF staff finds that the objectives of the MTP are generally compelling and well considered on a sector-by-sector basis, but less so...

This paper reviews assessment of financial market infrastructures (FMIs) and authorities' responsibilities in Canada. The report shows that the FMIs have operated normally under a well-established legal and oversight framework that is distinct for Canada. The Bank of Canada (BOC) has issued a...

Timor–Leste’s initial efforts to develop a stable and healthy economy have been interrupted by the civil unrest of the past two years. The security situation remains fragile and an economic burden. The key challenge remains how to manage the abundant petroleum revenue to alleviate...

This Selected Issues paper for San Marino reviews developments in the financial sector and provides an update of the financial sector regulation and supervision. While Sammarinese financial institutions accept foreign deposits and managed funds to a much larger extent than comparators in...

This technical note presents an update to the Financial System Stability Assessment (FSSA) on Switzerland. It reveals that current domestic macroeconomic and financial sector conditions are favorable, and the main downside risks to the financial sector are external. Stress tests confirm the...

The Irish financial sector has continued to perform well since its participation in the Financial Sector Assessment Program (FSAP) in 2000. Although the outlook remains very strong for 2006–07, there are some macroeconomic risks that could have implications for the financial system asset...

Switzerland is affected by the global crisis through the stock effect, the flow effect, and the trade effect. Along with a sharp contraction in exports, investments are now being postponed. Consumption has held up well so far, but as unemployment rises, household spending will lose momentum. The...

The German economy has made major strides, helped by wide-ranging reforms. Greater transparency and stronger incentives for prudent action will support crisis prevention and management. The immediate priorities are preserving the integrity of the financial system and maintaining economic...

This Selected Issues paper reviews the financial sector development in Georgia in recent years, and investigates why it has lagged behind economic development, as well as developments in more advanced transition economies. The paper briefly reviews recent financial sector development in Georgia,...

China’s economy has been moderate in 2012, with a GDP growth of about 8 percent. Macroeconomic policies helped to maintain sustainable growth and continued to be adjusted in line with evolving conditions. The 2012 fiscal stance balanced the past stimulus with the growing economy. The...