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...

This paper on Romania was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 13, 2012. The views expressed in this...

This Selected Issues paper discusses opportunities and challenges of climate adaptation policies in Moldova. Strengthening resilience to natural disasters will require significant adaptation investments in the coming years. This paper shows that such investments can substantially reduce output...

An update on Saudi Arabia’s Financial System Stability Assessment (FSAP) is presented. Saudi Arabia has confronted the global financial crisis from a position of strength, and took decisive steps to manage the impact of the crisis. As a result, the financial system has weathered the...

This technical note discusses the lessons learned from the financial crisis in Russia in 2008. The note summarizes key findings and recommendations, and analyzes the institutional framework and coordination arrangements for systemic risk monitoring and crisis management. It also covers crisis...

This 2010 Article IV Consultation highlights that the German economy is regaining the ground lost in the crisis. Policy support, restocking, and an uptick in global demand have lifted the economy from the recession. The authorities used the available fiscal space to implement countercyclical...

The capacity of the Saudi Arabian banking sector to respond to macroeconomic shocks has been considerably strengthened over the past decade. The Saudi Arabian Monetary Agency (SAMA ) has been actively monitoring some emerging portfolio trends. Comprehensive reforms are under way to deepen...

In this study, the processes involved in the financial stability of Rwanda after the global crisis are imparted. High growth and major risks included in macroeconomic stability are analyzed. In the case of the banking sector, the structure, performance, and competition of Rwandan banks are...

This paper presents a Financial System Stability Assessment Update, including Reports on the Observance of Standards and Codes (ROSC) on the Securities Regulation, Insolvency and Creditor Rights Systems, and Payment Systems in Colombia. Overall, the financial sector appears relatively stable and...

This paper evaluates Azerbaijan’s 2003 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Waivers of Performance Criteria, Extension of Arrangement and Rephasing of Purchases. Performance relative to the quantitative targets...