From the 2002 Financial Sector Assessment Program (FSAP), a number of structural reforms have been carried out in the financial system. A number of measures have been taken in the regulatory, fiscal, and legal areas to improve credit quality and financial transparency. The stress test confirms...

This 2008 Article IV Consultation highlights that problems in the housing and financial markets over the past year have combined to slow the United States’ economy substantially. As the residential investment downturn accelerated and national indices of housing prices started falling,...

This staff report discusses Israel’s 2009 Article IV Consultation on economic developments and policies. The economy has been shielded from the global downturn by the absence of prior housing or bank credit booms, high household savings rates, and the fact that investment goods and...

This paper presents the staff report for Norway’s 2009 Article IV Consultation on economic developments and policies. Unemployment remains low, and key short-term indicators point to a continued recovery. Norway’s resilience has been underpinned by substantial macroeconomic...

Kuwait’s economy was affected significantly by the global crisis. The financial sector experienced funding pressures and deterioration in asset quality. The economic outcome depends largely on government spending and the associated private investment. Stress tests indicate that the...

This article is a report of Spain’s progress in financial sector reforms. The key reforms in the financial sector have been either adopted or designed. The economy has risks at times as it takes up the challenges of correcting pre-crisis imbalances. The economy may face decline, but...

The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and...

This Selected Issues paper and Statistical Appendix presents five essays examining issues in the United Arab Emirates related to the financial sector, long-term fiscal trends, fiscal sustainability, the competitiveness of the non-oil economy, and the labor market, as well as estimates of the...

This paper evaluates Pakistan’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Securities Regulation. Major reforms in the financial sector have resulted in a more...

Japan has made progress in addressing major economic challenges. Executive Directors emphasized for a comprehensive program designed to resolve financial and corporate sector weaknesses, end deflation, and rein in fiscal imbalances. They stressed the need to maintain strong fiscal and monetary...