This paper is an analysis of Japan’s credit channel. The economic condition has no hindrance, but credit demand showed an inert performance. The state’s policies have helped the flow of finance and prevent bankruptcy, but several other aspects act as an impediment to credit...

This technical note analyses anti-money laundering/combating the financing of terrorism (AML/CFT) in Iceland. Iceland's banking sector is comparatively small, and the geographical reach of cross-border payments activity is limited. The AML/CFT supervisory understanding and assessment of ML and...

While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds. As a growing international financial center,1 Ireland is exposed to inherent transnational money laundering and terrorist...

Cambodia achieved macroeconomic stability underpinned by prudent fiscal and monetary policies. Executive Directors commended this development. They welcomed the National Strategic Development Plan for reducing poverty, enhancing physical infrastructure, and improving social services. They...

The staff report for Rwanda’s combined 2008 Article IV Consultation, Fifth Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criterion is examined. Sound macroeconomic and structural policies...

The staff report for the 2007 Article IV Consultation highlights the Slovak Republic’s macroeconomic outlook and policy discussions. The National Bank of Slovakia (NBS) has been following a hybrid monetary framework focused on restraining inflation and on maintaining the exchange rate...

Afghanistan’s development, humanitarian, and governance challenges are formidable. Afghanistan is in its transition to become self-reliant. To achieve this goal, the government requires donor support. The IMF-supported economic program tries to address key macroeconomic challenges and...

Economic activity in the Kyrgyz Republic has been buffeted by the political upheaval, and output growth has fallen short of expectations. The program builds on the country’s entrenched fiscal prudence and features a tightening in monetary policy, so as to secure rapid sustained growth in...

This paper examines Peru’s 2002 Article IV Consultation, First Review Under the Stand-By Arrangement, and a Request for Modification and Waiver of Performance Criteria. The fiscal policy was tightened in early 2002 from the expansionary stance in the second half of 2001. The baseline...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.