This Selected Issues paper analyzes the properties of the fiscal surplus rule, a key pillar of Chile’s macroeconomic framework. The findings suggest that the rule is near the volatility-minimizing efficiency frontier. The paper assesses the vulnerability of the Chilean banking system to...

Macroeconomic developments in the Central African Economic and Monetary Community (CEMAC) region have been satisfactory, but risks to macroeconomic stability persist. The process of convergence remains slow and needs strengthening, notably through the adoption of a fiscal rule and the...

This Selected Issues paper and Statistical Appendix reviews Samoa’s record of economic reform, its economic performance to date, and future areas of reform focus. The paper highlights that reform of the taxation system has reduced Samoa’s dependence on international trade taxes and...

Despite repeated shocks, the United States economy has provided valuable support for global growth. Executive Directors commended this development, and stressed the need to tighten fiscal and monetary policies. They welcomed the assessment of the fiscal transparency Reports on Observance of...

The Mauritian economy showed strong performance owing to its sound macroeconomic policies. Executive Directors emphasized the need to remain competitive and address the growing unemployment problem. They commended the efforts to support the developments in financial services, free port...

This Selected Issues paper and Statistical Annex for Mali examines recent economic developments in Mali. The paper highlights that since the early 1990s, Mali has made appreciable progress in reducing macroeconomic imbalances and liberalizing the economy. This has been made possible by...

This Selected Issues paper on Kenya reviews Kenya’s external stability in a context where the exchange rate has strengthened and capital inflows are playing an increasingly important role. Kenya’s external current account deficit has widened, reflecting strong import volumes as...

This 2008 Article IV Consultation highlights that Egypt's economic performance since 2004 has been generally impressive, underpinned by a supportive external environment and the structural reform program that has included the liberalization of foreign trade, investment, and the exchange market....

The creation, in 1994, of the Central African Economic and Monetary Community (CEMAC) customs union was a major step in the regional integration process in central Africa. The implementation of the agreed regime by the member countries, however, has remained unsatisfactory. A 2002–03...

This Selected Issues paper is a wide-ranging survey of the conditions for, and obstacles to, the growth in Mexico. It frames the issue of Mexico’s growth record, and presents the paper’s prior assumptions and approach. It highlights the main observations and conclusions emerging...