Faced with significant economic and fiscal challenges, the Brazilian government is reforming its fiscal framework to promote fiscal sustainability and reduce debt. Since 2015, Brazil has struggled with its deepest economic recession in decades and ongoing political tensions. The fiscal situation...

This Technical Assistance report on Ukraine discusses a more sustainable fiscal consolidation. The Ukrainian authorities have recently adopted a broad Public Financial Management System Reform Strategy, paving the way to decisive action in critical areas including medium-term budgeting, analysis...

Strong fiscal institutions have contributed to Chile's macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF's Fiscal...

This paper discusses Morocco's Ex Post Evaluation of Exceptional Access Under the 2012 Precautionary and Liquidity Line (PLL) Arrangement. The Ex Post Evaluation confirms that the 2012-14 PLL arrangement was consistent with the PLL qualification standards and requirements under the exceptional...

This paper discusses key findings of the Second Post-Program Monitoring Discussions with Portugal. Portugal's economic recovery remains on track in 2015, boosted by rising exports and consumption, together with a recent upturn in investment. Real GDP expanded by 1.5 percent (year-over-year) in...

EXECUTIVE SUMMARY The economy is recovering and the outlook is favorable but still subject to significant risks. After slowing to below 2 1\2 percent in 2014, growth is expected to be close to 5 percent in 2015, boosted by a strong agricultural output and a gradual acceleration of activity in...