Threats to external stability in the pre-crisis period have now been reduced substantially and foreign non-debt creating flows have declined, sufficient to support external stability. The global economic downturn has raised challenges for evaluating the countries’ fiscal stance and fiscal...

This Selected Issues paper for Bosnia and Herzegovina (BiH) reports that GDP per capita in BiH is similar to that in neighboring Balkan countries. BiH risks are falling behind rather than catching up with other transition economies in terms of its economic development. This could delay the...

This Selected Issues paper examines the risks and structural weaknesses in Bosnia and Herzegovina. The paper provides an estimate of the current account adjustment required to stabilize net foreign liabilities. It uses the external sustainability approach of the Consultative Group on Exchange...

This Selected Issues paper provides background information for the 1998 Article IV Consultation with Bosnia and Herzegovina. The paper contains an overview of economic and political developments. It describes the establishment of the Central Bank of Bosnia and Herzegovina, developments in the...

The current account deficit by the Central Bank of Bosnia and Herzegovina in recent years has fluctuated to about 20 percent of GDP. But official current account statistics suffer from several shortcomings. Possible sources of the savings required to achieve a fiscal position consistent with...

Timor-Leste weathered the global financial crisis well and experienced healthy economic growth rates. It has made solid progress in strengthening the public financial management systems. The budget document provides comprehensive information; fiscal transparency is high. The Ministry of Finance...

This Selected Issues paper analyzes Jamaica’s experience of low growth despite consistently high investment rates. It suggests that the link between public debt and productivity is part of the answer to the puzzle. The paper considers Jamaica’s debt management strategy and its optimal debt...

Economic outcomes in Jamaica have fallen short of the authorities’ objectives in recent years. As the government looks to reinvigorate its growth and debt reduction strategy, it is instructive to examine how exogenous shocks and other unanticipated developments can affect economic outcomes....

This Selected Issues paper presents an overview of financial system developments in Jamaica. The financial system experienced substantial growth over 1989–95 as a result of the liberalization of financial markets and the reduction in government involvement in the industry through the...

The Burundian government has requested a modification of the zero limit on nonconcessional external debt in the country’s arrangement under the Extended Credit Facility (ECF). It has sought to increase the grant element of the financing for the hydroelectric plant. Executive Directors support...