Moldova showed improved growth prospects and decline in poverty despite a series of consecutive shocks under the economic program. Executive Directors commended the balanced macroeconomic policies and urged to maintain macroeconomic stability. They also appreciated the strong monetary policy by...

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.

With global financial turmoil increasingly spilling over into Serbia, the authorities have requested a 15-month Stand-By Arrangement (SBA), which they intend to treat as precautionary. The authorities’ program aims at safeguarding macroeconomic and financial stability, in view of the...

High capital inflows and rising vulnerabilities underscore the importance of a comprehensive approach to ensuring stability. Standard balance sheet indicators mask a substantial build-up of exposures to exchange rate, maturity, and rollover risks. Household balance sheet risks originate from...

This 2011 Article IV Consultation highlights that the growth momentum in Uruguay has continued into 2011 but a slowdown is under way, led by weaker exports and slower public investment. Uruguay’s economic and financial vulnerabilities are modest, and the government has reduced debt...

With the recovery from the 2002 crisis well advanced, discussions focused on policies to reduce remaining vulnerabilities and sustain growth. Sensitivity analysis suggests that the economy, while having become more resilient in recent years, is still vulnerable. The authorities agreed to...

The major risk factors faced by the Isle of Man (IOM), which have been given prominence by the global financial crisis, relate to large exposures toward parent banks. The recent global financial markets turmoil has had a significant impact on the Manx financial system. The paper also presents a...