The goal of this paper is to analyze the impact of fiscal decentralization on the economic growth in the European Union. The emphasis has been put on the public spending carried out at a local level. The empirical investigation is based on regression analysis. The regression model includes the...

This Joint Staff Advisory Note (JSAN) highlights the Poverty Reduction Strategy Paper–Country Development Strategy (PRSP–CDS) for the Kyrgyz Republic for 2007–10. The Kyrgyz authorities’ CDS for 2007–10 builds on the policy experience from the National Poverty...

The Federal Democratic Republic of Ethiopia’s 2005 Article IV Consultation reports that domestic credit growth has accelerated, driven by strong demand from the government, public enterprises, and the private sector. High import content, particularly from public infrastructure...

The staff report for the First Review Under the Stand-By Arrangement and Requests for Waiver of Performance Criterion and Waiver for Nonobservance of Performance Criterion highlights Peru’s policy discussions and staff appraisal. A draft law was prepared with a view to establishing...

This Ex-Post Assessment of Longer-Term Program Engagement for Ghana explains its experience with particular attention to the IMF's role. Progress in structural reform was slow, but Ghana also avoided mistakes made by some countries that introduced reforms without enough public support....

The global crisis had a severe impact on the Italian economy despite elements of strength such as high private savings, low private indebtedness, and a resilient financial system. Executive Directors decided that the public sector wage bill should remain a key element of the consolidation...

Burkina Faso has set up ambitious developmental goals and outlined policies and reforms to reach these goals under the Strategy for Accelerated Growth and Sustained Development (SCADD). It is recognized that poverty alleviation is a long-term challenge, and there is greater scrutiny of the...

Comoros faces significant economic and political challenges. The fiscal priorities are to restore revenues and curtail spending so that domestic arrears can be reduced and the program brought back on track. Clearing external arrears is a key hurdle to debt sustainability. Improvements to the...

Liberia’s Poverty Reduction Strategy Paper highlights the civil war as the underlying cause of extreme poverty. A major challenge for the government is to attract more donor aid and private investment in the provision of infrastructure given its own limited budget and the constraints on...

This paper presents the first assessment report under the Staff-Monitored Program (SMP) for Kosovo. The policies under Kosovo’s SMP target decisive steps toward fiscal sustainability and stronger budget management and execution. Performance under the SMP has been largely satisfactory to...