This paper assesses the evolution of Eastern Caribbean Currency Union (ECCU) real exchange rates over time, and examines whether the region has lost competitiveness. The main finding is that there is little evidence of overvaluation of the Eastern Caribbean (EC) dollar. The relationship...

This 2007 Article IV Consultation highlights that effective economic management and an outward-oriented development strategy have contributed to placing Tunisia’s economic performance over the past decade among the best in the region. Real GDP growth accelerated from 4 percent in 2005 to...

The economic recovery since 2004 has been accompanied by a steady rise in inflation. Several factors have contributed, including an expansionary monetary stance (with credit to the private sector growing by some 45 percent). Although pleased with the recent improvement of the economy, the...

The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and...

This paper presents the key findings of the Republic of Azerbaijan’s 2010 Article IV Consultation. In 2009, overall GDP grew at 9.3 percent, but non-oil GDP growth slowed from 16 percent to 3 percent, fiscal and export revenues fell by more than 30 percent, and credit and liquidity...

Tunisia showed excellent economic performance. Executive Directors commended the strong economic performance and resilience to adverse shocks, subdued inflation, strengthened reserves, and increasing capital inflows, which underscored the benefits of sustained sound macroeconomic policies and...

Fiji’s economy has contracted by 3 percent in 2009, and marginal growth is estimated for 2010. Foreign exchange reserves have improved steadily following the April 2009 devaluation and stood at over 4 months of imports (US$710 million) at end 2010. Fiji’s economic growth was low in...

This paper presents Seychelles’ 2008 Article IV Consultation and Request for a Stand-By Arrangement. Large macroeconomic imbalances and vulnerabilities resulting from longstanding unsustainable macroeconomic policies, combined with recent external shocks, culminated in mid-2008 with the...

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Angola. The paper reveals that the authorities’ reforms are beginning to bear fruit in terms of achieving key program goals. The heavy foreign exchange market pressures that were evident at the...

Belarus’s economy grew rapidly but remained vulnerable to external shocks. Under the IMF-supported program, Belarus avoided loss of output during the global recession, contained inflation, and increased gross reserves. The structural reform agenda focused on economic liberalization, a...