The key policy challenge for Turkey in the years ahead will be to enhance and consolidate the advances made since the nation’s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union levels. This paper reviews Turkey’s...

Tajikistan’s economic performance has been satisfactory, but challenges still remain. Executive Directors agreed that the challenge is to support recovery while addressing risks to macroeconomic stability. They emphasized for prudent monetary stance to avoid inflation and also to address...

This 2009 Article IV Consultation highlights that the Paraguayan economy performed very well over the past five years, with real GDP growth averaging about 5 percent a year—the best in a generation. The fiscal position strengthened considerably, thereby reducing public debt sharply to...

Rwanda has achieved high growth and macroeconomic stability under three successive Poverty Reduction Growth Facility (PRGF) arrangements. Executive Directors welcomed the new Private Sector Investment (PSI) program, which aims to consolidate macroeconomic stability and achieve sustained...

This staff report for Cambodia’s 2008 Article IV Consultation describes economic developments and policies. Growth is slowing, liquidity is tightening, and, as a result, banks’ balance sheets are coming under strain. Competitiveness has eroded given the recent sharp real...

A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy,...