St. Lucia faces significant policy challenges in the aftermath of Hurricane Tomas. It is experiencing an urgent balance of payments need that would result in a severe economic disruption. The government is focused on achieving medium-term debt sustainability. The policies outlined tackle urgent...

This 2004 Article IV Consultation highlights that real GDP growth of Mauritius is expected to rebound to about 4½ percent in 2003/04. This largely reflects the recovery of tourism and sugar production, and continued strong construction and transportation activity. The current account is...

This 2004 Article IV Consultation for San Marino reports that the economy has slowed considerably since 2000 with the fading of key competitive advantages that had contributed to past rapid development. To restore a positive net asset position and the ability to buffer adverse external shocks,...

The staff report for the Sixth Review under the Stand-By Arrangement and Requests for Waiver of Performance Criteria on Bolivia highlights economic developments and preliminary macroeconomic framework. The economy is characterized by a number of vulnerabilities that require policy vigilance....

This paper reviews the experience of the IMF’s long-term engagement in Romania and options for future IMF involvement. The unfavorable growth performance also reflected adverse conditions for private sector development. Foreign investors have welcomed the more stable macroeconomic...

This paper focuses on Nepal’s First Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The difficult political and security situation notwithstanding, the PRGF-supported program is broadly on track....

This 2004 Article IV Consultation highlights that economic growth in Yemen slowed in 2004 owing to a sharp contraction in the oil sector. Oil production declined by 5.9 percent, reflecting diminishing recovery from aging large oil fields as well as the absence of significant new discoveries....

In 2003, domestic and external factors in Norway slowed real GDP growth to an estimated 0.5 percent. With inflation pressures waning, Norges Bank cut interest rates aggressively. The non-oil fiscal position has deteriorated somewhat over the past two years, only partly reflecting the cycle....

This 2004 Article IV Consultation highlights that the Luxembourg authorities are adjusting policies to the growth slowdown, although major new initiatives are on hold in the run-up to the June 2004 general election. Tax cuts, high expenditure, and weak activity are estimated to have caused a...

The staff report for the 2004 Article IV Consultation on the Democratic Republic of Timor-Leste highlights economic developments and policies. Progress has been made in consolidating the new government’s administrative power and fostering a stable political environment, despite some early...