This paper discusses an arrangement under the Flexible Credit Line (FCL) for Colombia. Colombia is well placed to confront challenges posed by the ongoing global downturn. Access under an FCL arrangement of SDR 6.966 billion, which the authorities intend to treat as precautionary, would support...

The Islamic Republic of Iran’s 2009 Article IV Consultation highlights that real GDP growth has slowed following the decline in oil prices, the non-oil fiscal position has become tighter, and banks’ financial situation has weakened. The recent approval of an ambitious energy price...

Strong fundamentals and countercyclical policies have helped Malaysia during the global financial crisis. Executive Directors welcomed the authorities' challenge to make progress toward economic growth and structural transformation. Directors welcomed the consolidation effort in the 2010 budget,...

This 2012 Article IV Consultation reports that the German economy’s performance has been remarkable despite facing considerable headwinds. Several conditions are now in place in Germany for a domestic demand-led recovery. Employment creation has been robust and unemployment at 5.3 percent...

The strong economic and financial position of Kuwait has improved further, but inflation has risen. The nation has made significant progress on the issues raised in the 2007 consultation. Kuwait’s integration into the global economy has been increasing in recent years. Global integration...

This 2008 Article IV Consultation highlights that South Africa’s economic performance has strengthened in the last several years, with real GDP growing by 5–5½ percent in 2005–07, inflation declining to mid-single digits until recently, and employment growing steadily....

The staff report for the 2008 Article IV Consultation of the Former Yugoslav Republic of Macedonia discusses economic developments and policies. The new government’s economic program aims to raise growth further, but does not address these vulnerabilities. Plans to increase the central...

This report focuses on Colombia’s economic policy framework and the policy response to the global crisis. In recent years, Colombia’s policies strengthened a strong macroeconomic performance, which helped in achieving higher tax revenues and restraint on current spending. Colombia...

An outward-oriented development strategy and prudent financial policies resulted in an impressive economic growth and led to a large accumulation of external financial assets. The major Emirates intend to leverage the favorable economic environment to carry out reforms that will encourage more...