The Federal Republic of Yugoslavia is faced with the task of stabilizing and reviving a devastated economy after years of military conflicts, sanctions, and economic mismanagement. A weakened institutional capacity and the still evolving political situation is a cause for concern. A short-term...

This paper presents key findings of the Second Review for the Kyrgyz Republic under the Extended Credit Facility. Buoyant revenue collection and significant shortfalls in external financing led to a lower-than-programmed fiscal deficit for 2011. The overall health of the banking sector continued...

This 2008 Article IV Consultation highlights that Montenegro has made significant progress in overhauling its economy. The authorities have taken several welcomed steps to help strengthen financial sector stability. Executive Directors have welcomed the structural reforms implemented over the...

The economic recovery in the U.A.E. is gaining strength, but subject to increased regional uncertainty. The government should undertake cost-benefit analysis and implement projects that have high economic return. In order to reduce government-related entities (GRE) risks, the authorities should...

This paper discusses key findings of the Second Review under the three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) for Mali. Performance under the PRGF-supported program has been generally satisfactory, but there have been delays in implementing structural reforms....

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility for Albania. The outlook for 2007 is positive, with growth projected at 6 percent. These developments owe much to good macroeconomic policies. All quantitative program targets were met. The...

This 2009 Article IV Consultation highlights that the Lithuanian economy is undergoing a severe adjustment, after years of rapid economic growth and financial integration. With the global financial crisis, the unwinding of the imbalances accumulated during the boom has led to a sharp economic...

Cambodia achieved macroeconomic stability underpinned by prudent fiscal and monetary policies. Executive Directors commended this development. They welcomed the National Strategic Development Plan for reducing poverty, enhancing physical infrastructure, and improving social services. They...

This paper presents the staff report for the combined Liberia’s 2008 Article IV Consultation and the first review under the Three-Year Arrangement under the Poverty Reduction and Growth Facility. The international community is supporting the Liberian government’s efforts to reform...

Uganda’s medium-term expenditure framework (MTEF) aims at higher public savings based on spending restraint and rising domestic revenue. The Bank of Uganda (BOU) has successfully contained the one-time shocks to prices of increases in electricity tariffs and temporary sugar and diesel...