This 2007 Article IV Consultation underlies that strong macroeconomic policies have enabled Cambodia to achieve impressive growth and make inroads into poverty. Supported by prudent fiscal and monetary policies that have strengthened the economy’s resilience to shocks, growth has averaged...

Albania enjoyed strong growth with comparatively benign external vulnerabilities before the crisis. Monetary policy provided timely support, and the exchange rate functioned as a shock absorber. However, policy buffers are now exhausted and must be rebuilt. Fiscal tightening has to be quickly...

This paper discusses Haiti’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Substantial advances have been made toward meeting the four triggers not fully implemented, and the authorities are committed to further progress in the near future. These triggers...

The economy of Honduras contracted as a result of the global economic crisis. In the economic policy area, the authorities gave priority to strengthening the financial position of the public sector and restarting the external assistance. Measures are taken to strengthen the fiscal position, in...

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 paper discusses key findings of the Fourth Review for the Central African Republic (CAR) under the three-year arrangement under the Poverty Reduction and Growth Facility (PRGF). Short-term fiscal policy of the CAR attempts to stabilize demand through government spending while preserving...