This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

This paper discusses key findings of the Second Review Under the Policy Support Instrument for Nigeria. All assessment criteria through end-September were met except for one civil service-related measure. Remedial measures have prevented the civil service reform program from being compromised....

This 2007 Article IV Consultation highlights that the economy of Barbados has been growing at a solid pace, and the outlook for 2007 is generally favorable. Robust output growth of about 4 percent is expected to continue in 2007, supported by tourism and construction. Inflation, which was pushed...

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...

The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil. The 2009 Article IV Consultation highlights that real GDP of Panama in 2008 grew by 9.2 percent. Panama’s large banking system has weathered the global financial...

Mexico’s policy stance has focused on balancing domestic and external conditions, supporting the recovery while rebuilding policy buffers through fiscal consolidation and reserve buildup. Growth has remained resilient during the first half of 2011 and is expected to continue into 2012,...

Nicaragua's economic performance in 2010 was satisfactory. Real GDP grew, supported by strong consumption and investment. Bank credit started recovering while the financial system remained liquid and profitable. Exchange-rate and monetary policy have contributed to macroeconomic stability. The...