This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving,...

In April 2009, the Boards of Executive Directors of the International Development Association (IDA) and the International Monetary Fund (IMF) agreed that Côte d’Ivoire had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC)...

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....

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...