In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii)...

This paper discusses the Kyrgyz Republic’s First Review Under the Poverty Reduction and Growth Facility. The current account deficit remained broadly unchanged because of a significant increase in workers’ remittances, mainly from Russia and Kazakhstan. Large negative errors and...

The staff report for the 2005 Article IV Consultation for Cape Verde focuses on economic developments and fiscal policy. The fiscal deficit was lower than expected, and reserve accumulation exceeded the programmed level. Cape Verde appears well positioned to attract increasing external support,...