Paraguay’s Fourth Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria are examined. The main challenge is to consolidate the macroeconomic gains achieved thus far and deepen structural reform. A stable macroeconomic environment will be the key for creating...

This paper discusses the Former Yugoslav Republic of Macedonia’s (FYR Macedonia) Request for a Stand-By Arrangement and Extension of Repurchase Expectations. The authorities have asked the IMF to support an ambitious program that includes structural reforms that address the root causes of...

This 2003 Article IV Consultation highlights that Morocco’s growth performance over the last decade has not been strong enough to reduce poverty. Growth has also been volatile because of the impact of recurrent drought conditions on agricultural output. Economic conditions improved in...

Bangladesh achieved steady gross domestic product growth with manageable inflation, and improved social indicators, owing to prudent macroeconomic management and a renewal of structural reform. The proposed Poverty Reduction and Growth Facility-supported program builds on this record of policy...

This Selected Issues paper for Bulgaria highlights that the rapid credit expansion has not raised significant financial stability issues, but has been a key factor in the sharp weakening of the external current account. Although the deficit has been mostly financed by foreign direct investment...

The paper discusses the consideration of Honduras’s Enhanced Initiative for Heavily Indebted Poor Countries (HIPC). The interim relief provided under the enhanced HIPC Initiative has allowed the government to increase social spending. Controlling the public sector wage bill and...

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional...

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

The paper examines fiscal sustainability issues for the case of Eritrea but has wider implications for addressing fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators, followed by an assessment of the causes of fiscal deficits...

The paper analyzes the interplay between public debt and monetary management during financial reforms, and provides suggestions on collaboration between the central bank and the treasury to achieve common objectives. It discusses monetary policy and public debt at the onset and through different...