Macedonia's macroeconomic stabilization program continues to rest on the basis of fiscal and monetary policies, and has restored the fiscal balance to a sustainable level after two years of high deficits. Further structural measures are important to address impediments to growth and to reduce...

The Lebanese financial system has so far weathered the global financial crisis. The 2009 Article IV Consultation highlights that deposit inflows decelerated briefly in the aftermath of the Lehman Brothers bankruptcy, but have resumed at a rapid pace since then. Executive Directors have welcomed...

This paper examines Madagascar’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Nonobservance of Performance Criteria. Madagascar’s performance under the program was broadly satisfactory, taking into account...

Madagascar showed satisfactory performance under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors agreed that the crisis has undermined the timely achievement of the program, requiring the government to redouble its efforts. They welcomed the 2003 budget and stressed...

Until recently, Croatia's economic performance was the envy of many countries in transition: a successful stabilization effort in late 1993 was followed by virtual price stability and real GDP growth of 6 percent a year during 1994–97. Monetary tightening, the weak economy, and a...

Stronger policies, favorable external environment, and notable improvement in the humanitarian situation supported a nascent economic recovery in Zimbabwe. Executive Directors welcomed this, and urged authorities to take advantage of the favorable external environment to strengthen their...

In this report, economic performance of Lithuania over the past decade is discussed. These reflect on EU accession, rapid financial integration, and generally sound macroeconomic policies. Concerns about the rise in external and internal imbalances, characterized by an unsustainable current...

The ex-post evaluation of Iceland’s Exceptional Access under the 2008 Stand-By Arrangement is presented. In the wake of the global financial crisis in late 2008, Iceland has experienced a deep financial and economic crisis of its own. Domestically, the rapid increase in lending fuelled...

This paper discusses a request from the Guatemalan authorities for an 18-month Stand-By Arrangement (SBA) with total access of SDR 630.6 million (about US$951 million). Guatemala has a strong track record of macroeconomic stability. The economy is open and hence vulnerable to external shocks....

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...