This article examines trends and developments in the external financing of the Hungarian economy from the perspective of external borrowing by individual sectors. In the pre-crisis period, economic agents’ spending exceeded their revenues, as a result of which the country had to rely on...

The purpose of this paper is to investigate whether political connections in Tunisia give firms advantages such us easy access to external financing and tax benefits and/or force them to spend more on employment. In addition, we show if political connections affect accounting and market...

This paper examines the Democratic Republic of the Congo’s 2003 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Through September 2002, overall performance under the PRGF-supported program was...

This paper examines Colombia’s 2002 Article IV Consultation and Request for Stand-By Arrangement. The economic situation worsened in the first half of 2002. Economic activity has remained sluggish, and the fiscal consolidation has gone off-track. Exacerbated by increased contagion from...

The Kingdom of Lesotho’s 2005 Article IV Consultation reports that the government’s fiscal position and the external current account have improved markedly. The authorities are preparing an action plan, in collaboration with development partners, to improve the business climate....

Madagascar showed strong economic growth and low inflation under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and stressed the need to restore fiscal discipline, improve governance, strengthen the business climate to encourage...

This Selected Issues paper analyzes economic and agricultural developments, and the impact of land reforms of Zimbabwe. The paper summarizes the quantitative estimates of the fiscal burden and overall medium-term macroeconomic impact of HIV/AIDS on Zimbabwe. It reviews the debt restructuring,...

This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls. In 2004,...

This paper examines Turkey’s 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion. Economic performance over the last three years has been impressive. For the medium term, the main challenge is to...