The EU crisis was caused by unsustainable policies in some member countries, and has put the spotlight on the deficiency of area-wide mechanisms in disciplining fiscal and structural policies. Despite a strong and far-reaching policy response, market confidence will take time to restore. Fiscal...

In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory...

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...

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....

This paper reviews Bangladesh’s Interim Poverty Reduction Strategy Paper (I-PRSP). The paper addresses the question as to “what are the broad lessons from the past development experience.†It captures the salient features of social progress notwithstanding the challenging odds...

This paper examines the Joint Staff Assessment of Rwanda’s Poverty Reduction Strategy Paper (PRSP) progress report. The authorities have showed continued commitment to privatization of public enterprises. Financial management reform is on track, as are established targets in the social...

This paper presents the Joint Staff Advisory Note on Senegal’s Poverty Reduction Strategy Paper Annual Progress Report. Senegal’s poverty reduction strategy is built on four pillars that include wealth creation, capacity building, the provision of basic social services, and...