We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Iran's 2005 Article IV Consultation highlights Fourth Five-Year Development Plan (FFYDP) and the Twenty-Year Vision. The country's real GDP growth reached 5½ percent a year on average, unemployment declined, and macroeconomic indicators improved significantly, supported by favorable oil...

This Article IV Consultation reports that the economic growth of Mauritania is robust, which reflected prudent economic management, sustained donor support, and the beginning of oil production. Executive Directors observed that the return of constitutional order to Mauritania has established a...

This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting...

This 2007 Article IV Consultation highlights that Indonesia’s economic performance has been strong since the last Article IV Consultation. Supported by sound policies and a favorable external environment, output has grown strongly, inflation has stabilized, and international reserves have...

This 2008 Article IV Consultation highlights that Mauritania’s macroeconomic performance over recent years was satisfactory, despite a steeper-than-expected decline in oil production reflecting persistent technical problems a and difficult external environment. The real non-oil GDP growth...

Prospects for the future remain favorable, provided that policy actions are taken to address the risks and challenges that China faces. The government recognizes the need to contain investment and credit growth, and has tightened the monetary policy in response. Greater exchange rate flexibility...

This paper discusses key findings of the Third Review for Liberia Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The program remains on track. All performance criteria (PC) for end-June 2009 were met, except the PC on total revenue collection. IMF staff...

Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010. Its policies were loosened significantly, and consequently the account deficit increased and pressure on reserves intensified. The authorities agreed with the Eurasian Economic...