Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

The report provides the third Review of the Republic of Croatia Under the Stand-By Arrangement (SBA). Policies under the SBA have sought to reduce Croatia’s savings-investment imbalance and stabilize the external debt-to-GDP ratio. Executive Directors agreed that the main success of the...

Pakistan has implemented some reforms, including improvements in tax administration, removal of some tax exemptions, and the introduction of an interest rate corridor. The macroeconomic policies are overly expansionary and fundamental reforms to resolve the economy’s structural problems...

Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the...

In this study, economic recovery and growth of Macedonia are discussed. In the financial sector, nonperforming loans (NPLs) rose, and bank profitability declined as a result of the crisis. Executive Directors agreed with the thrust of the staff appraisal. Directors were encouraged by the overall...

The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the...

This 2011 Article IV Consultation highlights that the economy of Trinidad and Tobago is turning the corner, and growth is expected to resume in 2012 after an extended slowdown lasting three years. Real economic activity is expected to increase by 1.7 percent in 2012 as the nonenergy sector picks...

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Macedonia. Macroeconomic performance of Macedonia remains strong. Through end-December 2005, the authorities met all of the program’s quantitative performance criteria. Growth has remained steady at...

This paper examines the Maldives’ 2009 Article IV Consultation on economic developments and policies. The Maldivian economy is facing large external and fiscal imbalances, resulting from the severe impact of the global financial crisis and exacerbated by an unsustainable fiscal expansion....

This paper discusses Nicaragua’s 2005 Article IV Consultation and Seventh, Eighth, and Ninth Reviews Under the Three Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The economy continued to perform well, notwithstanding pressure from higher oil prices. Strong...