This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

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 paper examines the Report on the Observance of Standards and Codes on Jordan’s fiscal transparency. Government activities are generally distinguished from those of public financial institutions, which carry out quasi-fiscal activities. Government holdings of fully owned corporations,...

This Selected Issues paper reviews key trends in Haiti’s fiscal performance over the past decade and discusses various options for strengthening the fiscal system. It suggests that a key challenge will be to generate adequate resources to support development, which requires an increase in...

This 2005 Article IV Consultation highlights that Dominica is recovering from the aftermath of an economic and financial crisis in 2001–02 when output contracted by 10 percent. The reform strategy has been successful. Economic growth has recovered to more than 3 percent a year and is set...

This 2004 Article IV Consultation highlights that a cyclical recovery is under way for Italy, with real GDP having risen by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year, thanks to the favorable external environment and a recovery of investment....

This paper focuses on Nicaragua’s Fifth and Sixth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver and Modification of Performance Criteria. The macroeconomic performance has been broadly satisfactory. Economic growth is...

Indonesia’s Fourth Post-Program Monitoring discussions highlight that short-term macroeconomic indicators and near-term prospects have deteriorated. Financial sector vulnerabilities have increased in the face of rising interest rates and a slowing economy, but the overall banking sector...

The Republic of Palau (Palau) has always been heavily dependent on external assistance. The availability of steady grants has allowed Palau to maintain a sizable public sector. A number of issues are considered in designing a comprehensive management strategy for the Compact Trust Fund (CTF)....