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 paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity...

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,...

Improvements in macroeconomic conditions are encouraging, and the current macroeconomic framework for 2006 and 2007 remains valid in Paraguay. The strong fiscal performance has applied also to the rest of the public sector. The authorities have submitted a budget proposal for 2007 that preserves...

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...

The recent tightening of credit conditions in segments of mature financial markets abroad has not had an impact on Paraguay. The current mix of macroeconomic policies combined with favorable external conditions and the appreciation of the guaraní, have facilitated strong program performance and...

Paraguay’s Sixth Review Under the Stand-By Arrangement reports that the program is ending successfully, having achieved the broad objectives of restoring stability and beginning a process of structural reform, albeit with some delays. At the time of program approval in 2003, Paraguay had...

Myanmar is a low-income country, and with the right reforms, it can realize its rich economic potential. The government has embarked on a bold and historic set of reforms, which are already bearing fruit. Executive Directors support the steps for ensuring macroeconomic stability. Exchange rate...

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...

This paper presents findings of the Fifth Review of Djibouti’s economic performance under the extended credit facility (ECF) arrangement. The drought in Djibouti has worsened water scarcity, reduced agricultural production and cattle stock, and accelerated refugee inflows. The authorities...