This Selected Issues paper for the Republic of Armenia shows that building up fiscal space during economic expansions is crucial for the effective implementation of stimulatory policies during downturns. Armenia’s tax revenue remains one of the lowest in the region, and significantly...

Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion. In spite of generous grant inflows, Tonga remains at “high risk of debt distress†according to World Bank-IMF debt sustainability analysis. Executive Directors...

This paper reviews the Report on the Observance of Standards and Codes on Fiscal Transparency for Ukraine, and provides an assessment of fiscal transparency practices in Ukraine against the requirements of the IMF Code of Good Practices on Fiscal Transparency. It reviews the description of...

This 2003 Article IV Consultation highlights that Canada’s strong policy framework has brought impressive economic results, and the Canadian economy has proven exceptionally resilient in the face of the recent global downturn. Economic activity slowed relatively modestly in 2001, with...

Canada’s 2005 Article IV Consultation highlights that it has benefited from a strong institutional framework and continuing structural reforms. Inflation targeting and structural reforms have yielded an enviable macroeconomic performance, including the fastest growth rate and the...

This research examines problems surrounding procedures of fiscal policy and their influence on economic growth in Nigeria from 1970 - 2009. Theory envisage that fiscal policy can impinge on economic growth by changing motivation for investment and labour as well as by altering after-tax proceeds...

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

The key findings of the Czech Republic’s 2010 Article IV Consultation are discussed. Large foreign direct investment inflows fostered trade integration, underpinning an export-led expansion. Higher initial standard of living contained consumption convergence pressures. An improved fiscal...

This First Review Under the Policy Support Instrument (PSI) for Nigeria reports that structural reforms are proceeding in line with the National Economic Empowerment and Development Strategy. The authorities’ commitments under the PSI primary objectives of the economic reform program...